Geneco Singapore – Comparison & Review of Geneco Electricity Plans

geneco singapore electricity plan review

Of the 9 electricity retailers in Singapore’s Open Electricity Market (OEM) today, Geneco has got to be one of the most aggressive companies.

In the past, they pioneered market-first plans such as a 36-month fixed rate plan and a plan offering free electricity on Sundays. And yes, they were also among the first to advertise heavily – including with MoneySmart. (This post is not sponsored.)

So, do Geneco Singapore’s electricity plans live up to the hype? Let’s take an impartial look at their electricity plan offerings and find out which ones are best for who.

Geneco electricity plans comparison

 

Geneco electricity plan Price per kWh Contract duration
Geneco Give Us A Try $0.2900 6 months
Geneco Get It Fixed 12 $0.2900 12 months
Geneco Get It Fixed 24 $0.2900 24 months

Geneco has 3 electricity plans, including a 6-month trial (Give Us A Try). The rest of the plans are Get It Fixed for 12 months or 24 months.

By the way, all Geneco plans do not have hidden fees (e.g. admin fee, transmission loss charges), but there is a security deposit ranging from $50 to $220 required at the moment. There are fees, though, for early termination, late payment, autopay failure, etc. and these are all stated in each plan’s factsheet.

Geneco Get It Fixed – fixed price electricity plans

Fixed price plans are the cheapest electricity plans on the market right now. As the name suggests, you’ll be charged at a fixed rate per kWh for the entire duration of your contract. (In contrast, packages that are tied to the floating electricity tariff can get more or less expensive every quarter.)

Geneco actually has 2 fixed price plans, and 1 trial plan:

Geneco electricity plan Price per kWh Contract duration
Geneco Give Us A Try $0.2900 6 months
Geneco Get It Fixed 12 $0.2900 12 months
Geneco Get It Fixed 24 $0.2900 24 months

Although Geneco has standardised their prices at $0.2900 per kWh for all plans, the Geneco Give Us A Try is their 6-month low-commitment plan for those who are worried about switching to a private electricity retailer.

After the contract period ends, your contract will be automatically renewed for another 6 months, but Geneco makes no promises on what the new rate will be. You’ll just be notified of the new rate 10 days before your contract expires so you can decide whether to terminate your contract or not.

For the other plans (Get It Fixed 12 or 24), Geneco offers a standard rate of $0.2900 per kWh.

As of April 2022, this is not one of the lowest fixed rates on the market. Competitors such as Senoko’s LifePower24 plan is going at $0.2680/kWh, and Keppel Electric’s Fixed24 at $0.2890/kWh.

Geneco’s Get It Fixed 36 has since been phased out.

Geneco Get It Less – discount off tariff plan (ceased)

The other major type of electricity plan that Geneco used to offer is a discount off the electricity tariff, which is set quarterly by the Energy Market Authority. (For more on electricity pricing, see this electricity retailer 101 article).

Here were the rates when Geneco’s discount off tariff plans still existed:

Geneco electricity plan Price per kWh Contract duration
Geneco Get It Less 24 22% off tariff = now 19.02¢ 24 months

Called Get It Less 24, this is a 24-month contract where you’ll be charged a standard discount of 22% off the current tariff (i.e. whatever SP is charging).

The electricity tariff essentially a floating rate that can go up or down. It dipped slightly in April 2019, but it’s really hard to predict if it’ll go up or down since there are all kinds of global factors that come into play.

For Q2 2019, the tariff is 24.39¢ per kWh. If you opted for the Geneco discount off tariff plan, you pay 22% off this rate, which made your rate 19.02¢ per kWh.

This type of pricing is for those who like to play safe, because there’s no chance of you “losing out” if the tariff falls. Even if it rises, you’ll still save quite a lot of money compared to going with SP. But, note that the discount of 22% off isn’t the best on the market – there are other companies offering as much as 25% off back then in 2019.

Geneco Get It Green – green electricity plan (ceased)

Props to Geneco for offering a “green” option among its electricity plans. The Get It Green plan was a 12-month contract that costed a little more than Get It Less.

Here was the price for Geneco’s Get It Green when it still existed:

Geneco electricity plan Price per kWh Contract duration
Geneco Get It Green 20.33¢ 12 months

With this plan, the electricity you used was supposedly be 100% carbon neutral. There wasn’t much of an explanation on the site, but from reading the FAQ I gathered that Geneco supplied electricity in the same way, except it also bought carbon credits under the Verra programme to offset your consumption.

Note, though, that this wasn’t the cheapest 100% carbon neutral plan on the market. For example, ES Power also offered a 24-month green plan at a much cheaper rate of 18.45¢ per kWh back then.

Geneco Get Free Sundays – free electricity on Sundays (ceased)

You might have seen the ads for this particular Geneco fixed rate plan that offers free electricity on Sundays in the past:

Geneco electricity plan Price per kWh Contract duration
Geneco Get Free Sundays 22.50¢ from Mon to Sat 24 months

I’m pretty sure that this one was mostly a marketing gimmick, because the rate of 22.50¢ per kWh was so much higher than the standard rate (17.78¢). I mean, how much can you realistically save?

While it sounded pretty doable to spend all of Sunday doing energy-intensive chores like washing and drying clothes, meal prepping (assuming you use electricity for cooking), and even washing dishes (if you use a dishwasher), the problem is that the bulk of electricity consumption isn’t the kind you can spread out. Think stuff like lights, air con, and shower water heaters.

Also, note that you don’t necessarily get your actual Sunday usage discounted off the bill with this plan. You need to obtain and install what’s called an AMI meter at a “nominal fee”, otherwise, it’ll just be based on a national estimate provided by the EMA.

Geneco promotion & promo codes

Ready to sign up? Geneco has a bunch of promo codes and credit card promotions that you can make use of.

The ones below are still valid, but please check the terms & conditions, especially for the credit card promos which may require you to set up a recurring payment instruction with your card.

Geneco promotion Mechanics Expiry
Geneco $50 off bill (24 month plan, new online customers) with promo code GENECO50 3 May 2022
Geneco Free Geneco Green Starter Kit when you purchase the Power Eco Add-On (1,500 customers only) 3 May 2022
Citibank $40 off bill when you use Citibank credit cards for recurring bill payment with promo code GENECO50 (Get It Fixed plans, 1,400 new customers only) 3 May 2022
HSBC $35 off bill when you use HSBC credit cards for recurring bill payment with promo code GENECO50 (Get It Fixed plans, 800 customers only) 3 May 2022
OCBC $30 off bill when you use OCBC credit cards for recurring bill payment with promo code GENECO50 (Get It Fixed 24, 130 customers only) 3 May 2022
UOB $20 off bill when you use UOB credit cards for recurring bill payment with promo code GENECO50 (Get It Fixed 24, 100 customers only) 3 May 2022
POSB 3% cash rebate (max. Daily$3 per month) when you set up recurring bill payment with POSB Everyday Card 30 Jun 2022
Standard Chartered Bank (SCB) Apply for SCB Smart or SCB Unlimited Cashback credit card via Geneco, activate card, spend $200 to get $240 bill rebates (200 redemptions) 30 Apr 2022

Have you signed up with Geneco? Share your experiences with us in the comments.