What is a rollover contract?
A rollover contract is an expensive business energy tariff. Your energy supplier will switch you over to a rollover contract if not canceled before the end of the deal.
Rollover contracts are an issue for businesses because they commit your company to a new energy contract. These contracts have high unit-rates and fixed for one year.
Despite not agreeing to a new deal, the new rollover agreement makes it difficult to switch during that time. While this may seem unfair, it is legal and many businesses each year get caught out by this. This is why we urge businesses to keep on top of their energy. The best way to avoid rollover contract is to set a calendar reminder of when the contract is ending.
How can my business avoid a rollover contract?
Setting a reminder in your calendar is enough in most cases. Energy companies are obligated to inform you, within 60 days of when your contract is coming to an end. This provides you with plenty of time to switch. Each business energy contract has a termination period during which time you can switch to a new tariff. This varies depending on the supplier. You can get this information by contacting your business energy supplier.
If you switch with Business Energy, we take on all the admin for you. This means that you will avoid rollover contracts and avoid the street of staying on top of your energy. We will find you the best deal and let you know if a better deal comes along. Your dedicated account manager will be in touch when your contract is up for renewal.
My company is on a rollover contract – what happens now?
If you are on a rollover contract, you don’t have a lot of options. The Energy Ombudsman are available if you think you have not been informed about the rollover contract terms. The best thing to do is to contact your energy supplier and find out when your contract ends. You can then schedule a time to switch your business energy to a better deal.