Saving money through energy efficiency

We spoke to Krishan Mohindra, an energy consultant for the corporate arm of price comparison company, Love Energy Savings about how energy intensive customers can mitigate the financial impact of the coronavirus pandemic on their company through proactive utility management.

Krishan said:

As an energy consultant for several of the U.K.’s biggest hospitality chains, I’ve advised brands directly on their emergency procurement strategies; helping them respond, recover and plan for the future. By no means a comprehensive list, here are the answers to most common questions my team and I have been posited since the lockdown began less than 1 month ago.

Don’t cancel direct debits – If you’re worried about your company’s ability to pay an upcoming bill, avoid cancelling your direct debit where possible. Firstly, you’d still be liable for the energy you’ve used. Secondly, you’ll be automatically rolled onto out of contract rates. If you need financial support, contact your supplier directly and they will assess your eligibility for help on a case by case basis. Informal initiatives currently being offered include flexibility on direct debit amounts and in some cases payment holidays.

Submit an up to date meter reading – As many businesses are expecting to use less energy during the lockdown, we’re urging all our non-half hourly and non-smart meter customers to submit an up to date meter reading where safe to do so. This ensures your bill is accurate and you do not pay for any energy you don’t use. If you’re struggling to submit a reading to your supplier directly, I can do this for you. Contact me on 020 3935 0353.

Renew through an energy consultancy – Increased customer contacts, reduced resource and prioritisation for vulnerable customers means suppliers are experiencing longer than usual call waiting times. If your energy contract is due for renewal but you haven’t heard from your supplier or you’re struggling to reach them, consider switching through an energy consultancy such as Love Energy Savings. We work with the market’s biggest suppliers and can secure bespoke tariffs to help reduce your energy expenditure now and in the future.

Limit your exposure to employee compensation – Something we’ve witnessed in other sectors; staff working from home spending more on their home energy are requesting reimbursement from employers. If you have staff working from home, proactively prepare for this eventuality by encouraging all your staff to compare their home energy to ensure the subsequent bill is as low as possible.

Reduction in availability of tariffs – As suppliers continue to react to the ongoing coronavirus and changing consumption patterns, we’re currently seeing suppliers pull tariffs from the market. Availability and eligibility for longer-term contracts and standing charge free products are most affected. If your contract end date is within the next 12 months, we would recommend looking to renew your contract sooner rather than later to ensure the greatest product range.

If you are worried about your financial situation at this time, there is other support available. The Government has announced support covering tax, grants and loans for businesses and the self-employed. Eligibility varies, but you can find out more here.

Love Energy Savings has helped businesses in the U.K. save a combined £85 million+. Their corporate team offer comprehensive utility management solutions including procurement, meter installation and sustainability initiatives. With an ‘Excellent’ rating on Trustpilot from 10,600+ reviews, their clients include those in the food, travel and accommodation sectors.

Krishan Mohindra is a corporate business development manager within the corporate team. He can be contacted at krishan.mohindra@loveenergysolutions.com or by telephone on 020 3935 0353.