Scottish Power business electricity rates and tariffs
A fixed-rate tariff is one of the most popular tariffs for businesses throughout the UK. Scottish Power offers a fixed-rate tariff that will lock you into a set price for the contract length determined before you sign-up.
The main advantage to a fixed-rate tariff is that you won't be subject to surprisingly expensive bills as the cost will remain the same throughout your contract. This is incredible for smaller businesses and can be a great way to keep track of your spending.
A fixed-rate does have the slight downfall that the price you pay won't take advantage of the current trends in the electricity market. This means if the average price across energy networks decreases, you will still need to pay the same bill as agreed upon in the contract.
Scottish Power offers a few different fixed-rate tariffs, so you're not left to pick a single choice. The main difference between these contracts is whether you sign a contract for a year or two and whether or not you require boiler insurance.
The 2-year tariff offers the incentive of zero exit fees, which can make this a great choice if you are considering changing your choice of tariff further down the road. Consider checking out the boiler insurance plans if you regularly require appliance care!
An alternative option supplied by most suppliers, including Scottish Power, is a variable-rate tariff. As you might expect, this means the price you pay for your business gas and electricity will depend entirely on the current market trend.
This can be an ideal option for larger businesses that want to take advantage of a current market trend and don't mind the risk of increasing their bills. Smaller businesses, on the other hand, might want to stick with a fixed-rate tariff.
As you might expect, Scottish Power currently only offer a single variable rate tariff. But as this rate changes throughout the contract, this is the standard for these types of tariffs.
Thankfully, alongside the variable-rate tariff, you can expect zero exit fees - if it doesn't work for you, then you can end the contract.
Deemed or out of contract rates
If you own property that requires gas, then you may be required to still pay for gas with your local provider; this is known as a deemed product. Deemed rates are fairly similar to the variable-rate tariff and also come with zero exit fees.
They are fairly cheaper than out-of-contract rates as deemed rates operate under the assumption that you haven't actively chosen not to sign a contract. If you are paying deemed rates with Scottish Power, you can switch to a fixed-rate tariff at any time.
On the other hand, out-of-contract rates can quickly become expensive and are usually worth avoiding. If you choose to actively refuse to sign a contract, then you will be required to pay out-of-contract rates for your business energy, which are usually more expensive than variable or fixed tariffs.
You can find out more about Scottish Power and the array of business energy tariffs they currently offer on their site here.