Senoko Energy Review: Electricity Plans, Promotion, Referral Code (2022)

Landscape view of an electricity generator plant.

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. They reached an all-time high of  $0.2990/kWh in Q2 2022 and, due to the sorry state of the world right now, are expected to go even higher in Q3, when the tariff is updated.

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.

Contents

      1. What is Senoko Energy?
      2. Senoko Electricity Plan Review
      3. Senoko Energy Fees
      4. Senoko Power Electricity Plans
      5. Senoko Power: Green Electricity
      6. Senoko Discount Off Tariff Plans
      7. Converting to Senoko Energy
      8. Senoko Power Promotions
      9. Senoko Energy Referral Code

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 28.80 cents/kWh 24 months
LifeGreen 24 29.23 cents/kWh 24 months
LifeSave 12 3% discount off quarterly regulated tariff (as low as 29 cents/kWh) 12 months
LifePower 12 29.20 cents/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. It’s worth noting that LifePower 24 is THE cheapest electricity plan in Singapore, at just 28.80 cents/kWh.

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.

Finally, LifeSave 12 is their discount off tariff plan, giving you 3% off the quarterly regulated tariff. It’s also the only discount off tariff plan available in Singapore at the moment. 

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
Registration Fee Waived
Security Deposit Waived
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
LifePower 24 28.80 cents/kWh 24 months

How does the plan measure up compared to the offerings of the other mainstream electricity retailers? Turns out, Senoko’s price of 28.80 cents/kWh is the lowest in town. The only other retailer that has managed to match this price is Geneco.

5. Senoko Energy Green Electricity Plans

Treehuggers, take note! Senoko also offers a 100% carbon neutral plan.

Senoko Green Electricity Plan Price Contract Duration
LifeGreen 24 29.23 cents/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.

In case you want to compare, other green electricity retailers offering 100% solar energy and carbon neutral electricity plans include Sembcorp Power, Sunseap, and Keppel Electric.

6. Senoko Energy Discount Off Tariff Plans

Other than offering the cheapest mainstream and green energy electricity plans on the market, Senoko Energy is the only energy retailer offering a discount off tariff plan at the moment. They deserve a prize!

Their discount off tariff plan, Senoko LifeSaver 12, offers 3% discount off the $0.2990/kWh 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%.

Unfortunately, the eight other electricity retailers have since stopped offering discount off tariff plans, leaving only Senoko Energy.

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 account, you’ll probably be required to pay hidden admin fees and account closure fees. So make sure you 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. 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
SMART60 $60 bill rebate on any 24-month plan 30 Jun 2022
CITISMART90 (24-month plans)

CITISMART10 (12-month plans)

Up to $90 rebate with Citibank credit cards 31 Aug 2022
HSCBSMART90 (24-month plans)

HSBCSMART10 (12-month plans)

Up to $90 rebate with HSBC credit cards 31 Aug 2022
UOBSMART80 Up to $80 rebate with UOB cards for 24-month plans 31 Aug 2022
OCBCSMART90 Up to $90 rebate with OCBC cards for 24-month plans 31 Aug 2022
SCSMART80 (24-month plans)

SCSMART20 (12-month plans)

Up to $80 rebate with SCB credit cards 31 Aug 2022
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MoneySmart Exclusive
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Cash Back on Dining, Groceries & Petrol
Up to 8%
Cash Back Cap per category, per month
S$80
From Shell & Esso
Up to 20.88% savings
MoneySmart Exclusive:

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Valid until 30 Jun 2022
HSBC logo
Online Promo
Earn Points for Everyday Spending
Rewards
S$1= 10 Points
Rewards
S$1= 4 Miles
Min. Spend
S$0
Online Promo:
Get Samsonite Prestige 69cm Spinner Exp with built-in scale (worth SGD670) or SGD200 cashback for new HSBC cardmembers. Existing HSBC cardmembers receive $50 cashback. Min. spends of S$500 upon card approval required. T&Cs apply.

Supplementary Card Promo:
Get up to S$150 cash back (S$30 per supplementary card, up to maximum of 5 cards), this promotion is not valid in conjunction with other HSBC credit card sign up gifts promotions. 
Valid until 31 Dec 2022
UOB logo
Base Earn Rate
S$5 = 1 Point
Category of Choice
S$5 = 10 Points
Min. Spend
S$0

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:

  • 10% off CRUST Beer
  • 10% off Sachi Soy Wine
  • 10% off Mundo ECO Laundry Detergent Sheets
  • 12% off The Sustainability Projects’ kitchen and bathroom products

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.

Thinking of switching from SP to an electricity retailer? Read more about the OEM here!