If you’re the kind of person who can never be bothered to turn the lights off when you leave the room, now is a good time to kick that bad habit.
That’s because electricity prices have hit the roof and show no signs of stopping. Singapore Power (SP)’s electricity prices are currently at a high of $0.2974/kWh from October to December 2022.
One way to make sure you don’t go broke paying for electricity is to pick an electricity provider that charges less. Senoko Energy is one of the most value-for-money electricity retailers on the Open Electricity Market. Let’s see how worthwhile their plans really are.
1. What does Senoko Energy Do?
Senoko is an energy retailer licensed by the Energy Market Authority (EMA). That means they’re authorised to sell electricity on Singapore’s Open Electricity Market. Out of the 9 electricity retailers in Singapore, Senoko is one of the cheapest ones.
Compared to other retailers, they offer a wide range of residential plans, including some of the cheapest plans in town.
2. Senoko Electricity Plan Review
Senoko has four residential electricity plans to choose from. Let’s have a look at the deets.
|Senoko Electricity Plans||Price (inclusive of GST)||Contract Duration|
|LifePower 24||$0.3130/kWh||24 months|
|LifeGreen 24||$0.3173/kWh||24 months|
|LifePower 12||$0.3160/kWh||12 months|
Three of these are fixed rate plans.
Senoko LifePower 24 is their 24-month fixed rate plan, while LifePower 12 is their 12-month fixed rate plan.
Senoko LifeGreen 24 is also a fixed rate plan, and has the distinction of being a 100% carbon neutral plan. It’s the most affordable green energy plan in Singapore at the moment, so if you care about the environment this can be a good option to alleviate some guilt.
3. Senoko Energy Fees and Charges
Here are the other fees and charges you’ll have to pay when you have a Senoko energy plan.
|Senoko Energy Fees and Charges||Fees|
|Late Payment Charge||$0.50 or 1% on outstanding charges, whichever is higher|
|Early Termination Charge||24 month plans:
$535 if termination is before or within 1st to 12th month from contract start date
$321 if termination is within 13th to 24th month from contract start date
12 month plans:
$321 if termination is within 1st to 12th month from contract start date
|GIRO / Credit Card Auto Payment Failure Fee||–|
The main fee to look out for here is the early termination charge, which is expensive no matter when you terminate your contract. Senoko Energy might be offering some of the cheapest plans on the market right now, but if that changes one day and you want to switch to another provider you’ll need to factor in the early termination charges.
4. Senoko Power Electricity Plans
Senoko’s 24-month fixed price plan, LifePower 24, charges the lowest fees in Singapore at the moment. Let’s have a closer look at this plan.
|Senoko Fixed Price Plan||Price||Contract Duration|
|Senoko LifePower 24||$0.3130/kWh||24 months|
|Senoko LifePower 12||$0.3160/kWh||12 months|
How does the plan measure up compared to the offerings of the other mainstream electricity retailers? Turns out, Senoko’s price of $0.3130/kWh is one of the lowest in town. The only other retailer that has managed to match this price is Geneco‘s fixed electricity plan at $0.3112/kWh.
5. Senoko Energy Green Electricity Plans
Treehuggers, take note! Senoko also offers a 100% carbon neutral plan.
|Senoko Green Electricity Plan||Price||Contract Duration|
|Senoko LifeGreen 24||$0.3173/kWh||24 months|
This plan is currently the cheapest green energy fixed price plan in Singapore. Yup, none of the other green energy retailers offers anything that even comes close.
6. Senoko Energy Discount Off Tariff Plans (ceased)
Other than offering the cheapest mainstream and green energy electricity plans on the market, Senoko Energy used to be the only energy retailer offering a discount off tariff plan in Q2 2022. They deserve a prize!
Their discount off tariff plan, Senoko LifeSaver 12, used to offer 3% discount off the Singapore Power tariff.
Back in the day, discount off tariff plans were quite popular, with most of the energy retailers offering them in order to convince people to make the switch from Singapore Power. Back in 2019, you could even get discounts of 20% to 25%.
7. How do I convert to Senoko Energy?
Due to Senoko’s low prices, you might be thinking of switching to them.
When you sign up for a Senoko plan, your electricity supply won’t be disrupted. Just make sure you email your existing electricity retailer’s customer support 2 to 3 months ahead of time to confirm that you don’t wish to renew your contact with them. Check the date on which your plan ends, then liaise with Senoko to start your new contract with them on the same date.
When you close your existing Senoko account, you’ll probably be required to pay admin fees and account closure fees. In fact, all electricity retailers charge the same account closure fee enforced by SP Group.
So, make sure you read the fine print terms and conditions in the footnotes of your contract and do the math ahead of time to find the most financially opportune time to terminate your existing plan.
