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New report released helping businesses to save money on their energy bills

The UK’s most trusted business energy comparison service, Love Energy Savings, have been campaigning for greater regulation and transparency for business energy customers. As a business, they have been especially committed to securing cheaper prices for non-domestic customers, making sure that they are being treated fairly by suppliers and Third Party Intermediaries (TPIs) in the industry.

With almost ten years of experience under their belt, working with 50,000 businesses and over 300 partners, their new in-depth report aims to clear up some of the myths that surround working with a TPI, while also providing actionable advice for businesses on what to look out for when seeking to work with a reputable comparison and switching service.

Why is this report important?

When a TPI in the commercial energy market behaves in a less than honourable manner it casts a shadow over the whole sector, often tarring other reputable comparison services with the same brush.

This is not only unfair but it also drives disengagement; preventing businesses from exploring all the options available to them. This ultimately costs them money in savings they could have made had they worked with a trustworthy third party.

This landmark report talks to businesses large and small, helping them to become more informed about the energy switching process and actively seek a cheaper deal.

What should businesses look out for?

• A good TPI will have favourable relationships with all the major suppliers, plus numerous independent suppliers, and will negotiate with them on a business’s behalf to secure them the cheapest deal available
• They should be open about their process, transparent with their prices and compliant with the TPI Code of Practice
• They should always request a Letter of Authority (LoA) which will allow the TPI to liaise with your current supplier and other energy providers on your behalf, working to find you the best prices on the market. However, the LoA should also explicitly state that the TPI cannot authorise and contract without explicit confirmation from an authorised member of the company
• Businesses should actively seek out reviews online, look out for trust signals such as awards and be savvy when it comes to selecting which TPI to work with
• Finally, a TPI should be completely open about any additional costs or pass-through-charges which may affect the overall price of your final energy bill

Why use a TPI?

With supply margins expected to be amongst the tightest on record in 2017, it is of paramount importance that businesses act now to make sure they are on the best tariff for their electricity and gas. It is set to be a turbulent few months as the UK economy adapts to changing geo-political circumstances, making it vital for businesses to assess their expenditure and streamline costs wherever possible.

This report has been compiled to inform businesses on what to look for in a trustworthy TPI and the benefits that come with using one. It outlines examples of malpractice, so businesses know what to avoid; a sample Letter of Authority so you can go to a TPI prepared and know your rights and responsibilities; and it explains the TPI Code of Practice, the voluntary set of guidelines that any reputable TPI will be actively following.

To read the full report, you can download it here.

We have also created a handy infographic to accompany the report, summarising our findings and conclusions which can be viewed here.

This was posted in Bdaily's Members' News section by Love Energy Savings .