Asked by Anonymous
Asked on 25 Jun 2019
I read this article from Seedly which was SUPER helpful.
We are a family of three (two adults and one baby) living in a 3 bedroom condo
My wife and I both work, and travel quite frequently
We can sign a contract, even if it's long term as we own the place.
We only wish to switch if it will result in sizable savings.
We use multiple ACs and have many electrical appliances.
Before thinking if you should switch to an electricity provider, it is good to know what are the different type of plans available in the market.
Do note that the comparison made below is solely based on plan prices, filtered from OEM's price comparison tool.
However, you probably should not make your decision solely based on plan prices. Do check out all electricity retailers' reviews here on Seedly.
Important fact and assumption to note:
Fact: Regulated tariff in Q3 2019 = 0.2592/kWh
Assumption: Average monthly consumption of 500 kWh*
1) Fixed Price Plans (Standard Plans)
This is the most straight forward plan type. As the name suggested, you pay a constant rate (e.g. $18.00/kWh) for electricity throughout your contract duration. However, the rate may be higher or lower than the regulated tariff during the contract duration as the regulated tariff is reviewed every quarter. This plan will be suitable for you if you prefer prize certainty or if you speculate that the kWh price is at an all-time low.
Using the comparison tool from the open electricity market and filtering down by price you will find the top 3 lowest price plan from Geneco "Give us a try" plan, iSwitch 'Chope' the Rate Exclusive plan and Union Power's Fixed Saver plan.
Top 3 cheapest Fixed Price Plans in the market
1a) Geneco "Give us a try" Plan (6 months contract)
17.68/kWh (Fact sheet updated 30th June 2019)
6 months trial plan at $88.40* but there's a catch.
You will only get to enjoy this price for the first 6 months and it's only applicable for the first 2000 customers.
1b) iSwitch's "Chope" the Rate Exclusive (12 months contract)
17.69/kWh (Fact sheet updated 28th May 2019)
12 months plan at $88.45* monthly
1c) Union Power Fixed Saver (24 months contract)
17.70/kWh (Fact sheet updated 3rd May 2019)
24 months plan at $88.50* monthly
2) Discount Off Regulated Tariff Plans (Standard Plans)
Short form DORT, you get to enjoy a fixed discount off the prevailing regulated tariff (e.g. 20%) throughout your contract duration. This plan is suitable for users who do not mind their electricity rate changing every quarter. Do note that the regulated tariff is reviewed by SP Group on a quarterly basis (approved by the EMA).
Top 3 cheapest DORT plans in the market
2a) Diamond Electric's Sure Save Plus Rebate Plan (12 months contract)
25.00% off the regulated tariff (Fact sheet updated 1st July 2019)
12 months plan at $97.20* monthly
2b) Ohm's Discount Plan (6, 12 months contract)
25% off the regulated tariff (Fact sheet updated 28th June 2019)
12 months plan at $97.20* monthly
2c) Sunseap's SUNSEAP-ONE plan (6, 12, 24 months contract)
23.00% off the regulated tariff (Fact sheet updated 26th June 2019)
6, 12, 24 months at $99.79* monthly
04 Jul 2019
I’m using Geneco and it’s been great so far with easy sign ups and billing.
Referral code: 96753492
For $20 additional rebates!
Use early, save early!!!!!!!!!!!!!!!!!!!!! Latest news pointed out the increment of electrical tariffs soon..
So, good to quickly take advantage of current fixed rate promos before their prices increases too.
Current Promos: (Updated 29th June)
1) GET68 $68 off your bill One-time off rebate on your bill. Only Valid for Get It Fixed 36 / Get It Fixed 24 / Get It Less 24 / Get Free Sundays or Get Sunny plan.
2) GET30 $30 off your bill One-time off rebate on your bill. Valid for Get It Green Plan only.
3) PLUSGENECO Earn 4,000 LinkPoints with Geneco. Valid only for Get It Fix 36 plan. Until 31st Oct 2019.
1) Set up recurring payment via Amex credit card by 30 June 2019 and pay first geneco bill by 31 August 2019 to enjoy 1 time $40 cashback credited to your card account by 30 Sept 2019. (pls check other terms and conditions on website)
2) 5% Uob one card rebate + additional 1% uob rebate (for 12 months) on recurring bill with uob cards by 30 June 2019. Plus $10 bucks rebate. Need to SMS Utility NRIC to 77862.
3) Charge to Posb everyday cards and get 1% cash rebates. Simplest non confusing terms. Recommend to go for Option 2 if your bills are on average $90.. 5% rebates on 90 bucks for 12 months would be about $54 savings already. I am using this option personally. Natural gas going up so would recommend the fixed price offer, but decision is solely up to you. Markets are unpredictable. Trade war on the other hand causing oil prices to come down. But in Singapore, price usually increase faster than for it to come down from past experience.
Better act fast! Tariffs going up soon!
Sign up online is easy and hassle free. So far prices have been the better ones and no false marketing like displaying the price without gst. March deals even better at 17.78c/kwh for 2/3 year plans. Would recommend fixed plan over discounts over tariff plans. Switch over now without hesitation as every day delayed is costlier than waiting to get a slightly better deal in future.
Yes, you should definitely make the switch as there'll be a significant amount of cost savings in the long run. Assuming you use an average of 400 kWh per month, based on the rates offered by SP vs another electricity provider (Geneco):
SP: 400 kWh x $0.2279 per kWh = $91.16
Geneco: 400 kWh x $0.1778 per kWh = $71.12
Cost Savings = $20.04
Should you make the switch, the total cost savings per month would amount to $20.04 (~22%). Multiply that amount over 12 months and you'll be able tosave $240.48 which can be used for other expenses.
For me, I signed up with Geneco due to it's competitive rates at $0.1778 per kWh and hassle free transition and billing (recurring credit bill payment). Feel free to utilise the following promo codes if you're planning to make the switch! Do not hestitate to ask any questions to clarify your queries!
$20 Rebate: 90400266
$68 Rebate: GET68
Other bank rebates available too (e.g. AMEX $40)
If you would like to enjoyintegrated billing with SP(same paper bill as SP) and hassle-free (absolutely no terms and conditions like limited for first 5000 pax, Specific Credit card, hit recurring spend etc), can consider Tuas Power, which is giving on upsized bill referral rebate of $120(PowerFix 36)/$80(PowerFix 18/24 or PowerDo 24) with referral code RCB384C. If you are heavy user of electricity(700kwh), Tuas Power is giving one month free of electricity with campaign code FBFE4
If you don't mind jumping through a few hoops and some effort on your part ie applying for AMEX(need to pay annual fee), first XXXX, separate e-billing(if you want paper bill need to pay $), making sure your recurring spend hits the min spend to qualify(you may need to shift some of your bills onto specific credit card) etc, do go for Geneco
Finally, if you are not out to play the referral game nor interested in rebates, you can consider taking SP's wholesale plan by logging into SP services - click this tab 'Buy at Wholesale Electricity Prices'. AIM meter installation($42.80) is not compulsory as SP will charge you according to EMA's typical household load profile at the half-hourly wholesale rate. Calculations have shown the rates to be pretty competitive!