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How to Manage Business Energy With a Change of Tenancy
TABLE OF CONTENTS
Are you moving your business to new premises? Although there are many things to take into consideration, one that is often overlooked is managing your business energy. It may not be the most gruelling challenge, but there are crucial steps you must take before and after you relocate. Most notably — completing a Change of Tenancy letter.
To make this process as clear and smooth as possible, the experts at Business Electricity Prices have created the below guide — including all the information you need to make sure you never pay more for your commercial energy than you need to.
How is my energy supplied when I move to a new building?
The first time you enter your new property, you won’t be left without power. Instead, the previous tenant’s energy provider will continue to supply electricity and/or gas. The supplier should already be informed by the previous tenants that they have left the premises.
Your energy will still be provided by this supplier, however, if you’re not already in a new contract, you’ll be charged at ‘Out of contract’ rates — a very high premium rate.
How to avoid ‘Out of Contract’ energy rates
The best way to avoid paying additional charges to your energy bill is to ensure you’ve set up a new tariff ahead of time, whether you negotiate a new deal with your current supplier or switch providers to save more.
Arranging a Change of Tenancy
You’re obliged to inform your energy supplier when you’re moving address, just as the previous owner of the property you’re moving into must inform their supplier. There are a couple of steps you must take, depending on whether you’re moving to an area that is or isn’t covered by your current provider.
Moving to a location covered by your current supplier
If your business is moving to an area that is already covered by your current energy provider, you need to inform them as soon as possible that you are the new tenant.
This is important for two reasons:
- It prevents your business from being held liable for charges incurred by the previous tenant
- It means you can negotiate a competitive tariff rate right away (or switch to a new provider early)
Your energy supplier will provide you with a change of tenancy letter for you, which requires information detailing your new business address and the date at which you intend to move from your current location.
The supplier will also require one of the following forms of proof of a change in tenancy:
- Confirmation from the landlord
- Confirmation from the estate agent handling the move
- Confirmation from the solicitor handling the move
- A copy of the mortgage completion letter (if the property was bought)
Moving to a location not covered by your current supplier
If, on the other hand, your current supplier doesn’t cover the area you’re moving to, you’ll need to inform them as quickly as you can that you’re leaving their area of coverage and that you’re no longer the tenant of your current property.
This is important for two reasons:
- It prevents your business from being held liable for charges incurred by the new tenant
- It means you have time to negotiate a competitive deal with your new supplier
As well as your change of tenancy letter, your supplier may want to know some of the following information:
- The reason you’re moving out
- Where your business is moving to (if applicable)
- Who the new occupier of your current will be (if known)
Regardless of whether you’re moving to an area that is covered by your current supplier or if you need to find a new provider, it’s crucial that you take a final meter reading on the last day in your current premises and an initial meter reading in your new location. This will provide you with evidence to show your supplier, ensuring that you only pay for exactly the amount of energy you use.
Finding a new energy supplier
When it comes to a change of tenancy, energy providers may not automatically find you the best deal. You’ll likely be placed on a standard variable tariff — one of the most expensive for energy customers — unless you secure a more reasonable plan. This is where Business Electricity prices come in.
We help thousands of customers every year pick the right energy tariff by comparing great deals from dozens of energy suppliers. Use our free comparison tool to find out which deal is right for you, or give us a call on 0800 690 6008 to speak to one of our energy experts for more information.
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