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How Your Business Credit Score Influences Energy Contracts

A stellar personal credit score unlocks favourable financial opportunities, and the same holds true for businesses. Your business credit score reflects the likelihood of your company's stability in the forthcoming year—and energy suppliers are paying attention.


At Smart Energy Co., we're committed to shedding light on how your credit standing could impact your energy bills. This guide delves into the essence of business credit scores, their influence on energy costs, and practical tips to enhance them.


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Understanding Business Credit Scores

A business credit score is a financial litmus test, providing insight into your business's fiscal health. The components of this score include:


  • Company size and the number of employees.

  • Promptness in bill settlement.

  • Records of finance applications.

  • Directors' credit histories.


Credit scores are gauged on a scale from 1 to 100, with higher scores denoting a stronger financial position. Generally, a score of 40 or above is considered favourable for securing competitive energy contracts.


The Bearing on Energy Contracts

A subpar business credit score can significantly influence the tariffs and terms energy suppliers are willing to offer. If suppliers assess a customer as a credit risk, they may:


  • Reject a signed contract.

  • Impose additional premiums or request security deposits.

  • Enforce direct debit payment methods.

  • Install prepayment meters as a risk mitigation strategy.


Energy Contracts for Newly Incorporated Businesses

Launching a new venture is an exhilarating step, but it also comes with its own set of challenges—especially when it comes to setting up essential services like energy. Without a trading history or credit score, you might feel your options are limited, with many suppliers hesitant to offer contracts. Typically, new businesses might default to staying with the current supplier of their premises, which may not always offer the most competitive rates.


Smart Energy Co.'s Solutions for New Ventures

At Smart Energy Co., we understand the hurdles of freshly minted companies. That’s why we've cultivated relationships with a range of suppliers who are open to working with new businesses. We believe that every company deserves a fair start, including access to energy contracts that support their growth and financial health from day one.


Tailored Support for Your New Business

  • Alternative Suppliers: We can help you find suppliers willing to provide energy contracts to new businesses without established credit scores.

  • Customised Contracts: Our team works to secure contracts tailored to your specific business needs and circumstances, ensuring that you are not disadvantaged by the lack of a credit history.

  • Navigating No-Credit Situations: We guide you through the process of setting up an energy contract, providing clear advice and support every step of the way.


With Smart Energy Co., opening a new business doesn't have to mean settling for less when it comes to your energy supplier. Contact us today at 0151 459 3388 to discuss your unique needs and discover how we can help secure the right energy contract for your new business.


Boosting Your Business Credit Score

Elevating your credit score isn't just beneficial; it's a strategic endeavour to obtain better energy rates. To improve your score:


  • Timely Payments: Ensure bills are paid when due to bolster your score.

  • Credit Relationships: Establish accounts with suppliers who report to credit agencies.

  • Vigilant Monitoring: Regularly review your credit reports for potential errors.


Securing Quotes with Any Credit Standing

Smart Energy Co. believes that every business, irrespective of its credit score, should have access to the best energy deals. That's why we facilitate comparisons from over 20 premier UK energy suppliers.


In need of customised advice and a bespoke energy strategy? Our experts at Smart Energy Co. specialise in crafting solutions that cater to your unique requirements.


For a free, no-obligation bill review or to discuss your energy contracts, reach out to us at 0151 459 3388. Let us illuminate your journey to the most cost-effective energy solutions.

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Have More Questions?

  • Is it possible to change multiple business utilities at the same time?
    Our switching service allows you to switch multiple utilities simultaneously. We have successfully assisted multiple businesses in the UK by helping them save on various services such as energy and water with savings within 2023 already over the £2 Million mark.
  • How much can I save on my business utility bills?
    The amount you can save on your business utility bills will depend on various factors such as your current usage, the rates offered by different providers, and the specific deals available in your location. However, our switching service is designed to help you find the best deals and save as much as possible. By comparing multiple suppliers and negotiating competitive rates, we aim to maximise your potential savings. Get in touch with us to discuss your specific needs and get personalised information on potential cost savings for your business utility bills.
  • How does switching business utilities work?
    Switching business utilities involves a straightforward process. Here's a general overview of how it works: Evaluation: Start by assessing your current utility bills and usage patterns. This will give you an idea of your current costs and help identify areas where savings can be made. Comparison: Use a switching service like ours to compare different utility providers in your area. We provide you with quotes from multiple suppliers, allowing you to compare prices, contract terms, and services offered. Selection: Based on the comparison results, choose the utility provider that best meets your needs and budget. Consider factors such as price, customer reviews, contract terms, and any additional services or benefits offered. Contract Negotiation: Once you've chosen a new provider, our team can help negotiate the contract terms and rates on your behalf. Switching Process: The switching service will coordinate the transition with your current supplier and the new provider. This may involve submitting termination notices, arranging meter readings, and scheduling the activation of new services. Enjoy the Savings: After the switch, you'll start receiving services from your new provider, typically at the agreed-upon rates. You will notice savings on your utility bills, providing you with cost advantages for your business. Remember, the exact process may vary depending on the type of utility you are switching, but our switching service aims to simplify the process and assist you at every step.
  • Who are the cheapest business utility providers?
    As market conditions and prices fluctuate regularly, it's challenging to provide an up-to-date and definitive list of the cheapest business utility providers. The prices we provide you are valid and available on the day of the quote and will provide most current and competitive deals available. Our switching service helps you compare prices and offers from multiple suppliers, ensuring you have the most accurate and relevant information to make an informed decision about your business utility provider.
  • What is energy procurement?
    Energy procurement is the process of sourcing, negotiating, and securing energy contracts to meet the specific needs of a business. It involves analysing energy consumption patterns, understanding market trends, and negotiating with suppliers to obtain the best possible rates and contract terms.
  • Why is energy procurement important for my business?
    Energy procurement ensures that your business secures energy contracts that are both cost-effective and aligned with your operational needs. Proper energy procurement can lead to significant cost savings, budget predictability, and reduced risks associated with volatile energy markets.
  • How does The Smart Energy Company help with energy procurement?
    We specialise in analysing your energy consumption, understanding your specific needs, and leveraging our relationships with over 20 suppliers to negotiate the best possible contracts on your behalf. Our team ensures you get optimal rates, flexible terms, and contracts that align with your business goals.
  • How do you ensure I get the best energy rates?
    Our team continuously monitors the energy market, staying updated with trends, price fluctuations, and supplier offerings. Coupled with our in-depth analysis of your energy needs and consumption patterns, we negotiate with suppliers to secure rates that are both competitive and suited to your business.
  • Are there any hidden fees associated with your energy procurement services?
    Transparency is a core value at The Smart Energy Company. We provide a clear breakdown of any commission we earn as a company when you come to agree any new energy contract. This is typically included as an uplift in your unit rate and paid to us by the supplier you chose to go to. Our primary goal is to secure the best energy deals for you, with no hidden costs.
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At The Smart Energy Company, we're committed to offering tailored solutions that fit your energy needs perfectly. By staying ahead of market trends, we ensure you're always equipped with the most efficient and sustainable energy options. We take pride in our client-driven approach, where your feedback shapes our continuous improvement.

 

Why not schedule a complimentary consultation with one of our energy experts today? Let's find the perfect energy solution tailored to your business.

See What Our Clients Say About Us

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Very helpful, quick expert advice. We have been using Smart Energy for a while.

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Ian Hughes

Operation Manager

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