One in five people in businesses said they don’t understand their energy bills, a survey claims.
It revealed 60% of businesses weren’t able to identify whether ‘E’ or ‘A’ readings meant estimated or actual rates.
The report from energy and water consultants Utilitywise also showed a quarter of businesses did not understand the term ‘unit rate’.
As many as 2.19 million businesses never or only occasionally check their energy bills despite three quarters of small and medium sized businesses saying they pay too much for their utilities.
More than 60% of businesses rely on estimated bills, the survey suggests.
Deputy CEO of Utilitywise Andrew Richardson said: “Businesses need help to navigate the energy market. That starts with understanding your statements.
“The terminology can be confusing but it’s important to get a handle on it because it impacts a business’ bottom line: if you don’t know that you’re paying an estimated bill you can be in for a nasty surprise.”
The report also showed 46% of small businesses think energy prices will go up in the next year.