Haven’t Switched Your Electricity Provider Yet? You’d Be Silly To Miss These Cost Savings

This post was written in collaboration with Geneco. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.

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Singapore is constantly changing, for better or worse.

One of the changes that we can definitely rejoice about is the rolling out of the Open Electricity Market, which enables households and businesses to switch to private electricity providers instead of staying with Singapore Power.

That’s because switching to the right electricity provider can result in lower electricity bills every single month.

The Open Electricity Market is being rolled out zone by zone, and Zone 3 will be rolled out on 1 March 2019.  As such, residents with postal codes starting with 34-52 and 81 now have the option to switch providers.

 

Switching electricity providers can save you money, but lots of people haven’t done it yet.

Despite the fact that switching to a new electricity provider can save you money while making no difference to your home’s electricity supply, only 1 in 5 people eligible have made the switch, according to data gathered by Energy Market Authority (EMA).

That means there are a lot of households that are still humming and hawing over the decision. The longer you wait without switching electricity providers, the more money you lose!

 

Price plan comparison

As most people’s main goal in switching electricity providers is to save money, it definitely pays to compare prices.

Using data on EMA’s Price Comparison Website, we looked at the prices for a 6 month and 24 months plan. For those who prefer longer term plans, we also researched on the prices for a 36 months plan.

The following price comparison tables will give you a better idea of what the most popular providers are charging.

6-month plans
Geneco	Sunseap	Fixed Ohm
17.63 cents/kwh	18.03 cents/kwh	19.50 cents/kwh

 

24-month plans
Geneco	Senoko	PacificLight
17.78 cents/kwh	17.95 cents/kwh	17.95 cents/kwh

 

36-month plans
Geneco	Keppel	Tuas Power
17.78 cents/kwh	17.68 cents/kwh	17.98 cents/kwh

As you can see, the cheapest overall price plan is the 6-month plan offered by Geneco, with no hidden charges or monthly fees.

Geneco’s 6-month plan is only available through online signups on their website. As it’s a short-term plan, it’s a good option if you’re commitment-shy and want to test out Geneco’s offerings without being tied down to a long-term plan.

 

Save even more money when you sign up for an electricity plan with Geneco

Besides low electricity prices, another advantage of signing up with Geneco is that they offer lots of ways to lower your electricity bill even further.

Maximise your savings by setting up recurring bill payments with the following credit cards:

• American Express cards: $40 credit. This is limited to the first 20,000 cards who have registered for this rebate.
• Maybank cards: $40 off your 2nd month electricity bill. (only applicable for 2 or 3 year plans and limited to first 500 cardholders)
• OCBC cards: $40 cash rebate (limited to first 4,000 customers)
• POSB Everyday Card: 1% cash rebate with no cap and no minimum spend
• UOB cards: 1% UOB rebate for 12 months

To sweeten the deal, Geneco is also running the following promotions:

1. Sign up for a plan online and get a $50 one-time rebate for 12 and 24 month plans, or a $60 one-time rebate for 36 month plans. This is limited to the first 5,000 customers though, so best to sign up early! The promotion codes to remember are REAL50 and REAL60.
2. Refer a friend and receive $20 each.

The sooner you switch to Geneco, the sooner you can start saving! Click here to make the switch today.

Do you have any questions about switching electricity providers? Leave them in the comments!