Most electricity retailers will charge if you try to amend information in your account closure request as well. So make sure you get all your dates and info right the first time.
Finally, if you’re making the switch to Senoko Energy, make use of their ongoing promotions and referral codes to save a bit of cash, as listed below.
8. Senoko Energy Promotion
Senoko Energy is usually quite generous when it comes to promotions, with frequent offers of $90 and $60 bill rebates.
Here’s a summary of their ongoing promotions.
|Senoko Energy Promo Code||Promotion||Expiry|
|YEAH60||$60 bill rebate on any 24-month plan||31 Dec|
|UOBHOLS80 (24-month)||$80 bill rebate with UOB credit cards (500 customers)||31 Dec|
|$90 or $10 rebate with Citibank credit cards (750 customers)||31 Oct|
|$90 or $10 rebate with HSBC credit cards (900 customers)||31 Dec|
|$90 or $30 rebate with Trust credit card (200 customers)||31 Oct|
|–||2% rebate with POSB Everyday Card (cap $2 per month)||31 Dec|
- Cash Back on Dining, Groceries & Petrol
- Up to 8%
- Total Cash Back Cap, per month
- at Shell & Esso
- Up to 20.88% savings
[6 Weeks Faster Gift Redemption* | SmartRewards | Your Points, Your Choice ]
Apply and spend a min. of S$500 in "Qualifying Spends" within 30 days from the card approval date and enjoy the ultimate flexibility to CHOOSE ANY GIFT at our Rewards Store, including:
1. Apple iPad Wi-Fi 9th Generation, 64GB (5,040 SmartPoints)
2. Sony WH-1000XM5 Wireless Noise Cancelling Headphones (4,990 SmartPoints)
3. Nintendo Switch OLED (5,000 SmartPoints)
OR any other combination of gifts available in the Rewards Store, by earning 5,100 SmartPoints.
Alternatively, you can also choose S$300 Cash via PayNow. T&Cs apply
PLUS, stand a chance to win a Panerai Radomir Quaranta Timepiece (worth S$8,700) OR 16,490 SmartPoints (worth an iPhone 15 Pro, 128GB in the Rewards Store) OR 5,990 SmartPoints (worth an Apple Watch Series 9 (GPS), 41mm in our Rewards Store) when you apply through MoneySmart. T&Cs apply. Check out our past Lucky Draw winners here.
- on Online Spend and Contactless Payments
- S$1 = 10X Points
- on All Other Spend
- S$1 = 1X Point
- for every 10 Points
- Earn 4 Miles
[MONEYSMART LUCKY DRAW | REFERRAL]
Stand a chance to win an Apple Watch Series 9 (GPS), 41mm (worth S$599) when you successfully apply for an eligible HSBC Credit Card through MoneySmart.
Refer friends and family to boost your lucky draw odds. The more you refer, the better your chances! T&Cs apply.
Plus get a Samsonite ZELTUS 69cm Spinner Luggage (worth S$680) or S$150 Cashback from HSBC when you meet the min. spends of S$1,000 upon card approval required and provide marketing consent. T&Cs apply.
- Base Earn Rate
- S$5 = 1X UNI$ (or 2 miles)
- Category of Choice
- S$5 = 15X UNI$ (or 30 miles)
- Min. Spend
Stand a chance to win a Panerai Radomir Quaranta Timepiece (worth S$8,700) OR 16,490 SmartPoints (worth an iPhone 15 Pro, 128GB in the Rewards Store) OR 5,990 SmartPoints (worth an Apple Watch Series 9 (GPS), 41mm in our Rewards Store) when you apply through MoneySmart. T&Cs apply. Check out our past Lucky Draw winners here.
PLUS receive up to S$350 Cash Credit from UOB when you are the first 200 new-to-UOB customers who successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 per month, for 2 consecutive months from the card approval date. T&Cs apply.
What’s more, if you’re a Senoko Energy customer, you get discounts when you shop with one of Senoko Power’s partners, such as:
- 20% off Petale Tea
- 10% off Antidote cold press juices
- 50% off Bettr Cloud Bar coffee (first month subscription only)
- $50 off Born in Colour furniture (min. spend $500)
- 10% off Fever Kayak Fishing Tour
- 15% off No Harm Done coffee capsules
- 10% off Sachi Soy Wine
- 12% off The Sustainability Project (kitchen and bathroom only)
9. Senoko Energy Referral Code
Save yourself and your friends a bit of money by referring them before they sign up.
To get your referral code, log into the Senoko Energy mobile app, tap “Refer and Earn” and retrieve your referral code.
Get your friend to use the referral code when they sign up for a Senoko account and both of you will earn a $30 bill rebate.