Electricity Rates
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Compare Electricity rates & see how much you can save against your current supplier
How To Compare Electricity Rates & Switch
Should You Switch Electricity?
Electricity rates are much more competitive. In fact, prices have dropped by a massive 62% since October 2022.
Cornwall Insight has now predicated that wholesale prices will remain steady, with only slight changes in the coming months.
With that in mind, many businesses are choosing to lock in their Electricity rates. This can offer certainty and stability in the future.
When you compare Electricity prices with us, you can view live rates from a panel of trusted suppliers. Secure your new tariff today.
Why Switch With Us?
There are many reasons to use our Electricity comparison & switching service over any other. When switching with us, you have the unique option of completing your Electricity switch fully online. You can secure your new deal without the need for a 40 minute phone call.
If you'd prefer to speak with one of our Electricity experts, you can do that instead. The option is entirely yours!
Electricity Rates by Business Size 2024
A range of factors can influence Electricity prices. This can include your location, usage, and the size of your business.
To offer a guide when switching, we've provided the average electricity prices by business size. These prices are based on a 2-year fixed rate deal.
Data correct as of Today. Annual cost based on a 2-year contract and the median kWh usage within each business size banding. These prices reflect a live market and are subject to fluctuation.
Tariffs are regularly updated and the best way to find the latest deals is to compare commercial electricity prices.
Your Unit Rate and Standing Charge Explained
Your unit rate is the cost of each kilowatt hour of electricity your business uses. Businesses with high consumption rates will generally pay slightly cheaper unit rates than smaller businesses.
Your standing charge covers the cost of maintaining the energy supply. This includes using and maintaining the energy supply network and transporting electricity to your premises.
Electricity Prices per kWh
Kilowatt hour (kWh) prices are essential to how you're charged by suppliers. This is the unit of measurement used to display your unit rate. This cost depends on several factors unique to your business.
The cheapest Electricity supplier for one business may not be the cheapest supplier for another. With Neom Utilities, you can compare Electricity prices from a wide range of trusted suppliers quickly and easily.
Commercial Electricity Rates for Large Businesses
We offer bespoke quotes for large businesses seeking to switch electricity. This includes single-site companies and servicing multi-site businesses with one-simple bill.
By switching with Neom Utilities, you can find a corporate electricity solution to suit your exact needs. You find a bespoke commercial electricity quote from our panel of trusted suppliers.
Electricity Rates for SME Businesses
We find quotes on Electricity rates for SME businesses all over the UK. Our goal is to make it simple to compare Electricity rates online.
Our switch online service allows you to compare Electricity rates online whenever it suits you. Start today and find the best deal for your business.
Our Electricity Suppliers
At Neom Utilities, we work with a wide range of Electricity suppliers. This allows us to offer our customers access to exclusive deals with trusted providers.
When you compare with us, we’ll take care of the process of your switch to get your new tariff set up without the hassle. We work with businesses of all sizes. So, whether you’re searching for a supplier offering small business support, or a half-hourly contract, we’ve got you covered.
If you’re ready to switch commercial electricity suppliers, you can get your quote today by using the table below.
Cheapest Electricity Rates By Supplier
The price of Electricity for your organisation varies on multiple factors. For example, suppliers may offer large Electricity users cheaper unit rates through half hourly meters.
Below we have provided an example of a business with 25,000 kWh of annual electricity usage. This is based on a 2-year fixed-rate deal.
This aims to provide some guidance on average costs. However, Electricity rates do change daily. We would always advise you to use our comparison engine to find today's live rates for an accurate quote.
Click the supplier's name to find out more about them.
Fixed Rate Tariff
A fixed rate tariff is one of the most popular Electricity tariff options. With a fixed rate tariff, you agree to pay a fixed unit price and a standing charge. This price can be locked in for up to 5 years, depending on your provider.
A fixed-rate Electricity tariff is great for companies who want to maintain control of their bills and budgeting. Your fixed price deal will protect you from any electricity price increases during your contract.
Variable Rate Tariff
With a variable rate tariff, your unit rate will change depending on the wholesale prices. This can be a good option for companies who want to take advantage of any reductions in Electricity prices.
