Best prices for power can be found online

The country's small and medium sized businesses (SMEs) can now look for electricity savings through a new initiative launched by the Electricity Authority.

Following the success of the "What's My Number" residential campaign, SMEs can easily check they are with the most cost-effective electricity provider for their business needs at www.whatsmynumber.org.nz/mybusiness.

Carl Hansen, chief executive officer of the Electricity Authority, said research into SME awareness and behaviour around switching electricity providers revealed that only 4 per cent were actively looking for a cheaper retailer, compared to 5 per cent of residential customers.

Mr Hansen said barriers to switching included perceptions that there weren't any real gains to be made and that it seemed too much of a hassle.

The online business tool, which has been developed in partnership with Switchme, has been in a market trial phase since August 20.

So far, 35 per cent of businesses receiving tariff offers via the online business tool have chosen to switch electricity retailers, which suggested businesses were seeing the value and benefit of using the tool.

During the trial period, one customer found that the difference between the cheapest and most expensive pricing option was $28,000. The pricing responses so far have an average spread of 17 per cent indicating significant potential savings are available.

"The online business tool takes the hassle out of switching. It's quick and easy," Mr Hansen said.

"Small to medium sized businesses contribute 39.8 per cent of the country's total output so are an important part of the economy. Making sure they are not unnecessarily overspending on absolute necessities like power, benefits everybody," he said.

SMEs can start the process online and receive personalised quotes from a selection of retailers based on their location and electricity consumption.

All they need to get started is a few minutes of their time to:

Grab a recent power bill

Fill in the personalised quote form online

Local retailers will prepare quotes

The business can then review their quotes online and select their preferred retailer. The new retailer will take it from there.

The new "What's My Number" online business tool was made available on October 1. Go to www.whatsmynumber.org.nz/MyBusiness for more information.