Sunday, February 10, 2019

Saved 30% electricity bill by switching out from SP Group - Open Electricity Market (OEM)

I received my first month Electricity bill after switching out from SP Group to Tuas Power.

Just by switching to Tuas Power, my electricity bill had decreased by 30% (Rate: $0.2385 --> $0.168).

For example: Assuming there is no changes to your monthly usage, if your average monthly Electricity bill is $100/mth and you did the same by switching to Tuas Power like myself, your monthly bill will be $70/mth (Saving of $30/mth).

Thus, i was not surprise when I read The Straits Time article that "Consumers who have made the switch have enjoyed significant savings due to paying 20% - 30% lower rate than the regulated tariff". However, I am very surprise to read that "Only 18% in Zone 2 and 25% in Zone 1 have switched retailers instead of remaining with SP Group" (Link).

That a very low switch rate to me.

Did our Energy Market Authority (EMA) did a very bad job in promoting/educating on Open Electricity Market (OEM) or We are too rich or Our brain is wired to only respond when these 4 letters appear?

YES, this OEM is like SALE that you saw in shopping mall.
It is a 30% SALE at this moment if you sign up for Tuas Power Fixed plan 18/25/36 months like I did.

It will only take you less than 10 mins to sign up online.
You will NOT experience any blackout during the transition at all.

In the unfortunate event that your selected retailer winds up like Red Dot Power, your electricity supply will not get disrupted too and you will be transfer back to SP Group (Link).
Good thing about this is you get to enjoy your sign up promotion again with other retailer. Huat AH :p

If you would like to read up more on this OEM, hope my previous post could help you (Link).

Why i chose Tuas Power Fixed 18months 17.98cents/kWh plan?

Reasons being:
1) 14% saving in monthly electricity bills (Paying just 17.98cents/kWh instead of 20.97cents/kWh to SP Group)
2) I want to be able to deduct my Electricity + Gas + Water usage using U-Save voucher.
3) I want hardcopy bill free of charge
4) I do not want to pay for security deposit
5) Better value for money option
(i) I do not mind signing for a 24months contract. However, since Tuas Power have a 18months contract offering the same attractive rate (17.98cents/kWh) as other majority retailers who required to lock you down for 24 months
(ii) Given the shorter contract period, I will be able to jump to another retailers to enjoy "sign up bonus" and "attractive market rate" if Tuas Power failed to retain me as their customer. This is similar to our Telco mobile phone plans. For example: Singtel, M1, StarHub offering attractive port in bonus for you to jump ships to them (Sign up bonus) and ability to change from Combo plan to SIM only plan (Attractive market rate) only when your existing contract ended .
6) I am a Linkpoints customer. Tuas Power provide 1 linkpoint per every 8kWh usage. I love such recurring benefit.
7) I am a POSB Everyday cardholder. This allow me to get 1% cash rebate on my monthly bill.
8) 3 tiers of Referral program "Refer A Friend+".
The credit will offset directly to your monthly SP bill.
Tier 1: When you refer your friend Alice (Tier 1), you will get $20.
Tier 2: When Alice refers her friend Bernice (Tier 2), you will get $10.
Tier 3: When Bernice refers another friend Calvin (Tier 3), you will get $5.
9) Bonus Treats & Deals in your member portal "T+ Members".

Considering signing up with Tuas Power?
Please enjoy your extra $20 bill rebate if you use my referral code RCF2364 for online signup in TuasPower website
You will get $0 bill rebate if you did not key in any referral code.

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