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Give the Bill the Boot
As of April 1st, your business may notice an increase in the cost of energy. Taxation on energy is to increase for 2019 following the introduction of the new energy tax rates.
No matter what your business is, whether you have single or multi-sites we can recommend the right product for your business with a range of options including fixed, variable, short, and long-term contracts, helping you to take advantage of the best market contracts for your business.
2020 CCL rates will continue to increase with rates rising until gas reaches 60% of the electricity main rate by 2021/22. CCL is chargeable only on units/ kWh consumed and not on any other component of the bill such as fixed daily charges.
There will be winners and losers in theses changes, and the big winners will be those who fell into CRC and now will pay a lower rate. However, the rise in tax on gas will over the next few years hit large gas users. Those in Climate Change Agreements (CCAs) will still benefit from abatement, but whether the scheme will be extended is in question.
The tax rises are linked to a new mandatory report that replaces CRC and Mandatory GHG Reporting. SECR (Streamlined Energy and Carbon Reporting) will need to be done by the approximately 11,900 UK companies listed as large under the 2006 Company Act, once a year.
The new taxes will affect companies differently, so it is important to add the forward projections for the taxes that are set out in the budget to any energy budgeting. The move to CCL will clearly demonstrate how much of the energy bill is taxation, it will not be long before primary fuel cost accounts for no more than 30% of the energy bill.