Trump tariffs could cost SMEs thousands

Three in 10 UK SMEs fear losing up to £20,000 this year due to the impact of Trump’s new trade tariffs, meaning the importance of saving where possible has never been so important.

With energy costs often being a financial burden for SMEs, business energy experts at Utility Bidder have shared tips to help smaller businesses reduce their energy bills and highlighted the key grants that are currently available to help support them.

Conduct an energy audit

It is important to keep in line with the latest government energy regulations, for example, the Minimum Energy Efficiency Standard, and to do so you’re going to need to audit.

Conducting an energy audit will help you inspect your business and determine which areas are wasting energy the most.

For example, if heating bills are high, your property may need more or updated insulation. If you don’t comply with these regulations, then you could be at risk of a fine or in some cases, have your business shut down. So it is important to be up to date, which will then help you find energy and money-saving alternatives.

Smart meters

Smart meters are a great way to keep up to date with your business’s energy consumption and help monitor it in real-time.

This will then help you eliminate estimating bills, allow better budgeting, and better identify any areas that may need improving. If you do not have a smart meter, then you could ask your current energy supplier to install one in your business’ building. If your business is in a rental space, then double-check with your landlord before installing.

Keep your business energy efficient

This is particularly important if your property is an older building that may not be updated with the latest types of insulation.

If your heating bills are high, updating the building’s wall insulation will help reduce any heating that is being lost through walls, widows and even flooring.

When the working day is done, switch off any computers and electrical equipment overnight so that they are not using unnecessary electricity. You should also change any incandescent bulbs to more energy-efficient LED light bulbs.

Switch energy suppliers

Regularly research different energy suppliers and any new deals they are offering.

This will help you stay up to date on the best deal for your business instead of sticking to the same supplier and risking paying more for your energy bills.

This is usually worth looking into if your fixed-term contract has ended or if you are on a tariff you did not choose to be on—this could happen if you have taken on new premises.

Check if you’re being scammed

It is worrying, but some scam artists will pretend to be from an energy company to try and get your personal information from you.

This mainly happens over the telephone but there are some cases where scammers have used text messages, emails and even at your door.

If you think that what you are witnessing is a scam, then do not give out any personal information or bank details and do not use any of the contact details from the possible scammer, don’t forget to report the scam as there may have been similar happen in your area.

Chris Shaw, CEO at Utility Bidder, said, “It can be worrying times when you are struggling to pay for your business’s energy bills, especially if they are increasing. However, there are government grants and schemes that business owners can apply for that will, in the long term, help them save money.

“For example, the Smart Export Guarantee scheme. This allows you to get paid to generate your own renewable power and heat, which you would then give back to the National Grid.

“Another is the Clean Heat Grant, this grant encourages and financially assists business owners to switch from traditional fossil fuel heating systems to low-carbon heating options, such as heat pumps. Thirdly is the Green Gas Support Scheme. This scheme is funding support for business owners to help decarbonise England’s gas supplies by increasing the amount of green gas in the national grid.

“Those who register for this scheme will receive tariff payments for the following 15 years.

“There are many more business support grants available, so do your research first to find the best one for your business.”