Sunday Times Article Calls Out Bad Energy Brokers
How to Avoid a Bad Energy BrokerAny company can set up as an energy broker and the lack of regulation has attracted hundreds of new and unscrupulous operators to the industry. In one of our recent blog posts, we identified ten red flags that could indicate a dodgy energy broker. Below, we talk about some of the biggest warning signs. One of the key things to look out for is cold calling. Most businesses that we speak to have had the experience of energy brokers calling them out of the blue. And the service standards rarely match up with what clients expect. Poor energy brokers also rarely provide any clarity on their fees and will be reticent about offering references or contact details of previous clients. The best way to avoid getting stuck with a bad apple is to properly grill the broker before signing up with them. Make sure you find out about their fees, their relationships with suppliers, their process and how much power you have over the final decision (hint – the final decision should always be left up to you, never give a broker the power to agree a contract on your behalf).
Why Use a Broker?We often hear horror stories about dodgy brokers ruining businesses. It might be tempting to avoid the risk entirely and not use a broker, but there are some real benefits to using a third-party intermediary.
Save Time and MoneyGood energy brokers will compare energy prices in line with your business needs. They visit dozens of gas and electricity suppliers on your behalf and dig deep to find the very best deals.
ExpertiseEnergy brokers are industry experts. You will get significant benefit from using an impartial consultant telling you how the market relates to your business energy needs.
MonitoringWhen your business energy contract expires, there is a good chance that you will roll over onto your supplier’s most expensive tariff. A good energy broker will stay in touch throughout your contract and will get in touch when it is time to find a new deal.
Published by Utility Helpline on (modified )
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