Four in 10 Singapore households have switched to an electricity retailer since the launch of Open Electricity Market (OEM) in 2018, based on a survey by Energy Market Authority (EMA) last October.
According to EMA, those who switched retailers enjoyed savings of 20 to 30 per cent compared to the regulated tariff.
Even with guaranteed monthly savings, there are some home owners who still have reservations to make the switch. Underlying reasons include doubting the reliability of the electricity retailers, not wanting to go through the hassle of switching, and a decision paralysis due to so many options available. But these are misconceptions that can be easily dispelled.
Here are five reasons why you should consider switching to an electricity retailer like Senoko Energy.
1. More time at home means more energy consumption
With the current COVID-19 outbreak, more companies are rolling out work-from-home arrangements that may continue for weeks. You can expect an increase in daily electricity consumption, especially if there are more than one person under this work arrangement in the same household. As this will add to your overall household expenses, it is timely to consider switching to an electricity retailer that offers a cheaper cost for your electricity consumption.
2. Greater savings with cheap electricity rate
With global oil prices declining, consumers can take advantage of the situation by locking in a low electricity rate for a longer period of time.
The comparison table below shows that Senoko Energy's LifePower24 plan offers a fixed rate of 17.68 cents per kilowatt hour (kWh) for a period of 24-months, making it one of the lowest 24-month fixed rate plans in the market at the moment. As of April 1, SP Group's regulated tariff is at 24.63 cents per kWh.
Given that an average four-room HDB flat consumes about 353.9 kWh monthly, you only need to pay $62 with Senoko Energy's LifePower24 plan compared to $87 under SP Group - that's a significant 29 per cent savings every month.
3. Receive more perks and value-adds
Senoko Energy also offers rewards to their customers through its Senoko Smart Rewards programme. Under their rewards programme, all existing and new customers has access to lifestyle perks, merchant discounts and giveaways such as a free pair of movie tickets which can be redeemed through the Senoko Energy mobile app.
Customers can also enjoy a 15 per cent discount on home cleaning and air-con servicing, and 10 per cent discount on professional disinfection service from ServisHero, a mobile platform to find local service providers.
4. Power reliability won't be affected
Singaporeans have always relied on SP Group for electricity in the past, so it is natural to question if electricity retailers are as reliable as SP Group.
Making the switch to an electricity retailer simply means a change in the billing relationship. Instead of purchasing through SP Group, consumers would be buying directly from power generation companies or independent retailers. Whether you choose to stay with SP Group or switch to any of the OEM retailers, the former continues to operate and maintain the national power grid so you are still receiving the same reliable power from SP Group - just at a lower rate.
5. Seamless and hassle-free process
Making the switch to Senoko Energy is an easy one-time process that can be done online within five minutes, and it requires no registration fee.
Simply visit Senoko Energy's website, register your account with your personal information and upload a photo of your latest electricity bill. This process is the same regardless whether you are currently with SP Group or switching from another electricity retailer. The porting process is automated and will take around six business days. You need not expect any disruption to your electricity supply.