Debunking myths about the Open Electricity Market

Looking to change your electricity retailer? Here’s what you need to know.

Special Advertising Feature

Since the Energy Market Authority (EMA) announced the nationwide roll-out of the Open Electricity Market (an initiative to fully liberalise the retail power market) in November last year, at least 30 percent of households in Singapore have made the move to change electricity retailers for greater savings. According to the EMA, consumers who switched electricity retailers paid about 20 to 30 percent less than the regulated tariff.

While a large group of consumers have made the switch, there are others who are sitting on the fence, as they are not sure if the savings are worth the extra effort of figuring out the options. So the question now is, to switch or not to switch? We’ve taken ourselves up to the task of debunking some of the common myths about the OEM to help you make an informed decision.

1. It is troublesome to switch electricity retailer 

Contrary to what consumers think about it being a hassle to switch electricity retailers, the process is in fact, hassle-free and very straightforward. Consumers simply need to fill up a form and provide their NRIC details to the newly selected provider and the rest will be taken care of for them. The electricity retailer that you pick will take charge of the entire process, with SP Group ensuring a seamless transfer.

2. Will my electricity supply be disrupted during the switch? 

While the OEM now allows consumers to choose their preferred electricity provider to enjoy greater savings, the supply of electricity does not change. SP Group continues to operate the national power grid, and will continue to be in charge of providing electricity supply to your home. Hence, switching electricity retailers will not affect your electricity supply at any point in time.

3. Will I incur extra fees for switching electricity retailers?

This will depend on the electricity retailer that you pick. With Geneco, there will not be any extra costs if you choose to switch to one of their electricity plans. Geneco also doesn’t require consumers to put down any security deposit. Before making the switch to any other electricity retailers, it is recommended to do your due diligence, and read through all the factsheets and terms and conditions to make sure there are no other miscellaneous fees.

4. Geneco’s electricity plans and prices

With an OEM, buying electricity these days is almost like picking a mobile phone plan – there are plenty of options to cater to different needs. If you’re looking to switch electricity retailers to enjoy greater savings, here’s a closer look at Geneco’s electricity plans to help you better decide which to pick.

• Get It Fixed 24 Plan 

Great for consumers who do not wish to be affected by fluctuations in the electricity market, this price plan offers a fixed electricity rate for a two-year period. Use promo code Get78 for a one-time bill rebate of $78.

Cost: $69.94 per month (17.78 cents per kWh)

• Get It Fixed 36 Plan 

Similar to the “Get It Fixed 24” plan, this plan offers a fixed electricity rate for a three-year period. Use promo code Get78 (one-time bill rebate of $78, limited sign-ups only), or PLUSGENECO (4,000 linkpoints).

Cost: $69.25 per month (17.78 cents per kWh)

• Give Us A Try Plan 

Still undecided whether or not to switch electricity retailers, but tempted by the potential savings? Give Geneco a shot with this six-month trial plan before deciding whether to commit long term.

Cost: $68.57 per month (17.55 cents per kWh)

• Get It Less 24 Plan 

Offering a guaranteed discount on regulated tariff (22 percent off), this plan will ensure that you enjoy huge savings every month after switching electricity retailers. Consumers who pick this plan have to commit to a two-year contract. Use promo code Get78 (one-time bill rebate of $78, limited sign-ups only).

Cost: $78 per month

• Get Free Sundays Plan 

Enjoy free electricity every Sunday with this plan. Installation of an AMI meter is encouraged for consumers who pick this plan. The cost of installing an AMI Meter is $42.80 (including GST). Consumers who pick this plan have to commit to a two-year contract. Use promo code Get78 (one-time bill rebate of $78, limited sign-ups only).

Cost: $80.97 per month (22.50 cents per kWh)

• Get It Green Plan 

With this plan, consumers can do their part to reduce their carbon footprint and help power a more sustainable world. Consumers who pick this plan have to commit to a one-year contract. Use promo code Get40 (one-time bill rebate of $40, limited sign-ups only).

Cost: $75.41 per month (19.26 cents per kWh)

• Get Sunny 

Reduce your environmental impact and live sustainably with this plan, which will ensure your home is powered with 100 percent clean solar energy. Use promo code Get78 (one-time bill rebate of $78, limited sign-ups only).

Cost: $93.81 per month (22.88 cents per kWh)

Enjoy greater savings today with Geneco. Visit www.geneco.sg to find out more about the cash rebates if you sign up today.