5 Reasons Why Half of Singapore Households Have Already Switched to an Electricity Retailer — What Are You Waiting For?

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Half of Singapore households (48% to be exact) have switched from Singapore Power (SP) Group to an electricity retailer. That’s not an overwhelming number, given that the Open Electricity Market (OEM) started 2 years prior in November 2018.

Seriously, do you want to add to the 48% who have switched, or continue being part of the 52% of laggards? I know, I know, herd majority… but why continue dragging your feet and miss out on an estimated 30% savings on your electricity bill? Just do the math… 30% of your average electricity bill could have amounted to about $500 saved in those 2 years since OEM began. Tsk!

Why pay extra for your electricity?

Here are some calculations for those who like to math:

  • Electricity tariff for 1Q 2021 — 22.21 cents per kWh
  • Senoko Energy’s fixed electricity rate — 16.99 cents per kWh*
  • Savings — 5.22 cents per kWh, or about $500 over 2 years^

Additional savings from Senoko Energy:

  • Up to $106 bill rebates from bank promotions
  • $30 referral rebate
  • Up to $400 worth of free GrabFood, RedMart & Lazada vouchers from Senoko Energy’s rewards programme 

*Based on Senoko Energy’s LifePower12 plan
^Based on EMA statistics for the average consumption of a HDB 4-room household
All rates are inclusive of GST

I don’t know why you’re dawdling (the more you wait, the more you rugi leh), but as a fellow Singaporean, the cost savings itself really motivates me.

Maybe you need a limited time offer to spur you into action, such as Senoko Energy’s Chinese New Year sale where you can save over $631 on your electricity bills over 2 years (savings + bill rebate). Plus, Senoko Energy is currently running a lucky draw where one winner can win $6,800 cash — sign up with Senoko Energy by 18 Feb 2021 to enjoy this deal.

Here are 5 reasons why 48% of Singapore is saving more money and getting more value than you: 

1. Firstly, it’s quick and easy to make the switch

I know what you’re thinking: Too busy, too troublesome to switch, remain status quo, pay a bit more nevermind if I can skip the hassle.

Don’t know what rock you’re living under, but if 48% of Singapore has already made the switch, how challenging can the switching process be?

Here’s a quick 3-step guide to switching to an electricity retailer, using Senoko Energy as an example:

Step 1: Pick a plan that suits your needs. Don’t forget to key in a promo code and referral code to enjoy extra bill rebates! You can check out Senoko Energy’s existing promotions here.

Step 2: Register your account by filling in your personal details

Step 3: Fill in your SP account number and upload a copy of your latest electricity bill.

It just takes all of 5 minutes of your time to start saving an estimated 30% off your electricity bill. You don’t even need to leave your house or move far from the sofa (actually you can just access your SP bill online). As you’ll still be drawing electricity from the same power grid, there’s no disruption to your supply (unless you somehow cause it to happen).

2. No more “security deposit”

Does this even ring a bell? Do you even remember how much you paid?

For new homeowners, you probably have gone through the process of opening a utilities account with SP Group while getting the keys to your home and paying a security deposit ranging from $40 to $400, based on your household type.

While different businesses have different types and amounts of security deposits, the main thing is to recoup the cost, say, before the first bill or foot the final payment when the account is closed.

While this money is not lost completely, it’s irritating when your money is “locked in” for an indeterminate duration and could have been put to better use. While not all electricity retailers waive this “security deposit”, Senoko Energy chooses not to lock in customers’ money — there’s no security deposit to be paid.

Did you know?
If you’re still with SP Group, switching to Senoko Energy will allow you to get back 65% of your SP Group security deposit.


3. Rebates for the win!

Everyone loves rebates!

Recently, it was announced that 940,000 HDB households will receive a GST voucher rebate for their utilities in Jan 2021. That’s music to my ears, because that’s less bills to pay! To be honest, I still have existing credit from past GST vouchers in my utilities account, so technically I haven’t been paying any bills for a few months now.

These GST voucher rebates can also be used to offset your bill with an electricity retailer, such as Senoko Energy.

On top of the government rebates, some electricity retailers also give out additional rebates as the sign up bonus.

For example, with Senoko Energy, new sign-ups get up to $136 in bill rebates. That comprises:

*Don’t have a bank card? Not to worry — you can still get a $38 bill rebate and a Walch Cleaning Bundle worth $110 when you sign up with this promo code: GETWALCH

4. There’s a rewards programme on a nifty app

Few OEM retailers have a robust rewards programme, let alone a standalone app. Senoko Energy’s smart rewards programme is currently the only one of its kind in the market right now (first-mover advantage!).

Ongoing giveaways via Senoko Energy’s smart rewards programme include free monthly e-vouchers from popular vendors such as GrabFood, RedMart and Lazada, as well as quarterly lucky draws. Other current rewards partners include Fassler Gourmet (smoked salmon for CNY, anyone?), White Sails yacht charter, and audio brands such as Klipsch, Sonos and Marshall.

But the true reward is probably for yourself. You see, the app can help you keep up to date on your monthly electricity consumption — so you will know if you’ve been, say, turning on the aircon for too long!
When you’re mindfully trying to consume less electricity, it’s also better for your wallet (reduces electricity costs) and more eco-friendly for Mother Earth.
You can also pay bills through Senoko Energy’s app.

5. Additional perks

Wait. There’s still more, you ask? Only free home contents insurance worth $5,000 for more value when you sign up with Senoko Energy (promotion now extended to 30 June 2021, yay!).

There’s also the do-good, feel-good factor of supporting an electricity retailer that focuses its efforts on sustainability. For example, Senoko Energy is running a pilot for SolarShare, a peer-to-peer energy trading platform for solar energy. Senoko also remains committed to help more Singaporeans adopt renewables in order to lower the nation’s carbon footprint.

With its own Senoko Power Plant, Senoko Energy is more than an electricity retailer — it’s also a generator that supplies power to the grid, and has been doing so consistently for over 40 years.

Senoko Energy’s price plan (correct as of 22 Jan 2021)
Name Price Duration Notes
LifePower12 16.99c/kWh 12 months (fixed rate) Up to $58 bill rebates 
LifePower24 17.63c/kWh 24 months (fixed rate) Up to $136 bill rebates 
LifeSave12 25% off regulated tariff 12 months Up to $58 bill rebates
LifeSave24 23.6% off regulated tariff 24 months Up to $136 bill rebates
LifeSmart24 17.98c/kWh 24 months (fixed rate) Free Advanced Meter installation (worth $40) to measure your electricity consumption every 30min

What are you waiting for? Find out more about Senoko Energy and make the smarter choice to switch to an electricity retailer to shrink your electricity bill by 30%.