This post was written in collaboration with Senoko Energy. 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.
Since the launch of the Open Electricity Market 2 years ago, 48% of households in Singapore have switched to a new electricity retailer. That’s almost half of our population!
You’re probably one of the savvy switchers, and are reaping the benefits of paying lower electricity bills each month. Yes, switching to an electricity retailer easily shaves 30% off your electricity bills (versus the regulated tariff), which is super awesome.
But are you really getting the best deal from your electricity retailer?
Here’s how you can take a closer look to see if you’re paying more than necessary.
1. Does your existing retailer require a security deposit?
Most electricity retailers ask for a security deposit that may be used to offset your final bill. This is typically based on your previous bill or the national average for your type of home.
Its purpose: To recoup the cost, say, before the first bill or to foot the final payment when the account is closed.
You probably didn’t think much about it and just paid up, because it sounds like the norm, right? Wrong! Contrary to popular belief, not all electricity retailers require a security deposit.
If you want a fuss-free switch once your contract ends, consider a retailer that doesn’t require any security deposit, such as Senoko Energy.
While this money is not lost completely, don’t you think it’s irritating that your money is “locked in” for an indeterminate duration and could have been put to better use? So choose an electricity retailer that doesn’t lock in your money, even if it’s just $60 (rough gauge for a 4-room HDB household).
2. How much are you actually paying?
If your answer is, “I pay what I see on the bill lor, so difficult meh?” Okay… but is that amount what you initially signed up for?
Sometimes, the “lowest rate” you signed up for doesn’t equate to what you’re actually paying. Also, getting the “lowest rate” doesn’t always equate to the lowest cost.
Confused? We’ll break it down for you.
Always do your due diligence to check if your electricity plan includes any hidden fees, such as:
- Monthly service charge
- Daily fees
This could be added on top of the “lowest rate” you initially signed up for, making the overall rate (after adding in all the hidden fees and charges) higher than another electricity retailer that may have charged higher on paper.
Some electricity retailers can do this because they are offering you “non-standard plans” that have this “lowest rate”, and because they are non-standard plans, they can charge you all the hidden fees. Uh-oh.
And they’re not entirely in the wrong… you just didn’t read the fine print.
Now that you know that you need to look carefully at the fine print for hidden fees and charges in your contract, let’s compare some of the electricity retailers and their current rates:
The good news is that you can sign up with another electricity retailer 90 days before your current contract ends. So if you find out that you’re actually paying extra for your current plan, you can scout for another electricity retailer that’s transparent about its rates and switch to them 90 days in advance.
Psst, Senoko Energy doesn’t charge any of the above-mentioned hidden fees (monthly service charge / daily fees) as its plans are all standard plans.
3. Are there ways you can save even more?
Depending on what credit card you have, you might even be able to use it for recurring payments to get bill rebates.
Be sure to check out bank promotions so that you can be sure you’re using the right credit card to pay your electricity bill (bank promotions differ from retailer to retailer).
If you’re looking to sign up with Senoko Energy, it currently partners with the widest range of banks. You probably already have one of these bank cards: Citi, HSBC, Maybank, POSB and UOB*.
Till 11 March 2021, new sign-ups with Senoko Energy get up to $145 in bill rebates. This comprises:
- Up to $115 bank promotion
- $30 when you sign up with a referral code
*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 by 31 March 2021: GETWALCH
4. Are there loyalty perks available?
As consumers, we’re all looking for the best value. It doesn’t hurt to get more, right?
Did you know that some electricity retailers even offer exclusive discounts and privileges? One example is Senoko Energy’s Smart Rewards programme which offers customers:
- Free e-vouchers from GrabFood, RedMart & Lazada
- Discounts and quarterly lucky draws
Senoko Energy also provides free Home Contents Insurance for 12 months that’s worth $5,000.
By the way, Senoko Energy’s app can also help you keep up to date on your monthly electricity consumption — so you will know if you (or someone at home) has been turning on the aircon for too long!
When you’re mindful about your electricity consumption, you not only make things better for the environment, but you’ll also reduce the strain on your wallet. Hip, hip hooray for smaller electricity bills!
Another big plus for this digital age: You can also pay bills through Senoko Energy’s app.
Don’t miss out on Senoko Energy’s Flash Deal
If you’re one of the many households whose electricity contract is ending soon (remember, you can start to look at switching out 90 days before your current contract is up), evaluate your options carefully and look out for these considerations:
- Security deposit
- Hidden fees
- Bank partner promotions
- Loyalty perks
By signing up during Senoko Energy’s Flash Deal, you can also benefit by:
- Enjoy rates as low as 16.99c/kWh
- Enjoy up to $145 bill rebate
- Get up to $400 worth of free GrabFood, RedMart & Lazada vouchers from Senoko Energy’s Smart Rewards programme
Sign up with Senoko Energy here or WhatsApp to 8129 9088 by 11 March 2021 to enjoy this limited-time deal.