Finding the best utility supplier for your company or household can save you lots of future funds. So when considering a water provider switch, it’s crucial to weigh your options. But how should companies switch water retailers, and what are the possible pitfalls?
You can look for online sources such as https://www.utilitybidder.co.uk/ to find out what utility prices work best for you.
Here are quick tips to follow when you need a provider switch.
Prepare yourself
Unless your contract is straightforward, such as a single site and meter location, you will need to begin describing your arrangements to go out to the market and get quotations.
Audit your water use and existing prices to better understand your current contract and usage. First, gather correct information about your sites, meters, and volumes, then organize and purify the existing data. Finally, check your recent invoices for Supply Point IDs – these are the reference numbers that the market will use to identify your supplies.
To begin the process, you will need to provide information on what water you use and where you use it, a letter of authority, and at least one, but preferably 12 months’ worth of bills.
Clean up your expenses
Ensure that incomplete data and overpayments or underpayments are corrected while compiling data. This is required to guarantee that any unresolved concerns are rectified and smooth transition to a new store.
By confirming your invoices, you may be able to uncover possibilities to claim for historical overcharges and get a windfall reimbursement. This might potentially result in decreased long-term expenses.
Avoid Delay
With possible cost savings and the chance of administrative simplification and other value-added options, it is prudent to consider switching water contracts sooner rather than later. However, it might take time to prepare for market entry by gathering and purifying data, locating competent brokers, etc.
Consider The Risk
Be aware of inexperienced and renegade brokers that are new to the market and have no track history in water management. Avoid being swayed by claimed savings, and conduct due diligence on suppliers to avoid getting locked into a bad agreement.
Because the water market does not have the same price volatility as the energy sector, procurement should be more accessible and based on fixed-price contracts. The fine print, like with any warranty, is often critical. Even if you conduct your procurement system, it is suggested that you have an independent assessment of the contract before signing.
Several retail agreements are offered based on reductions from the incumbent retailer’s default retail prices, while some suppliers are providing ‘wholesale plus’ arrangements. Be aware of the latter since they may not inform you what else you’re saving compared to the retail price, and you may end up worse off.
Water efficiency should not be overlooked
Poor water efficiency costs British businesses more than £3.5 billion per year, so leak detection combined with water efficiency solutions may pay off handsomely. As a result, retailers are becoming more eager to provide these services to acquire a competitive edge in a market with low price competition.
Water-saving techniques might include employing AMR technology to monitor use, implementing flow or pressure controls to limit water flow, or collecting rainwater for reuse, all of which cost little or no investment and deliver quick payback.