Scottish Power typically offer variable rate contracts as standard.
However, it's worth keeping in mind that you prices can go up at any point during your contract. If you're comfortable with changing prices, a variable tariff can be a good option.
Rollover Tariff
When a new Electricity contract has not been agreed, you may be placed on a rollover contract. This will be for a fixed period (usually one year) and is legally binding. Sometimes unit rates are more expensive and hold you back from getting cheaper rates elsewhere.
Green Electricity Tariff
More and more businesses are moving towards sustainable sources. Green Electricity tariffs are becoming a popular choice for environmentally conscious companies. An increasing number of Electricity suppliers are now offering green tariffs. This has given a much greater choice for small and large businesses.
Pass Through Tariff
A pass-through tariff is a little more complicated than other Electricity tariffs. It separates your bill between fixed wholesale rates and other rates. Other rates are those associated with National Grid levies and other network costs. They can vary several times per year. These tariffs are often best suited to active electricity buyers that regularly control the tariff.
Deemed Rate Tariff
Businesses that have never taken out a Electricity contract and have not agreed to one will be placed on a deemed rate tariff. These are the most expensive rates on the market.
Flexible Tariff
Large consumption organisations may prefer to purchase all their electricity supply in advance. Doing this will give businesses access to wholesale market rates, bypassing some of the retailer costs.
Each tariff type offers its own benefits, from fixed costs over a certain period to renewably sourced. For those reasons, it is important to thoroughly compare Electricity tariffs. This will help you identify the correct tariffs to maximise savings.
Is The Cost Of Electricity Getting Cheaper?
The price of Electricity has been a hot topic and an area of concern for much of 2022 and 2023. However, electricity unit rates have only been heading in one direction for quite some time – and that’s down!
We pulled together the three cheapest Electricity tariffs for each of 3 months comparing the 2022/23 financial year to 2023/24. These prices show that costs have shrunk from just over 75p per kWh back in November 2022 to 17.86p per kWh in October 2024. Predictions suggest that prices will remain around this level for the foreseeable future. Although, it's worth keeping in mind that things could change overnight as we have seen in the past.
How To Compare Electricity Rates That Are Competitive?
It is easy to compare Electricity rates. However, the market is always changing. Not having the right information to hand can make your Electricity quote more expensive.
Some great things to know/ have prepared are:
- A recent Electricity bill.
- Your electricity usage for at least 1 year.
- Know your meter type (smart, traditional, half hourly meter).
- Business Information.
- Your current business's electricity supplier.
Could You Go Green When Comparing Electricity Tariffs?
It's easy to go green when you switch through Neom Utilities. You can compare the latest green electricity tariffs in seconds.
Switching to a green energy tariff is a great step when reducing your carbon footprint. Many energy suppliers now offer 100% renewable electricity tariffs. These come from sources including solar, wind, and hydro.
Prices have become more competitive as suppliers introduce more renewable electricity tariffs. Many suppliers will even offer 100% renewable electricity tariffs as standard.
To find out more, take a look at our guide to green electricity tariffs.
Electricity Contract Renewals
Companies can be left overpaying for their Electricity if they miss out on renegotiating terms at the end of their contract.
Allowing your contract to roll over is easy to do. However, rolling onto a deemed electricity tariff can be more expensive than negotiated rates.
Businesses need to act quickly when renewing their Electricity contracts. Your supplier will likely send a renewal letter a few months before your contract is set to expire. This will be the start of your renewal window and is the ideal time to compare electricity prices.
At Neom Utilities, we aim to make comparing Electricity prices simple. You can view the latest deals in as little as 30 seconds. Once you’ve found a tariff that suits your needs, you can complete your switch online or over the phone with a member of our expert team.
Still Not Sure About Switching Your Electricity Supplier?
Join over 400,000 happy customers who compared Electricity prices and switched with us
Want To Stay With Your Current Electricity Supplier?
It’s hassle-free, easier and quicker to recontract with your current Electricity supplier. This is a good choice for your company if you want to avoid any lump sum final bills and additional paperwork.