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.
In case you were unaware, the turn of the year didn’t just bring about a whole slew of New Year resolutions we all know we’re going to look back on and realise we didn’t stick to. It also marked the beginning of the Zone 2 launch for the Open Energy Market (OEM) in Singapore.
This means that people living in Serangoon Gardens, Hougang, Punggol, Bishan, Ang Mo Kio and Seletar now have access to choosing the best electricity plans for themselves. And believe me, if you haven’t taken a look at this yet, you’re definitely going to want to because you could be saving a significant amount of money every single month.
How different are the electricity plans now?
If you’ve been keeping in touch with what was initially announced, you would be familiar with your regular 12 and 24 month plans offered by most retailers. We’ve previously written about what else you should consider apart from price when choosing a plan, but it’s understandably hard to make a decision as to which one to get.
As we always say, whether it’s choosing the right credit card or an electricity plan, it’s firstly important to understand your usage needs before making a choice. Promotions and gimmicks might seem great, but if your base product isn’t cost efficient from a usage perspective, then you are definitely going to be spending more money in the long term.
This is where Geneco’s different offerings standout and here we look at two key products:
1. Geneco Get It Fixed 36 3-year plan – Cheapest plan in the market now
On top of their existing 12 and 24 month plans, Geneco has created what is now the cheapest 36 month plan in the market with their Get It Fixed 36 plan, which is essentially a 3-year fixed rate plan. At the lowest 36 months rate of 17.88 cents per kwh (incl. GST), you save 30% against the regulated tariff rate of 25.52 cents per kWh, which is huge.
You might think that 3 years is a long time, but if you just recently moved into your newly completed BTO, consider the fact that the Minimum Occupancy Period (MOP) is 5 years anyway so you aren’t going to be going anywhere anytime soon. But regardless of that fact, it’s fair to assume that anyone who’s moved into a new house recently would by and large be staying there for at least 3 years (especially given current market conditions).
What’s even better is that now, you can get a further 20.19% discount off your first bill when you purchase the plan online with the code Hello2019. Alternatively, for all you LinkPoints fans, you can earn 4,000 LinkPoints just by signing up with entering the PLUSGENECO promo code at checkout.
2. Geneco Get Free Sundays plan – Free electricity on Sundays!
For many families in Singapore where both husband and wife spend Monday to Fridays mostly at work, time spent at home during weekdays can be quite minimal. Often times, your house might feel like just a place to unwind, sleep and then head back to work the next day.
If your weekly routine consists of spending your weekdays at work and Saturdays out and about, with Sunday the only time you really stay at home to just recharge and relax, then the Get Free Sundays plan is absolutely perfect for you.
From Mondays to Saturdays, you pay 22.50 cents per kWh, which is still 12% cheaper than the regulated rate. And this is of course at a time that you are spending considerably less time (and electricity) at home. On Sundays, you get electricity absolutely free. Now we’re not encouraging you to mindlessly waste electricity, but if you tend to stay at home all day, this can amount to some significant savings depending on your usage.
You also get to enjoy the same 20.19% discount off your first bill when you get the plan online.
Save even more by paying smartly
We weren’t going to miss out on a good credit card payment deal of course, so here’s what you need to know:
- Enjoy 1% cash rebates on your Geneco Bill when you charge it to your POSB Everyday Card or
- Get up to 5% UOB One Card Rebate + additional 1% UOB offer for 12 months
Once again, don’t forget that you can save even more either by using the promo code Hello2019 to get 20.19% off your first bill, or PLUSGENECO for the Get Free Sundays plan if you’d rather earn 4,000 LinkPoints. You just need to enter the code upon check out.
All in all, choosing the right plan and being smart about how you pay your bills can lead to great savings, and it’s something you can and would definitely stick to, hopefully much like your New Year resolutions.
What plan do you think suits you best? Share your thoughts with us here!
*Terms and conditions apply