Has a lack of energy literacy cost your business thousands?

Business owners across the UK could be paying a heavy price for failing to understand the big numbers behind deliberately confusing energy contracts.

But Energy Solicitors Limited (ESL) has the tools and expertise to lift the lid on perplexing jargon and help firms claw back thousands of pounds.

The latest findings from energy regulator Ofgem found that businesses with self-reported low energy literacy often felt that bills contained too much information and that breakdowns were unclear.

But ESL’s Victoria Myers is urgesing business owners worried that they may have missed key information before locking into long-term deals to stay calm and seek help.

“It’s important to take action as soon as you can, even if you only think there’s an outside chance that you’ve missed something,” she said.

“There’s no need to panic and plenty of businesses have been in the same situation only to discover that they can claim back money owed.

“As a starting point, pull together all of your documentation. That includes contracts, bills and any communication from your broker.

“The team at ESL can help assess whether your contract was mis-sold and advise on potential next steps, including claims.

“In most cases speedier action results in greater success.”

The Ofgem report reveals that business consumers with low self-reported energy literacy are more likely to be struggling with payments.

And the same data showed that more than one in 10 of businesses don’t understand the detail behind their monthly bills.

“It’s not rocket science but then again it does take a bit of time to get your head around every part of the average business energy bill,” added Victoria.

“All you need are a few key resources and a degree of curiosity. 

“I’d always say start by reading up on how energy markets work and from there try to learn a few key contract terms and familiarise yourself with types of fees that might appear on a bill.

“It’s amazing how soon you’ll be able to find your way around even the most complicated of bills.

“ESL provides educational materials, expert advice and support services that can help you get a clearer picture of your energy use and contracts.

“We pride ourselves on being well-placed to identify red flags and steer you towards fair, transparent energy deals.

“But empowering yourself with key knowledge can help you protect your business and make smarter energy decisions long-term.”

For years unscrupulous brokers have been hiding behind perplexing jargon to inflate costs and hide fees — leaving many business consumers exposed in an unregulated market.

And Victoria added: “Even basic energy literacy can help consumers to unearth hidden fees and cut through the often confusing jargon.

“But an unregulated market and deliberately obtuse wording does enable less-than-transparent third party intermediaries to take advantage.

“When a business doesn't fully understand the pricing structure or contract terms, it’s much easier to sign up for something that could prove costly. 

“A degree of energy literacy does, at the very least, open the way for an informed decision.”