When you're shopping for an energy supplier or signing a new contract, it's important to do your homework. Here's our advice designed to help you get the best bid.

1) Do your homework

 Get to know potential suppliers, market conditions, regulatory pressures and region-specific factors that may impact energy prices BEFORE issuing RFPs. How? Ask to speak with existing and former clients about their experiences and check supplier websites for testimonials.

2) Document expectations

 Define your energy goals, objectives and budget in your RFP. For example, does your company have greenhouse gas reduction targets to hit? Are you looking to reduce monthly energy consumption? Manage year-over-year energy spending? These details are vital in getting accurate and competitive responses from suppliers.

3) Request options

 Ask suppliers for multiple terms (12, 24, 36 months) and an itemized cost breakdown so you can easily and accurately compare offers.

4) Plan a realistic timeline

 Release your RFP well before you need service to begin. Three to four months is an ideal lead time for most enterprises.

5) Look beyond the price tag

 Consider more than just price. Remember, the right energy supplier is one that helps you manage and monitor both energy supply and energy demand.

6) Understand the costs

 Make sure you clearly understand what makes up the total energy price. Supply is just one of the components. Other factors such as capacity, transmission and supplier fees are included in the amount you pay each month.

7) Make quick, informed decisions

 Try to make your decision quickly as energy markets and prices move fast. Waiting too long could cause you to miss out on an offered price.

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