5 Reasons Why Half of Singapore Households Have Already Switched to an Electricity Retailer — What Are You Waiting For?

This post was written in collaboration with Senoko Energy. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our  Editorial Guidelines here .
Half of Singapore households (48% to be exact) have switched from Singapore Power (SP) Group to an electricity retailer. That’s not an overwhelming number, given that the Open Electricity Market (OEM) started 2 years prior in November 2018.  Seriously, do you want to add to the 48% who have switched , or continue being part of the 52% of laggards? I know, I know, herd majority… but why continue dragging your feet and miss out on an estimated 30% savings on your electricity bill? Just do the math… 30% of your average electricity bill could have amounted to about $500 saved in those 2 years since OEM began. Tsk!
Here are some calculations for those who like to math:
Additional savings from Senoko Energy:
*Based on Senoko Energy’s LifePower12 plan ^Based on EMA statistics for the average consumption of a HDB 4-room household All rates are inclusive of GST
I don’t know why you’re dawdling (the more you wait, the more you rugi leh) , but as a fellow Singaporean, the cost savings itself really motivates me.  Maybe you need a limited time offer to spur you into action, such as Senoko Energy’s Chinese New Year sale where you can save over $631 on your electricity bills over 2 years (savings + bill rebate). Plus, Senoko Energy is currently running a lucky draw where one winner can win $6,800 cash — sign up with Senoko Energy by 18 Feb 2021 to enjoy this deal.  Here are 5 reasons why 48% of Singapore is saving more money and getting more value than you:
Does this even ring a bell? Do you even remember how much you paid? For new homeowners, you probably have gone through the process of opening a utilities account with SP Group while getting the keys to your home and paying a security deposit ranging from $40 to $400, based on your household type. While different businesses have different types and amounts of security deposits, the main thing is to recoup the cost, say, before the first bill or foot the final payment when the account is closed. While this money is not lost completely, it’s irritating when your money is “locked in” for an indeterminate duration and could have been put to better use. While not all electricity retailers waive this “security deposit”, Senoko Energy chooses not to lock in customers’ money — there’s no security deposit to be paid .
Wait. There’s still more, you ask? Only free home contents insurance worth $5,000 for more value when you sign up with Senoko Energy (promotion now extended to 30 June 2021, yay!). There’s also the do-good, feel-good factor of supporting an electricity retailer that focuses its efforts on sustainability. For example, Senoko Energy is running a pilot for SolarShare , a peer-to-peer energy trading platform for solar energy. Senoko also remains committed to help more Singaporeans adopt renewables in order to lower the nation’s carbon footprint. With its own Senoko Power Plant, Senoko Energy is more than an electricity retailer — it’s also a generator that supplies power to the grid, and has been doing so consistently for over 40 years.
What are you waiting for? Find out more about Senoko Energy and make the smarter choice to switch to an electricity retailer to shrink your electricity bill by 30%.
Did you know? If you’re still with SP Group, switching to Senoko Energy will allow you to get back 65% of your SP Group security deposit.
Senoko Energy’s price plan (correct as of 22 Jan 2021 )
Free Advanced Meter installation (worth $40) to measure your electricity consumption every 30min
OBD2 Diagnostic Tool