Switching To An Electricity Retailer? Here’s What You Need To Consider

Since April this year, households in Jurong have been able to choose who they wish to buy electricity from, thanks to the soft launch of Open Electricity Market by the Energy Market Authority. One early adopter who exercised his choice to switch to an electricity retailer is Mr Luqman Haniff, a 30-year old with seven family members staying with him. We share about his journey here.

1. Household Electricity Consumption

One of the first things to look at before switching to a retailer is to find out more about your past electricity usage. That was exactly how Mr Haniff started off his Open Electricity Market journey. By looking through his past electricity bills, he was able to estimate how much his electricity bill would come up to if he were to pay by the regulated tariff or by the rate offered by electricity retailers. This helped him to choose a price plan that best suit his household’s needs.

What is the regulated tariff?

Let us take a look at how the regulated tariff is derived. The regulated tariff is reviewed every quarter by SP Group and approved by the Energy Market Authority (EMA). It consists of two key components – fuel cost and non-fuel cost. Fuel cost reflects the cost of imported natural gas while the non-fuel cost reflects the cost of generating and delivering electricity to homes. Below is a snapshot of the historical tariff rates.

Electricity retailers’ standard price plans

On the other hand, electricity retailers are free to customise their price plans according to their business strategies, current market conditions and the level of competition in the market. That said, the two main types of standard price plans are:

      • Fixed Price Plan– You pay a fixed rate throughout the duration of the contract. This rate may be higher or lower than the regulated tariff.
      • Discount Off the Regulated Tariff Plan – You enjoy a discount off the regulated tariff throughout the duration of the contract.The rate may change every quarter in tandem with the prevailing regulated tariff.

Besides visiting the retailers’ websites to check on their offers, Mr Haniff made use of the Price Comparison Tool on the Open Electricity Market website to compare the different standard price plans offered by retailers. Like him, you can make use of this tool to help you decide on the plan that would be most suitable for you.

2. Consumer Needs

Different households use electricity differently and may also have different ways of managing their electricity expenses. For instance, a family who prefers to keep their electricity bills as stable as possible may find the Fixed Price Plan more suited for them since they could better manage their overall household expenses.

On the other hand, another family may consider going with the Discount Off the Regulated Tariff Plan if they prefer the certainty of enjoying savings no matter how the regulated tariff changes.

Before Making the Switch…

Now that you are almost on your way to signing up with a retailer, do take note of the following as well:

Fact Sheet

Before you sign up for a plan, your electricity retailer will provide a Fact Sheet which summarises key contractual terms of your preferred price plan such as:

  • Contract duration
  • Type of price plan
  • Rate offered by the electricity retailer
  • Payment terms
  • Early termination charges, if any

Ask the retailer to explain any terms and conditions that you are unsure of.

Consumer Advisory

Electricity retailers will also need to obtain your acknowledgement on a Consumer Advisory notice which outlines what you need to be aware of before signing the contract.

Promotions and freebies

To draw more customers, electricity retailers may offer freebies such as vouchers and cash rebates. While they may entice you to sign up with them, one thing to remember is that these freebies are usually a once-off benefit. Hence, it is always better to think long-term and make sure you stand to benefit from switching to a retailer in the longer run.

From the get-go, there seems to be a wide range of standard price plans offered by electricity retailers. However, upon closer examination, the plans mainly differ in terms of contract duration and rates and come with different sets of terms and conditions.

As you review your choices, find out about your electricity consumption patterns, compare the different standard price plans by using our check-list and finally, be sure to take note of the things to consider before making the switch. You will be well on your way to benefit from Open Electricity Market, just like how Mr Haniff did!

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Be An Informed Consumer When Choosing Your Electricity Price Plan

Currently, residential consumers (like you and I) can buy electricity only from SP Group. This will gradually change as the Energy Market Authority (EMA) sets its sights on further opening up of the electricity market. This will allow households to buy electricity from a retailer at a price plan that best meets their needs.

Since the soft launch of the Open Electricity Market (OEM) in April 2018, those staying in Jurong enjoy more choices and flexibility when it comes to buying electricity, thanks to more competitive pricing and innovative offers. It will roll out progressively in four geographical zones starting from 1 November 2018.

