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Business energy brokers
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What are business energy brokers?
A business energy broker works as an intermediary between a business and business energy suppliers, helping secure the best energy deals tailored to the company’s needs.
This guide will help you clearly understand what a business energy broker does so you can make smarter choices about your energy needs.
We cover:
- How do business energy brokers work?
- Benefits of using an energy broker
- How to choose a reputable broker
- Frequently asked questions
How do business energy brokers work?
Business energy brokers act as intermediaries between businesses and energy suppliers.
They assess your company’s energy requirements and leverage their strong relationships with a wide range of suppliers to find tailored contract options.
Brokers can access exclusive deals and offer expert knowledge of the energy market.
They present you with suitable offers, helping you navigate the complexities of energy procurement and secure the best business energy contract for your business.
How business energy brokers get paid
Working with a business energy broker simplifies energy procurement and helps secure competitive rates at no upfront cost. Brokers are paid through commissions from energy suppliers once your contract goes live, with fees usually included in your unit price per kWh.
Starting 1 October 2024, all non-domestic energy contracts must display broker fees in the contract’s principal terms, ensuring full transparency.
For example, your contract might include a statement like:
“Broker fees: X.XXp per kWh is included in the total energy cost.”
Below is an example of how this might be displayed on a contract.
Using a broker gives you the advantage of their industry knowledge and relationships, helping you find the best deal while knowing exactly how the commission is factored into your energy costs.
Benefits of using an energy broker
Working with an energy broker can provide valuable benefits for your business. Our experts have listed the key advantages below:
Expert advice
Get professional guidance to choose the best business energy contract based on market insights.
Time savings
Save time with fast service and simplified contract management.
Competitive rates
Unlock competitive business energy deals by comparing offers from a variety of suppliers.
Help with switching
Get help with paperwork and make switching business energy providers hassle-free.
Account monitoring
Stay on top of your business’s energy needs with continuous account monitoring and contract reviews.
How to choose a reputable broker
Choosing the right energy broker is essential to securing the best deal for your business. Below are the key things to look for in a reputable broker.
Check their credentials
Ensure the broker is accredited and has a solid reputation in the industry.
Transparency on fees
Look for clear, upfront disclosure of any broker fees or commissions.
Range of suppliers
Choose a broker who works with multiple energy suppliers to give you more options.
Customer reviews
Check feedback from other businesses to gauge the broker’s reliability and service quality.
Ongoing support
Select a broker who offers continuous support, not just during the initial contract setup.
What information must you prepare before contacting a broker?
Before contacting an energy broker, having the following information ready will help streamline the process:
- Business address
- Current supplier details
- MPAN (Meter Point Administration Number) for electricity
- MPRN (Meter Point Reference Number) for gas
- Recent business electricity bills/business gas bills
These details will allow the broker to provide accurate advice and find the best energy deals for your business.
Alternative comparison methods
If you prefer not to use a broker, you could explore these alternative methods to find the best energy deal for your business:
Use a comparison site
Comparison sites give you quick access to various energy prices from multiple suppliers. Our service gives you personalised comparison quotes. Use our simple business energy comparison service to start comparing now.
Directly contacting suppliers
Reaching out to suppliers directly allows you to negotiate, but it can be time-consuming and may limit your ability to compare a wide range of options due to time-sensitive quote deadlines.
Energy consultants
Energy consultants provide expert advice on reducing energy usage, improving efficiency, and helping find the right energy contracts. While their services can help reduce costs in the long term, consultants typically charge a fee for their broader range of services as well as commissions on your contracts.
What are common issues to look out for when using a broker?
When working with an energy broker, it’s important to be aware of a few potential issues:
Hidden fees
Ensure the broker is transparent about their fees; some may include undisclosed commissions in your contract.
Limited supplier options
Some brokers may only work with a small number of suppliers, limiting the range of deals available to you.
Bias towards certain suppliers
A broker might favour specific suppliers due to higher commissions or sales incentives.
Long-term contracts
Be cautious of brokers pushing lengthy contracts that might not suit your business needs.
Lack of ongoing support
Some brokers may not provide continuous support once your contract is signed, so clarify what ongoing service they offer.
How many energy brokers are there in the UK?
As of September 2024, there are currently 2,150 active accredited business energy brokers in the UK.
To ensure you’re working with a reputable broker, you can use the Energy Ombudsman Broker Register to verify that the broker you are considering is accredited and meets industry standards.
It’s important to carefully select a broker that fits your specific business needs and provides transparent, reliable service.
Business energy brokers | FAQs
Here, we answer common questions asked about business energy brokers:
Should I choose a business energy broker or an energy consultant?
Choose a business energy broker for quick access to the best energy deals. Brokers compare rates and negotiate contracts, saving you time.
An energy consultant is usually more appropriate for large business energy customers who need broader advice on reducing consumption, improving efficiency, and developing sustainability strategies.
Are business energy brokers accredited?
In the UK, business energy brokers must be accredited and registered with the Energy Ombudsman.
Before engaging a business energy broker, make sure to check that they are active on the Energy Broker Register.
Do businesses have to sign a contract with an energy broker?
No, you don’t sign a contract with an energy broker. However, you do need to sign a Letter of Authority (LOA).
This document gives the broker permission to act on your behalf. It allows them to negotiate with energy suppliers, access your current usage information, and manage the process of switching business energy suppliers.
The LOA does not bind you to the broker but enables them to work on your behalf to find the best energy deals.