How to lower your business operating costs by switching to a cost-effective electricity retailer

Geneco offers cost-effective electricity plans that are designed to meet the needs of businesses of any size.

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Keeping your business operating costs low is essential to remaining profitable. No matter what industry you are in, your business needs to be powered by electricity.

Prior to the Open Electricity Market roll out, only businesses with an average electricity consumption of at least 2,000kWh (at least $400 in monthly electricity bill) were eligible to choose their electricity providers. In other words, to become contestable.

And thanks to the introduction of Singapore’s Open Electricity Market, small businesses with an average electricity consumption of less than 2,000kWh can now have more options than ever when it comes to obtaining a cost-effective electricity supply. Switching to an electricity retailer can help in lowering your daily operational costs and boost your profit margins overnight.

Here’s what you need to know to select the most cost-effective electricity retailer for your small business.

Check if you are eligible to purchase electricity from a different retailer

Currently, businesses who meet the minimum monthly consumption threshold of at least 2,000kWh are eligible to purchase electricity from an electricity retailer. Starting 1 November 2019, Singapore’s Open Electricity Market will be extended to consumers, including small business consumers, across Singapore by zones. This permits small businesses to purchase electricity from the open market rather than be tied to Singapore Power, without the need to meet the consumption threshold to qualify.

Effective 1 March 2019, small businesses at premises with postal codes beginning with 34 to 83 will be extended to consumers, including small business consumers, across Singapore by zones. By 1 May 2019, this initiative will be open to all, islandwide.

That means you can now compare the offerings of a whole host of electricity retailers and find the most cost-effective pricing plan that best suits your business needs. Switching from Singapore Power will almost certainly result in lower electricity bills for your business.

Choose an electricity plan

Once you have determined that you are eligible to switch to a private electricity retailer, you will need to select the best plan for your business.

Most electricity plans from electricity retailers fall into two broad categories:

– Fixed price plan – Locks in a fixed rate for the duration of the plan. Regardless of the fluctuation of the quarterly regulated tariffs, you are protected against rate volatility.

– Discount-off tariff plan – Enjoy a fixed percentage discount off the regulated tariff for the duration of the plan. This guarantees that you always pay a certain percentage less than the regulated tariffs.

Each of these plans offers a different level of risk of price fluctuations. Discount-off-tariff plans are the less risky option.

Switch to Geneco and enjoy big savings with generous promos

Switch to a new electricity plan as soon as possible so your small business can start to reap the benefits.

Switching is a hassle-free affair. Simply choose the Geneco plan you’d like, and Geneco will do the rest to transfer your account from SP. There will be no disruption to your electricity supply. In fact, you won’t even notice any difference—until your bill arrives at the end of the month and you see how much money you’ve saved!

Do note that all business consumers who wish to switch to an electricity retailer are required to install an advanced meter (also known as smart meter) to monitor electricity usage every half-hour. This advanced meter is to be installed by SP Group and your contract can only start after the advanced meter is installed.

Geneco offers cost-effective electricity plans that are designed to meet the needs of businesses of any size.

Both types of price plans are available, so you can choose how you wish your electricity bill to be calculated each month based on your business’s budget and risk appetite.

Right now, Geneco is also running a generous promotion for businesses who sign up for their commercial electricity plans:

– 24-month Fixed Price Plan Promo – Get up to $888 rebate off your first electricity bills.

– 24-month Discount-off Tariff Plan Promo – Get up to 68% discount off the regulated tariff for your first electricity bill.

The promotion is valid till 31 March 2019 for new sign-ups only. Terms and conditions apply.

The sooner you switch to Geneco, the greater your overall cost-savings. So don’t hesitate to request a quote now!