Running your business means that various activities compete for your attention, so checking your business electricity bills may not be on top of your list. But spending a few minutes scrutinizing your electricity bills can pay off over time. Your energy supplier sends you a business energy bill at the end of a specific period.
Remember that an electricity bill can offer you a wide range of useful details that can assist you in understanding your energy charges and help you to search for better business energy deals. This article discusses a business electricity bill and everything you need to know.
A business electricity bill
Knowing exactly how much your business is paying for its electricity is crucial. This helps you determine whether you are on the best electricity deal. Your energy supplier includes several things on your business electricity bill. But how your business electricity bill is structured tends to depend on your energy provider, though the key information on it can be the same.
A business electricity bill needs to have the bill date and billing period. This means the energy bill can show when your energy supplier issued the bill and the period the energy supplier charges you for the electricity your business used.
Besides these, your business electricity needs to have your account number that your energy supplier uses for identification purposes and VAT number if your registered your business for VAT.
It can also have the name of your electricity tariff, the account balance brought forward, your electricity consumption in kilowatt-hours, the standing charge, and many more. You can visit https://www.utilitybidder.co.uk/ to learn more about your business electricity bill.
Charges are included in your business electricity bill.
The two major costs included in your electricity bill are the standing charge and the unit cost, which is the amount of money you have to pay per unit of electricity your business uses, measured in kilowatt-hours. It’s worth mentioning that a standing charge is a rate you pay daily to keep your business premises connected to the energy network. But other energy costs also contribute to how much money you have to pay for your business electricity.
The wholesale cost is the amount of money your energy supplier pays to purchase electricity in bulk before selling it to you. You should note that you cannot see the wholesale cost on your electricity bill, though it is part of your energy unit rate. Your business electricity bill can rise when wholesale electricity costs increase, but you will not experience this if you are on a fixed-rate energy tariff.
Another cost is the transmission use of system charges. This cost covers the expenses of upgrading and maintaining the National Grid. Some business energy suppliers include this cost in the standing charge. Therefore, if you don’t see it in your electricity bill, it may have been included in your standing charge.
