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Geneco Singapore – Comparison & Review of Geneco Electricity Plans

geneco singapore electricity plan review

Clara Lim

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Of the 13 electricity retailers pushing out their packages with the open electricity market rollout in Singapore, Geneco has got to be one of the most aggressive companies.

They’ve 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 Try Us Out 17.63¢ 6 months
Geneco Get It Fixed 24 17.78¢ 24 months
Geneco Get It Fixed 36 17.78¢ 36 months
Geneco Get It Less 24 22% off tariff = now 19.02¢ 24 months
Geneco Get It Green 20.33¢ 12 months
Geneco Get Free Sundays 22.50¢ from Mon to Sat 24 months

Geneco has 6 electricity plans, including a 6-month trial (Try Us Out). The rest of the plans are Get It Fixed, Get It Less, Get It Green and Get Free Sundays.

In the table above, they’re arranged according to the base price of electricity, but they vary in both pricing model and contract duration so there are a number of pros and cons to think about for each plan.

If you exclude the trial, the cheapest Geneco plans are the fixed price electricity plans, but that’s not to say the other plans don’t have their merits. I’ll go into the pricing in more detail below.

By the way, all Geneco plans do not have hidden fees (e.g. admin fee, transmission loss charges) and also no security deposit 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 3 fixed price plans:

Geneco electricity plan Price per kWh Contract duration
Geneco Try Us Out 17.63¢ 6 months
Geneco Get It Fixed 24 17.78¢ 24 months
Geneco Get It Fixed 36 17.78¢ 36 months

The cheapest rate of 17.63¢ per kWh is for their 6-month trial, which is a low-commitment offering 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 24 or 36), Geneco offers a standard rate of 17.78¢ per kWh. As of April 2019, this is one of the lowest fixed rates on the market, after iSwitch (17.62¢). But Geneco isn’t the only retailer offering this rate. Right now, Keppel, Pacific Light, Sembcorp and Senoko also offer the same 17.78¢ per kWh for 24-month plans.

Geneco’s Get It Fixed 36 used to be the only way you could lock down a fixed rate for 36 months, but recently we noticed retailers like Keppel Electric (17.68¢ per kWh) and Pacific Light (from 17.88¢ per kWh) offering similar. These promotional plans are not listed on the official OEM website so if you’re looking for a super high-commitment plan, you’ll have to do the legwork separately.

P.S. Geneco has has a so-called price match guarantee for their 24 month plan. Looking at the T&Cs, though, it’s kind of unimpressive. They’ll match any competitor’s lower rate, but only within 7 working days of you signing up. But instead of getting get your rate revised, you receive a refund in shopping vouchers, and the refund is capped at $30 for the entire 2-year period.

 

Geneco Get It Less – discount off tariff plan

The other major type of electricity plan that Geneco offers 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).

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 opt for the Geneco discount off tariff plan, you pay 22% off this rate, which makes 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.

 

Geneco Get It Green – green electricity plan

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

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

With this plan, the electricity you use will supposedly be 100% carbon neutral. There isn’t much of an explanation on the site, but from reading the FAQ I gather that Geneco supplies electricity in the same way, except it also buys carbon credits under the Verra programme to offset your consumption.

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

 

Geneco Get Free Sundays – free electricity on Sundays

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

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 is mostly a marketing gimmick, because the rate of 22.50¢ per kWh is so much higher than the standard rate (17.78¢). I mean, how much can you realistically save?

While it sounds 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.

 

Next steps: Geneco promo codes & roadshows

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
SAVE50 (promo code) One-off $50 rebate (only for 36 month plan) While stocks last
SAVE40 (promo code) One-off $40 rebate (not valid for 6 month trial) While stocks last
American Express One-off $40 rebate 31 Aug 2019
UOB One card Additional 1% rebate for 12 months 30 Jun 2019
POSB Everyday card Monthly 1% rebate with no cap None
PLUSGENECO (promo code) Earn 4,000 NTUC LinkPoints (only for 36 month plan) 31 Oct 2019

If you’re looking for roadshow offers and/or want to speak to an actual human, Geneco is currently doing a bunch of roadshows in the east the central/south areas of Singapore. You can have a look at their roadshow calendar here.

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

 

Related articles

Open Electricity Market (OEM) Singapore – 10 Important Things to Know

Electricity Retailers in Singapore – Which Offers the Cheapest Electricity Price Plan?

Cashback From Bill Payments In Singapore – Best Cards For Telco, Medical and Utilities Bills

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Clara Lim

I used to be MoneyDumb. I hung out at H&M every day and thought that a $50 lunch set was a good deal. These days, I spend my time researching the crap out of life and trying to maximise utility on micro-decisions. I'm not sure if that's an improvement.