Simply put, Yes. There is a strong correlation between your business's credit score and the energy prices you're offered.

Your business's credit score will determine how much you pay for your business energy, what energy supplier you will use, and the type of deal you can receive.

Struggling and failing to keep up with bills such as gas and electricity will have a detrimental effect on your credit score. Previously missed payments don't provide a good history to new suppliers.

For businesses with lower credit scores, your initial deposit could be greater than those with better credit scores if you're deemed high risk and in some cases, your entire bill will cost more as your lending will be capped to a smaller amount meaning you will have to pay more each month.

Your limitations will also regard the kind of deals that are available to you. Having a poor credit rating will result in fewer deals being available to you.

The best deals will only be available to people with a better credit score as they will be a lower risk for business energy companies.

How you can find out the credit score of your business

Checking your business credit score is easy and can be done by anyone free of charge. Visit a reporting agency’s website and look up your business credit score. There are lots of business tracking agencies to choose from, with many giving in-depth reviews on the state of your credit.

Three of the most popular are Equifax Business, Experian, and Dun & Bradstreet.