Most small and medium-sized firms were missing out on savings by failing to shop around for their energy supplies.
Julian Morgan, managing director of the price comparison, switching and advice service for energy users, said he was shocked by the findings of the survey by independent supplier Opus Energy.
The survey found that 81% of small businesses failed to shop around for their energy supplies, while almost one-quarter were paying out-of-contract rates for their gas and electricity.
Significantly, 12% of businesses had never switched suppliers, opting to stay loyal to their existing energy company.
“It’s very clear, and actually quite shocking, to see that so many time-pressed small business owners and decision makers are simply not prioritizing their energy supplies,” Mr Morgan said.
“There’s no doubt that most of these firms are paying more than they need to by not switching – and depending on the size of the company and the sector they are in – this could amount to hundreds of pounds in lost savings each year.
“Those companies that have never switched suppliers have lost out the most, probably by a significant amount.”
Mr Morgan said many SME owners wrongly believed it was not worth their while to switch suppliers, and that it would be a long and complicated process to shop around.
“Nothing could
be further from the truth, “ Mr Morgan said. “Using a reliable and reputable
switching service like the Energy Advice line means business owners save
themselves all the legwork.
“And once we
find them a cheaper deal, we handle the switching and provide a free contract
management service as well. There’s no obligation and the service is free.”
Mr Morgan
particularly appealed to small firms that had never switched suppliers, and
those who were on expensive out-of-contract rates to shop around for good
fixed-rate deals.
In other areas,
the Opus Business Boost Report showed that the
majority of UK SMEs were trying to manage their energy better and had adopted a
positive attitude towards renewable supplies.
Of the 500 SMEs
surveyed, 78% said they were keen to be supplied with renewable energy and of
these, 40% wanted it because of its smaller environmental impact and 38% to
advance their green credentials.
More than half
(51%) of businesses already have smart meters to help them keep track of their
energy use, although a fifth didn’t know how to use their meter.
The Energy Advice Line is one of the UK's leading
price comparison and switching services for business and domestic energy
customers. It is also an advocate for energy market reform and has campaigned
for a better deal for energy users, including calling for a ban on cold calling
and changes to regulations to make it easier for all consumers to switch
suppliers.
The service is completely independent and free.
Consumers can quickly and simply search the market for the best available
energy deals from an extensive panel of small and large energy suppliers. The
service also offers a free advice service for business energy customers
throughout the to of their energy contracts.