Time to Relook Your Electrical energy Contract â€” Are You Getting the Finest Deal?
This put up was written in collaboration with Senoko Vitality. Whereas we’re financially compensated by them, we nonetheless try to keep up our editorial integrity and assessment merchandise with the identical goal lens. We’re dedicated to offering the perfect suggestions and recommendation so as so that you can make private monetary choices with confidence. You’ll be able to view ourÂ Editorial Pointers right here.
Because the launch of the Open Electrical energy Market 2 years in the past, 48% of households in Singapore have switched to a brand new electrical energy retailer. Thatâ€™s virtually half of our inhabitants!
Youâ€™re in all probability one of many savvy switchers, and are reaping the advantages of paying decrease electrical energy payments every month. Sure, switching to an electrical energy retailer simply shaves 30% off your electrical energy payments (versus the regulated tariff), which is tremendous superior.
However are you actually getting the perfect deal out of your electrical energy retailer?
Right hereâ€™s how one can take a better look to see should youâ€™re paying greater than essential.
1. Does your present retailer require a safety deposit?
Most electrical energy retailers ask for a safety deposit that could be used to offset your remaining invoice. That is usually based mostly in your earlier invoice or the nationwide common on your sort of residence.Â
Its goal: To recoup the price, say, earlier than the primary invoice or to foot the ultimate fee when the account is closed.
You in all probability didnâ€™t suppose a lot about it and simply paid up, as a result of it sounds just like the norm, proper? Improper! Opposite to in style perception, not all electrical energy retailers require a safety deposit.
In order for you a fuss-free change as soon as your contract ends, take into account a retailer that doesn’t require any safety deposit, reminiscent of Senoko Vitality.
Whereas this cash isn’t misplaced utterly, donâ€™t you suppose itâ€™s irritating that your cash is â€ślocked inâ€ť for an indeterminate period and will have been put to raised use? So select an electrical energy retailer that doesnâ€™t lock in your cash, even when itâ€™s simply $60 (tough gauge for a 4-room HDB family).
2. How a lot are you truly paying?
In case your reply is, â€śI pay what I see on the invoice lor, so troublesome meh?â€ť Okayâ€¦ however is that quantity what you initially signed up for?
Typically, the â€ślowest chargeâ€ť you signed up for doesnâ€™t equate to what youâ€™re truly paying. Additionally, getting the â€ślowest chargeâ€ť doesnâ€™t at all times equate to the bottom value.
Confused? Weâ€™ll break it down for you.
All the time do your due diligence to examine in case your electrical energy plan consists of any hidden charges, reminiscent of:
- Month-to-month service cost
- Every day charges
This may very well be added on high of the â€ślowest chargeâ€ť you initially signed up for, making the general charge (after including in all of the hidden charges and costs) greater than one other electrical energy retailer that will have charged greater on paper.
Some electrical energy retailers can do that as a result of they’re providing you â€śnon-standard plansâ€ť which have this â€ślowest chargeâ€ť, and since they’re non-standard plans, they’ll cost you all of the hidden charges. Uh-oh.
And so theyâ€™re not totally within the unsuitableâ€¦ you simply didnâ€™t learn the high-quality print.
Now that you realize that it’s essential to look fastidiously on the high-quality print for hidden charges and costs in your contract, letâ€™s examine among the electrical energy retailers and their present charges:
The excellent news is that you possibly can join with one other electrical energy retailer 90 days earlier than your present contract ends. So should you discover out that you justâ€™re truly paying additional on your present plan, you possibly can scout for an additional electrical energy retailer thatâ€™s clear about its charges and change to them 90 days upfront.
Psst, Senoko Vitality doesnâ€™t cost any of the above-mentioned hidden charges (month-to-month service cost / every day charges) as its plans are all normal plans.
3. Are there methods it can save you much more?
Relying on what bank card you’ve got, you may even be capable of use it for recurring funds to get invoice rebates.
You’ll want to try financial institution promotions so as to be certain youâ€™re utilizing the precise bank card to pay your electrical energy invoice (financial institution promotions differ from retailer to retailer).
In case youâ€™re wanting to enroll with Senoko Vitality, it at the moment companions with the widest vary of banks. You in all probability have already got one in every of these financial institution playing cards: Citi, HSBC, Maybank, POSB and UOB*.
Until 11 March 2021, new sign-ups with Senoko Vitality stand up to $145 in invoice rebates. This includes:
- As much as $115 financial institution promotion
- $30 once you join with a referral code
*Donâ€™t have a financial institution card? To not fear â€” you possibly can nonetheless get a $38 invoice rebate and a Walch Cleansing Bundle value $110 once you join with this promo code by 31 March 2021: GETWALCH
4. Are there loyalty perks out there?
As customers, weâ€™re all on the lookout for the perfect worth. It doesnâ€™t damage to get extra, proper?
Do you know that some electrical energy retailers even provide unique reductions and privileges? One instance is Senoko Vitalityâ€™s Good Rewards programme which provides clients:
- Free e-vouchers from GrabFood, RedMart & Lazada
- Reductions and quarterly fortunate attracts
Senoko Vitality additionally gives free House Contents Insurance coverage for 12 months thatâ€™s value $5,000.
By the best way, Senoko Vitalityâ€™s app also can assist you maintain updated in your month-to-month electrical energy consumption â€” so you’ll know should you (or somebody at residence) has been turning on the aircon for too lengthy!
While youâ€™re aware about your electrical energy consumption, you not solely make issues higher for the setting, however youâ€™ll additionally scale back the pressure in your pockets. Hip, hip hooray for smaller electrical energy payments!
One other large plus for this digital age: You too can pay payments by means of Senoko Vitalityâ€™s app.
Donâ€™t miss out on Senoko Vitalityâ€™s Flash Deal
In case youâ€™re one of many many households whose electrical energy contract is ending quickly (bear in mind, you can begin to have a look at switching out 90 days earlier than your present contract is up), consider your choices fastidiously and look out for these issues:
- Safety deposit
- Hidden charges
- Financial institution associate promotions
- Loyalty perks
By signing up throughout Senoko Vitalityâ€™s Flash Deal, you may also profit by:
- Take pleasure in charges as little as 16.99c/kWh
- Take pleasure in as much as $145 invoice rebate
- Rise up to $400 value of free GrabFood, RedMart & Lazada vouchers from Senoko Vitalityâ€™s Good Rewards programme
Enroll with Senoko Vitality right here or WhatsApp to 8129 9088 by 11 March 2021 to take pleasure in this limited-time deal.
5 Causes Why Half of Singapore Households Have Already Switched to an Electrical energy Retailer â€” What Are You Ready For?
How To Save & Take pleasure in Extra on Common Issues Youâ€™re Already Paying For
Open Electrical energy Market (OEM) Singapore – 10 Necessary Issues to Know (Oct 2020 replace)
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