Switching electricity service provider!

[First posted on 28 Feb 2022]

Electricity tariffs increase, petrol price increase, Covid cases increase, GST increase, no. of grey hair increase!!

How la sia.

Problem statement

My greatest hindsight 3 years ago was to sign up for fixed rate with Tuas Power on a 36-month plan. While the norm was for 24-months and notably a few of the smaller players (iSwitch, Ohm etc) exited the market in 2021, I locked in 17.98cents for 36 months SWEE BO??!

Need for project

Contract expiring in Mar 2022 liao so doing a cost comparison across the major retailers. This is what I gathered for a 24 month contract:

Analysis

Even with the new sign up bonus and referral fees, switching away from my existing does not give significant savings. This is because renewing with TP got loyalty bonus ah, they kindly offer a lower rate as compared to new sign up (27.11 as stated on their website). Doing nothing incurs the highest cost, despite dangling a "50% off first month" carrot - how sneaky! 

Conclusion

Renew with TP and switch plan to (the new) Powerfix Silver. 

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Updates 2 March 2022!

Shock shock shock developments over 3 days! Sometimes, procrastinating just waiting for a few days has advantages!

OOPS? Didn't I make my mind to renew with TP? 

TROLLOLOL.

So yesterday I was browsing FB when I saw a sponsored ad - Geneco was celebrating their 4th year anniversary and thus giving out some promos! Their self proclaimed "lowest price match" is now 26.80 cents/kWh on top of new sign up ($50+$15 NTUC voucher) and $20 referral.

Updated my excel table below:

So ah, Geneco is now priced the most competitive =D

Before I went ahead with the online sign up, I actually asked TP if they want to review their prices. Unfortunately for them, they couldn't. A tiny part of me would like to continue with TP, for their bills are merged with SP until the same bill. It's just a minor admin hassle on my part, but ok la everything could be and has been done swiftly online.

What's more, Geneco had a UOB credit card promo which could potentially give >$20 rebate:

Promotion Details

1. S$20 Rebate Promotion (1 March – 31 March 2022)

• Get additional S$20 bill rebate when you set up recurring with your UOB Card.
• Limited to the 1st 100 redemptions. Applicable for new sign ups on Get It Fixed 24 plan from 1 March 2022 to 31 March 2022.T&Cs apply.

2. Geneco-UOB 1% Rebate Promotion (1 January – 31 March 2022)

• Applicable for all new sign ups with minimum 12 months contract duration.
• Set up recurring bill payment with Geneco by 31 March 2022 with your UOB Card to enjoy 1% rebate for 12 months (cap at S$1 per calendar month) on your Geneco electricity bills.T&Cs apply.

Hello, Geneco.