Small and medium sized businesses (SMEs) could be missing out on potential energy savings as they aren’t shopping around.

That’s according to a new report, which found 81% don’t check with other energy suppliers on whether there are better deals on offer.

More than one in 10 SMEs have “never switched” suppliers and nearly a quarter (24%) have admitted they are on ‘out of contract’ rates, which means they could potentially be paying more than they need to for their energy supply.

The survey of 300 UK SMEs also found that despite 51% of firms having smart meters installed, a fifth of those businesses don’t know how to use or find the data provided by the meter.

Louise Boland, Director at Opus Energy said: “We know that many SMEs are busy getting on with the day job and, with so many of them having to cover multiple roles and facing time pressures, it’s easy to see how something like making sure they’re not on expensive out-of-contract rates may fall to the bottom of the list.

“We’d urge companies to check whether they’re being supplied on expensive out-of-contract rates and to shop around for a great fixed rate contact.”