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UK businesses overpaying £500m on energy per year

Are you one of the UK businesses overpaying on your energy bills? It’s estimated that businesses in the UK overpay up to the value of £500m on their gas and electricity every single year.

According to new research, it’s estimated that around 1 in 5 business energy bills contain mistakes ranging from incorrect rates to meter reading errors. Inaccuracies have been found across the supply chain, which all adds up to around £500m coming from UK firm’s pockets each year.

The research, conducted by Inenco, looked at thousands of business energy invoices and found a series of common errors. This enabled them to forecast the scale of this common business cost issue.

Patterns were found to suggest those in the leisure and retail sectors were those most likely to be affected, with around £200m in overpayments attributed to these sectors. This is likely due to the logistics of having multiple sites and store locations, each with their own – and possibly multiple – meters, not to mention changing of tenants and premises.

Other industry sectors likely to be subject to billing inaccuracies and likely to be overpaying include the public sector (estimated £112m), the property sector (estimated £78.5m) and the manufacturing industry (estimated £65m).

With energy prices about to skyrocket by about 25%, now is the time for businesses to take action and make these savings where possible.

 

How can we help?

Your business may not fall into the above categories, and you may not even realise your business is affected by this. However, this is where Business Cost Consultants can help.

Our billing management service not only offers a personalised service going forward, it also allows us to look into historical billing, monitor usage patterns and analyse where inaccuracies may have previously occurred. We work with clients across all business sectors to ensure no overpayments are made, and that monies are recovered where previous errors and inaccuracies have occurred.

As part of the service, you can expect Business Cost Consultants to regularly conduct invoice validation and audits, to ensure the bills you regularly receive are accurate. Whilst it’s also important for us to recover any previous overpayments from billing errors, our main focus is on ensuring your business costs remain low on an ongoing basis. It’s estimated that only 1 in 5 businesses regularly check and validate bills, opening them up to further billing errors and issues down the line.

We offer a free audit service for anyone looking to save on their energy costs. The audit looks at previous bills, tariffs, usage and consumption. When our free audit is complete, we will make recommendations in areas we think your business can save on energy costs, which may include uncovering billing errors and ways to stop overpaying in future. You’re under no obligation to undertake any of our recommendations, so it’s a no-lose situation for you and your business. Get in touch to find out more.

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