With different price plans available, choosing one that best suits your needs may come across as daunting. We are here to help you make an informed decision. This is no different from selecting a mobile phone plan from telcos where users are encouraged to pick a plan that best suit their needs.

What are the types of standard price plans?

First, let us take a look at the standard price plans available. At present, there are a total of 13 retailers offering over 60 standard price plans for residential consumers. These fall under one of the following 2 types:

    • Fixed Price – Consumer pays a fixed rate throughout the duration of the contract.

    • Discount Off the Regulated Tariff – Consumer enjoys a fixed discount off the regulated tariff throughout the duration of the contract.

How to go about choosing a price plan?

Now that you are aware of the types of standard price plans available, what should you keep in mind when choosing a plan? Here is a comparison of the 2 standard price plans offered by 13 electricity retailers.

Plans stated are accurate as of 8 November 2018 and are subject to change. For the latest price plans, please visit www.openelectricitymarket.sg or the retailers’ websites directly.

A. Fixed Price Plan

If you opt for a Fixed Price Plan, you will pay a constant rate per kilowatt hour for your electricity during the contract period.

The advantage of this price plan is that you are assured of the same rate every month throughout your contract with your retailer, i.e. more price certainty. Do note that the rate the retailer offers may be higher or lower than the regulated tariff which is reviewed every quarter.

As of 8 November 2018, Sunseap offers the best rate for 6-month contract, while SembCorp Power has the best rate for 1-year contract and both SembCorp Power and Geneco offers the best rate for 2-year contract.

B. Discount Off The Regulated Tariff Plan

If you are someone who does not want to think too much about price movements and wishes to pay less than the regulated tariff, a Discount Off the Regulated Tariff Plan may be the plan for you. Here, the rate will always be based on a fixed discount off the regulated tariff. The catch is, unlike the Fixed Price Plan, the rate may change each quarter during the contract duration.

As of 8 November 2018, Sunseap offers the best rate for 6-month contract, while Diamond Electric has the best 1-year contract and ES Power has the best rate for 2-year contract for a Discount Off the Regulated Tariff Price Plan.

As with making any comparisons for the best deal, it is important to read the fine print. Before you select a price plan, do consider these key areas:

  • The contract duration that you are willing to be locked in;
  • The amount of security deposit needed;
  • Whether there are any early contract termination charges and if so, how much;
  • The billing and payment arrangement offered by the retailers; and
  • Whether there are any bundled services or products or other additional perks offered, and to be aware of the terms and conditions associated with these perks.

The rates stated in the standard price plans should be inclusive of all charges for electricity consumption such as Transmission Loss Factor (a fee to account for network and transformer losses in the course of delivering electricity to consumers).

What else you should know when choosing a standard price plan?

While you may enjoy savings as a result of buying from a retailer, the amount you save could vary based on when you use electricity and how much electricity you eventually use. Of course, the type of standard price plan you choose plays a role as well.

Even after switching to a retailer, you can always switch back to buying electricity from SP Group at the regulated tariff. However, you might want to take note of any early termination charges levied by your retailer.

Finally, if you have any dispute with your electricity retailer (we hope not), you can always approach the Consumer Association of Singapore (CASE) for advice and assistance.

For price comparisons, please refer to www.openelectricitymarket.sg

Note: This article has been updated on 8 November 2018 to reflect the 2 standard price plans (instead of 3) with the latest pricing, and the inclusion of 2 new added retailers ES Power and Union Power.

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Take Advantage Of Big Data Plans

With the advent of social media, people are increasingly sharing their personal lives on Facebook and Instagram. Listening to their favourite podcasts or streaming videos to watch on the go have also become common entertainment outlets. As a result, they find themselves consuming more and more mobile data.

In response, telecommunication service providers have developed big data plans that are more suited for the consumption patterns of today. For instance, M1 was the first to re-introduce unlimited data mobile plans 5 years after they were phased out! By jumping onto the bandwagon, savvy mobile users can reap plenty of benefits with big data mobile plans.

