Avoid these common mistakes when shopping for energy.
Buying energy is not as simple as buying office supplies for your business. You can’t physically see it and pick it up at a store and take it back to the office. Energy buying can be complicated, especially if you’re not dealing with the right people. Below are some of the more common mistakes businesses make when buying energy.
Not reviewing your contract
Most companies sign an initial contract and then simply renew when it is close to expiring. You should carefully read each contract when you resign. Things change and you should always review the rates, fees or anything else that could help save you money.
Only buying when the contract expires
You can buy energy whenever you want. Since prices are constantly fluctuating, you can buy energy when prices are low and kicks in once your next agreement starts. If you wait to buy until your contract is about to expire, you could miss a buying opportunity and be stuck paying whatever the market price is at the time.
Not having a buying strategy
Having a buying strategy will allow you to get the most out of your energy buying. You need to rely on someone in your business or a trusted advisor to understand the energy market and the best way to buy energy.
Not monitoring prices
The cost of energy goes up and down and you need to have someone constantly watching market prices. You don’t want a great price to slip by only to rise again the next day. Having someone keeping an eye on prices can save your business a lot of money.
Trusting your advisor
You need to fully trust the company you’re working with to buy your energy. You need to trust they are being fair and transparent about the costs associated with energy buying and that they are truly giving you the best price they can.