Money FM 89.3 Show
Asked on 29 Nov 2018
Imagine they are our different telco. M1, Starhub, Singtel etc. Or our Banks (DBS, UOB, OCBC, Standchart etc) offering mortgage loan.
There are offering the same thing, but just different pricing terms.
In short, the plans can be summarised into 2 main type. One is fixed price (imagine fixed interest rate loan), and another is variable (imagine floating rate interest based on sibor).
The variable will be usually a discount( x %) off the regulated tarrif (sibor) rate that the rest of singaporeans are paying now.
For actual plan comparision, see the official site.
Review: I have been using Geneco since January. The reasons why I chose Geneco:
1) They are very transparent in terms of price, no transmission loss charges, carbon tax absorbed, no hidden cost, no deposit required
2) They do a price match if you signed up for their 2 yrs plan. I emailed them to price match, and they responded fast- good after sales customer service
3) The bill is easy to read, simple, straightforward. My usual electricity bill is around $70. My current bill (based on the entire cycle with Geneco) comes up to $44. This is 37% less than the average of $70. The bill has been quite stable as well, $40+ for the past few months.
4) They are one of the main providers and thus reliable.
I would personally recommend the 2 years plan since they do price matching within 7 days and the tariff is increasing! Total possible rebate= $78 (POWERSG78) + $50 (Standard Chartered credit card) + $20 (referral) = $148. A really good deal! :)
Apply early, save early!!!!!!!!!
I have been using Geneco since the start of the year and so far its hassle free. You can also go to the other retailer's websites to find out more but the promos can be quite similar.
My take is that instead of pondering over the differences, we should just take action and you will start saving from day 1.
Expecting the promos to be lesser soon and rates may start rising as electrical tariffs has just risen in July 2019. So please act fast to get the best savings. https://www.todayonline.com/singapore/electricity-tariffs-city-gas-prices-rise-july-september
So, good to quickly take advantage of current fixed rate promos before their prices increase too.
Current Promos: (Updated 13th July) Please find more details of existing promos on the Geneco website below. https://www.geneco.sg/residential/promotions/
Essentially there are 3 different promos codes now which gives the following benefits. 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.
Additional rebates: 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 31 Dec 2019. 3) Charge to Posb everyday cards and get 1% cash rebates. Simplest non confusing terms. 4) Set up recurring payment via Standard Chartered credit card to enjoy 1 time $50 cash back until 31st August 2019
Recommend to go for Option 2 and Option 5 if your bills are on average $90.. 5% rebates on 90 bucks for 12 months would be about $54 savings already, plus a further $20 startup rebate for you. I am using these options personally.
Natural gas is 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 went up! Not sure current offers will remain for how long.
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 but has since increased to 17.98c/kwh. 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.
You need to make your comparison on multiple levels: the rate, bill rebates, bank rebates, hidden fees, service fees, and additional perks as a customer.
I did my homework last year and recently chose Senoko Energy cos it helps me save 30% on my bills, plus they really have more benefits for customers like monthly giveaways and a Smart Rewards programme!! Best is that they REALLY have no hidden fees unlike other retailers..
Anyway I got a secret promo code to share for anyone who is planning to sign up with Senoko Energy before 10 Feb - sign up online using this promo code (2OK41REK) and you'll get $40 additional bill rebate :)
Different retailers provide different types of plans and service for the electricity that you get for your home. If you are looking to gain a general understanding on the open electricity market, here is a post to help you: https://www.blog.pzl.sg/open-electricity-market-in-singapore/
Since different retailers provide different offers, it is important to know what it entails. Accordingly, I have highlighted a number of things to look out for in this post: https://www.blog.pzl.sg/what-to-look-out-for-when-choosing-an-electricity-retailer-in-singapore/
Finally, if you are unsure on how to make your choice, here is how I did mine: https://www.blog.pzl.sg/how-to-choose-an-open-electricity-market-retailer-in-singapore/
Additionally, I have included a comprehensive comparison that is available for download.
All things considered, I have decided to sign a 2-years contract with Ohm Energy as I am impressed by their level of customer service. Here is why: https://www.blog.pzl.sg/ohm-energy-review-i-am-impressed/
Here is everything about me and what I do best.
Different retailers have different strengths. On the pricing front, there are plenty of competitive pricing between retailers. The spirit of Open Electricity Market (OEM) was to allow residential customers to choose from a suite of electricity product and services that matches accordingly to different consumption patterns.
In terms of customer service, reviews and customer care do matters to consumers. Ohm has invested heavily in the service aspect to ensure that we can engage proactively and competently to queries. These can be seen from all social media channels (5/5 stars rating from Google, 4.9/5.0 stars on Seedly, 5/5 stars rating on Facebook & 4/5 stars rating from EMA Consumer Satisfaction Survey)
Since the launch of OEM, customers focus alot more on being accountable and transparent in all aspects. Ohm price plans are flexible and competition so different type of customers can choose from the available price plans (contract or no-contract)
In Singapore, all generation has to be supplied to the national grid. The grid is operated by SP Group so even with the change, your electricity supply remain reliable. All electricity retailer will have to buy electricity from the wholesale market. More information can be found from www.emcsg.com where the USEP half-hourly prices are available. Electricity retailing can be provided to consumers without a requirement to have a power generation plant.
Essentially, the Open Electricity Market is an initiative by the Energy Market Authority (EMA) that allows you to enjoy more choices and flexibility when buying electricity.
You can benefit from competitive pricing and innovative offers from retailers.
If you wish to know more about the OEM, please feel free to email us at [email protected] or drop us a note on our Facebook messenger.
Seedly did a very details comparison among them and all the plans.
if you have time, read it at: https://seedly.sg/reviews/open-electricity-market
if you have no time or to save time, the best part i think they did excellent is the selection form: https://seedly.sg/compare/open-electricity-market
This is because all others such as SP own app, energy marketing authority and many other website / apps from red source or other source, DOES NOT covers the hidden cost and charges burried in the T&C, Seedly dig it out and REMIND you under Hidden fees and other charges section (eg. https://seedly.sg/reviews/open-electricity-market/iswitch/chope-the-rate-12m?hti=3&eb=95&eu=370 ).
i wish this tools come out earlier / faster before i switch , so i don't have to spend 4 hours digging thru all sources, retailers, read thru every T&C and own calculations on own usage to decide.
Thus just use Seedly above electricity retailers selection page helps you to select is the faster and hassle free way.
Just use this to decide: https://seedly.sg/compare/open-electricity-market
P/S: If you're keen to sign on for OHM, read me review at:
They are like different providers, e.g. telecomm companies Singtel, M1, Starhub all providing the same service with different benefits. Ultimately the consumers stand to gain from the competition.
One example is Ohm provides promotional discounts for using its services.
Fixed Ohm 6m
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