No More Fretting Over Additional Data Charges

Do you recall the hassle of having to look for free Wi-Fi hotspots or switching off your mobile data completely when you realise that you are about to exceed your monthly data bundle? With big data mobile plans, you need not monitor your data usage excessively and worry about incurring excess data charges. You simply choose a mobile plan that best suits your data needs. Taking M1 Big Data Plans as an example, if you use data mainly for social media browsing, you can get a 5GB SIM-only plan at just S$20/mth. If that is still not enough for you, good news – there is also an option of Unlimited Data plan at S$98/mth.

It might also be better to pay a slightly higher monthly subscription to enjoy better value in data, as compared to paying excess data charges. For instance, M1 offers 15GB data at S$40/mth. With just an additional S$10/mth, you can enjoy 30GB for S$50/mth. That’s twice the amount of data! This is clearly better value than paying S$10.70/GB for excess charges.

Essentially, heavy mobile data users get more value for their money by utilising big data mobile plans as compared to paying excess data charges!

More Freedom To Do What You Love

Not only do mobile users get more data for their buck, they also no longer have to worry about incurring any excess charges with M1’s all-unlimited mobile plan. At only S$98 per month, subscribers get to enjoy unlimited data, talktime and SMS/MMS. This not only provides certainty with regards to their mobile bills, it also gives them plenty of freedom in fulfilling their mobile entertainment needs; they are free to surf popular social networking sites or stream their favourite music while on the move.

Sharing Of Big Data Plan

It gets even better as a family unit can tap and consume data from a single big data plan. For instance, M1 offers sharing of main plan bundle with up to 2 supplementary plans at just $12 per month each. This means that up to a total of 3 lines can tap from a single mobile plan; leading to great savings across the household. For example, a family of 3 can share a 30GB SIM-only plan at a total subscription of S$74/mth, which works out to 10GB for each to use at just S$24.67/mth. This offers greater value for money as compared to all of them having to subscribe to an individual 5GB plan at S$20/mth each.

For those who have multiple devices, simply subscribe to M1’s Multi-SIM service at only S$10.70 per month (per additional SIM card) to share data from the same mobile plan. This also brings convenience and seamless connectivity without having to switch SIM card, as you tap on 1 mobile plan across a maximum of 3 devices.

Bring Your Big Data Plan Overseas

With the increased availability and affordability of travel options, going overseas is becoming extremely common. Ever wondered how convenient it would be if you could use your local data when you travel? With M1’s offering of its Data Passport services, this is now possible in 62 destinations across Asia, Europe and United States from only S$10 per month! Simply activate Data Passport on M1 Big Data Plans whereby data roaming usage on the preferred overseas network can be deducted from your monthly local data bundle. Most importantly, subscribing to M1 Data Passport means that your existing local mobile data will not go to waste and you can continue to roam like you are home. Besides cost savings, Data Passport also offers the convenience of instant data connection upon touchdown. This beats the hassle of finding and purchasing prepaid SIM cards overseas or searching for Wi-Fi in public areas.

Hurry and switch to M1 Big Data plans to reap the myriad of benefits today!

 

 

 

 

 

 

 

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Zero X | The Only Mobile Plan You Will Ever Need

Make counting minutes, messages and megabytes a history with our Unlimited Everything Mobile Plan.

Sick of managing your mobile phone allowances? Tired of watching your back so you don’t get stung? Or have your already been a victim of bill shock for going over your monthly allowance?

Zero Mobile’s, Zero X Plan is the answer for you.

Zero X is a post-paid mobile service, connecting you on the best network in Singapore. It gives you Unlimited 4G Data on you mobile, Calls and SMS, to use within Singapore, for a promotional price of $65 per month only until 30th March 2018 (U.P. $75 p/mo).

Compared to similar offerings from other providers that cost around $100 per month with 12 month contracts, Zero X offers unbeatable value with no lock-in contracts.

To celebrate the launch of Zero X, we are also inviting our customers to April Treasure Hunt where you can play and win various prizes. Prizes include smartphones such as iPhone X or Samsung Galaxy S9, return flights for 2 to Australia, 6 months free usage and Gold Class movie tickets. Just because we are a mobile service provider, we don’t need to be boring.

We also continue to offer Zero 40, our $40 month-to-month service which includes unlimited calls in Singapore and 6GB of data. Zero Plus Rewards members get a total of 9GB data with additional 3GB added automatically each month. Unlimited SMS is offered as a bolt-on for a low $5 per month, or 5c per SMS sent for casual users. Again, all with no lock-in contracts.

