With electricity prices increasing all the time to cope with a lack of supply and scarcity of fossil fuel resources, businesses are understandably more eager than ever to find cost-effective tariffs for their energy supplies. There can be significant differences between the rates charged to companies of similar sizes, which means carrying out thorough research into the current state of the energy markets is essential if you hope to find the best priced deals.

Some energy suppliers or brokers may tell you that the cost of electricity varies by region, and while this is certainly true, this factor alone does not account for the often substantial gulfs between different business electricity tariffs. If you choose to carry out independent research to find the best deals, a useful starting point is price comparison websites that will allow you to compare different tariffs offered by suppliers side by side.

When comparing prices, you should make sure that the prices you're analysing are for business-specific tariffs, as these are likely to be more suitable for your needs as a company than domestic tariffs. You should also make sure to read the details of what's included in each respective package, as deals that initially appear more cost-effective may not be so suitable for your requirements upon closer inspection.

Even if you already have a supplier for business electricity in your premises, it's always a good idea to compare different options available and check whether your contract allows you to switch providers at any time or if you need to wait until the end of the term. If the end of your contract is approaching, acting sooner rather than later to inform your supplier of your plans to switch could be imperative to avoid automatically rolling onto a new tariff for another year, 18 months or longer. Just because an electricity supplier has served you well in the past doesn't mean you should allow yourself to be swayed by notions of brand loyalty, as the dynamic and highly unpredictable energy markets mean tariffs that offer the best prices one month may be overtaken by competitors soon after.

Another option when searching for cheap business electricity, particularly for larger companies, is to consider making use of brokers who specialise in the business electricity markets. These experts may be able to offer impartial advice as to which supplier would best suit your needs as well as advising you on considerations such as the type of contract you should choose - whether a fixed rate or variable rate tariff would be better suited to the current economic climate.

Fiona Roy writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.