June 19, 2024

We’re Stuck! British Businesses Say They’re Being Locked Out of Best Energy Deals

We’re living in uncertain economic times but as British businesses look to boost efficiency they say they’re being locked out of the best energy deals.

A recent survey reveals an overwhelming 93% of UK SMEs are actively trying to cut costs. At the same time, 57% of respondents say they don’t know how to make savings and one in three (36%) haven’t been able to.

The research asked brokers to report on the financial pressures facing clients – and how they are supporting them through the pandemic and beyond. Switching energy suppliers is a key part of that with  97% of businesses admitting they’d like to make a change.

According to the research, from UK energy aggregator Evolve Online Tech, three in four (79%) SMEs reveal they’ve struggled to get best prices and been locked out of the most competitive rates and deals without the help of a specialist broker.

Enlisting expert help seems to be a must with almost two thirds of brokers – 62% – able to help SME clients cut costs by switching them to a new supplier. Another 29% have made it possible for clients to access a better rate and lower monthly bills with their existing supplier.

And the savings can be substantial. One in ten of those working with a broker has already saved more than £2,000 a year by switching. A further one in six (16%) have been able to claw back up to £2,000 while more than a third (37%) have cut costs by as much as £1,000 per annum.

Speaking about the findings, Wayne Heap, Director of Resellers and Service at Love Energy Savings, said the research highlighted the urgent need for cost-cutting and expert advice. He explained: “What this study shows very clearly is that the demand for change and for savings, driven by the pandemic and recent economic uncertainty, is higher than ever.

“But while there are very real savings to be made, SMEs feel they are being denied access to the best deals and packages.

“Enlisting the help of a broker is the key to unlocking these closed doors – and making annual savings that will make a real difference to so many British businesses.”