Looking to replace your electricity retailer? What do you want to know here
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Since the Energy Market Authority (EMA) announced a nationwide roll-out Open electricity market (In November last year, an initiative to fully liberalize the retail electricity market), at least 30 per cent of households in Singapore have taken the step of replacing electricity retailers for greater savings. According to the EMA, consumers switching power retailers paid about 20 to 30 percent less than regulated tariffs.
While a large group of consumers have made the switch, there are others who are sitting on the fence, as they are not sure whether the savings are worth the extra effort of the option. So now the question is whether to switch or not to switch? We have taken ourselves to the task of debating some common myths about OEMs to help them make informed decisions.
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1. Trouble switching to an electrical retailer
Contrary to what consumers think of having trouble switching to electricity retailers, the process is, in fact, hassle-free and very straightforward. Consumers simply need to fill a form and provide their NRIC details to the newly selected provider and the rest will be taken care of. The power retailer you choose will take charge of the entire process, with SP Group ensuring a seamless transfer.
2. Will my power supply be interrupted during the switch?
While OEMs now allow consumers to choose their preferred electricity provider to enjoy greater savings, the power supply does not change. The SP Group continues to operate the national electricity grid, and will continue to provide power supplies to your home. Therefore, changing power retailers will not affect your power supply at any time.
3. Will I charge additional fees for switching power retailers?
This will depend on the power retailer you choose. With Geneco, if you choose to switch to one of their power plans, there will be no additional cost. Genco does not require consumers to deposit any security amount. Before switching to any other electricity retailers, it is recommended to do your due diligence, and read all the factsheets and terms and conditions to make sure there are no other miscellaneous charges.
4. Genco’s power plans and prices
With an OEM, buying electricity these days is almost like choosing a mobile phone plan – there are plenty of options to meet different needs. If you want to switch to electric retailers to enjoy more savings, then take a closer look here Genco’s power plan To help you decide which one to choose.
- Get it fixed 24 plan
For consumers who do not want to be affected by fluctuations in the electricity market, this price scheme provides a fixed electricity rate for a period of two years. Use the promo code Get78 for a one-time bill discount of $ 78.
Cost: $ 69.94 per month (17.78 cents per kWh)
- Make it 36 plan
Similar to the “Get It Fixed 24” scheme, the scheme provides a fixed power rate for a period of three years. Use the promo code Get78 (one-time bill discount of $ 78, sign-up only limited) or PLUSGENECO (4,000 linkpoints).
Cost: $ 69.25 per month (17.78 cents per kWh)
- Give us a plan
Still undecided whether to switch power retailers or not, but be tempted by the potential savings? Give Janeco a shot with a six-month trial plan to decide whether to commit to a longer term.
Cost: $ 68.57 per month (17.55 cents per kWh)
- Get it at least 24 plans
Offering guaranteed discounts on regulated tariffs (discount of 22 percent), the scheme will ensure that you enjoy huge savings every month after switching to electricity retailers. Consumers taking this scheme have to sign a two-year contract. Use promo code Get78 (one-time bill discount of $ 78, limited sign-up only).
Cost: $ 78 per month
- Get free sunday plan
Enjoy free electricity every Sunday with this plan. Installation of AMI meters is encouraged for consumers taking this scheme. The cost of installing an AMI meter is $ 42.80 (including GST). Consumers taking this scheme have to sign a two-year contract. Use promo code Get78 (one-time bill discount of $ 78, limited sign-up only).
Cost: $ 80.97 per month (22.50 cents per kWh)
- Get it green plan
With this plan, consumers can reduce their carbon footprint and help power a more sustainable world. Consumers taking this plan must commit to a one-year contract. Use promo code Get40 (one-time bill discount of $ 40, limited sign-up only).
Cost: $ 75.41 per month (19.26 cents per kWh)
- Get sunny
Reduce your environmental impact and be consistent with this plan, which will ensure that your home is powered by 100 percent clean solar energy. Use promo code Get78 (one-time bill discount of $ 78, limited sign-up only).
Cost: $ 93.81 per month (22.88 cents per kWh)