Not only can our service provide you with great savings, it also lets you share the love by helping your friends and family save money too! Our unique rewards program is designed to give you, your friends and your family unbeaten value not just once, but month after month.

Zero Plus Rewards currently allows you to earn a cash bonus by simply referring a friend. Both you and your friend receive $60 credits each when you refer someone, applied at $5 p/mo over 12 months. Furthermore, your friend also has their SIM Card fee of $20 waived. Talk about getting your mates a good deal!

You can refer as many friends as you like and reduce your bill to $0 each month.

Why should I join now?

  • Get Unlimited 4G Data on your mobile, Calls and SMS at $75 $65 p/mo, that’s $10 per month off;
  • SIM card fee of $20 is waived specially for you. That’s another $20 in your pocket;
  • Join rewards and get a total of $140 in cash value to share with your friends;
  • Join our April Treasure Hunt and win loads of prizes; and
  • Quick activation and free delivery of SIM card to your home, don’t waste your time queuing up anymore.

Promotion available to first 3,000 subscribers to sign up by 30th March 2018. Head to www.zeromobile.com.sg to find out more and apply. It takes less than 1 minute, seriously.

Zero Mobile is a licensed mobile service provider focusing on new, innovative and affordable mobile technology in Singapore. As with all services in the market, Terms & Conditions and Fair Usage Policy applies. Read full details on our website.

 

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Clever Tips To Save Money On Your Mobile Bills

If one of your resolutions in 2018 is to reduce your expenses, a good place to start would be your monthly mobile bill. Do not underestimate the few dollars saved each month as they can add up to a significant amount at the end of the year.

Here are some clever tips to save money on your mobile bills!

Monitor Your Usage

The first step to reducing your mobile bill is to monitor your mobile usage. How much data, talktime and messaging do you use each month? Track your usage easily with your telco’s mobile app. For instance, M1 customers can download and use My M1 App to track their local or roaming data, talktime and message usage anytime, anywhere. If you are always exceeding your data, perhaps you can consider data add-ons, or switch to a mobile plan with bigger data bundles to reap plenty of savings in the long run.

If constant monitoring is too much of a hassle for you, opt-in for SMS notifications to be alerted when you are about to exceed your data bundle. M1, for example, sends you SMSes when you have reached 75%, 90% and 100% of your monthly data bundle.

Consider SIM-Only Plans

If you do not require a new phone, it’s time to consider SIM-only plans. These plans, as compared to conventional smartphone plans, come with lower subscription and bigger data bundles. M1’s SIM-only entry plan only costs S$20 per month for 5GB data, as compared to an equivalent smartphone plan at S$40 per month. By going with a SIM-only plan, you get to save S$240 over a year!

If you are hungry for more data, go for M1’s Unlimited SIM-only plan, which comes with unlimited data, talktime and messaging at only S$98 per month.

Save As A Family

Telco operators allow customers to maximize their mobile plan usage by sharing data, talktime and messaging bundles with their loved ones. For example, subscribers of M1’s mySIM plans can add up to 2 supplementary plans at S$12/month each to co-share the main plan’s bundles. Such supplementary plans will suit family members with various data consumption behaviour.  For instance, the millennial in the family may be a heavy user of social media and is therefore likely to use more data. Meanwhile, the stay-at-home mum may only require little amounts of data to stay connected via instant messaging platforms. By co-sharing the main plan’s bundle, this helps to consume pockets of data that would otherwise be left unutilized by the end of the month.

As such, if you have multiple devices in the family, this option of adding supplementary plans may work well for you too. When you share the big data bundles on mySIM plans between the devices, you’ll be able to gain access to all the entertainment you need!

Get Cash Rebate On Your Mobile Bills

Finally, the last step to saving on mobile bills is to get cash rebates on them! By using cashback credit cards to pay for your mobile bills, you can earn cashback or reward points that help to reduce your mobile bill. For instance, the Citi M1 Credit Card provides up to 10% Citi rebate if you set up recurring M1 bills via GIRO. Furthermore, charging your purchases at M1 stores earn 1% Citi Rebate.

Follow these handy tips to start saving money on your mobile bills in 2018!

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