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Faraday Property Management save over £340,000 on energy costs

When faced with soaring energy bills, London-based property management and building surveyors Faraday Property Management Limited (“Faraday”) were able to save over £340,000 on their energy costs over twelve months. 

At the beginning of this year, 30% of small businesses across the UK were deemed to be ‘at heightened risk’ of not being able to absorb energy price shocks once the current Energy Price Guarantee ended in June. Though energy prices have since fallen and Ofcom’s energy price cap is in place, many businesses have already struggled to keep afloat.

In 2022-23, occupiers of offices in the UK paid, on average, 22.5% of their total service charge just on their utility bills, indicating they have been particularly impacted by the energy crisis.

Faraday Property Management has a portfolio of residential apartment blocks throughout London. The portfolio’s bills were dramatically lowered when their energy consultants, Advantage Utilities, recommended that they switch their gas contract from a fixed price contract to a flexible contract.

Having signed a twelve-month flexible purchasing contract, Faraday was able to save an astonishing £300,000 by taking advantage of dips in the market, whereas a fixed price contract would have proven far more costly for the business.

Advantage Utilities calculated that the annual cost of Faraday’s bills would have been over £623,800 had they not switched to a flexible purchasing contract, but they instead paid just over £283,300 thanks to varying fixed unit rates of energy over the year.

The Operations Director at Faraday Property Management, commented on their energy savings, stating:

“During these turbulent times, it has been a great relief to many of our clients that Advantage has been there to guide them through some very tricky situations. Focused on providing the best options available and always able to support the clients and agents with clear up-to-date information to support the decision-making process.”

Janey Brockwell, Head of Property Management at Advantage Utilities, managed and oversaw her company’s services provided to Faraday. Janey said:

“I’m delighted that we’ve been able to make such significant savings for the Faraday team over the course of the last twelve months. As a long-standing client we’ve never stopped looking at how they can best minimise their energy costs and excess energy expenditure. When it comes to these energy savings, the devil is in the detail and what we’ve managed to do is take full advantage of variable flexible fixed unit rates each month which have saved them over £300,000.”

“Other businesses facing similar challenges should seek specialist advice to ensure that they aren’t paying over the odds for their energy during what is still a volatile market,” adds Janey.

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