iSwitch: Stand A Chance To Win 1 Year Free Electricity For Your Household While Paying Less For Your Electricity Bill When You Switch To iSwitch.

With the first phase of the Open Electricity Market (OEM) rolled-out on 1st November, households with postal codes that begin from 58 – 78 now have the opportunity to switch electricity providers. This means that you can now choose plans from electricity retailers like iSwitch instead of getting your power supply from SP Group alone, very much like choosing a mobile phone plan.

However, with the many retailers that debuted with the launch of OEM, it may be very confusing to select the right plan for your household. To make things simpler for consumers, iSwitch will be promoting the two most popular price plans – Fixed Price Plan and Discount Off Regulated Tariff (DOT).

  • Fixed Price Plan – Paying a fixed rate for electricity throughout your contract term with your selected retailer.
  • DOT – Enjoying a fixed discount off the existing tariff during your contract term.

Why Choose iSwitch?

iSwitch offers a seamless switching process, and for those who wishes to switch to iSwitch, the application process can be easily done online. Simply select the plan of your choice, fill up all information needed in the application process and the iSwitch team will do the rest. This online sign up takes less than 2 minutes to complete!

iSwitch prides themselves in excellent customer service where they have a dedicated team for consumers to contact them through email, hotline and Facebook for those that happen to face any issues during application. Customer service is an important core in their business so you can set your mind at ease knowing you have a trusted retailer to rely on.

For those of you who wish to be play a part in environmental sustainability, this is for you!  iSwitch is committed in carbon footprint reduction. Consumers who sign up through its website can proudly claim to use Green Certified Electricity at no additional cost. If you are wondering how they do that, iSwitch programme, ‘iSwitch2Green’, monitors your energy usage and calculates the amount of carbon emissions your household is responsible for. After doing so, they would then buy Carbon credits issued by United Nations certified projects on your behalf. In addition, iSwitch also goes green by offering only paperless billing where consumers are notified every month via email. For those who are keen to sign up with an environmentally friendly retailer that promotes green certified energy, iSwitch is one of the few to consider.

iSwitch Fixed/DOT Price Plans

iSwitch offers a comprehensive range of price plans with flexible contract periods, and if you are intending to make the switch, here are some price plans which may interest you:

Super Saver Discount (24 Months)

Enjoy 21% discount on your regulated tariff with the Super Saver Discount plan. This discount is limited to a 24 Months contract. Here is an example of how much you would save if you selected this option over a 24 Months period:

iPromo – iPad (36 Months)

iPromo – iPad is a time limited plan by iSwitch. The 1st 500 sign ups in Zone 1,2,3 and 4 get a complimentary iPad and 5% (exc. GST) Discount Off Regulated Tariff! If you have been eyeing for an iPad, you should consider this unique and time limited plan! As of now, the plan is still available for sign ups, so fastest fingers first!

‘Chope’ The Rate (24 Months)

A Fixed Rate plan offers a lower rate of $0.1720/kWh (exc. GST) / $0.18404/kWh (inc. GST)  for 24 Months.

All plans that iSwitch offers require a 1-month bill equivalent security deposit. iSwitch absorbs transmission loss and also absorbs carbon tax!

For those who sign up with iSwitch online, your plan also comes with a free green certified electricity at no cost, a free air-condition servicing and a free AIA Personal Accident Protection plan. Those who make payment through POSB Everyday Card would also get a 1% rebate.

Multiple Payment Options

Payment for your iSwitch plans can be easily made with the multiple payment options they offer such as AXS kiosks, credit or debit cards, or even GIRO, whichever suit your needs.

To easily track your usage and bills, iSwitch allows its consumers to log in personally into their iSwitch accounts or the iSwitch Mobile App to check them on the go.

iSwitch Rewards

Besides enjoying cost savings from your plan, iSwitch also have a point rewards system where you can earn points to receive rebates on your bill. Some examples where you can earn points would be selecting GIRO as a payment method which would let you earn 25 points (equivalent to $2.50) or renewing your plan (100 points or $10). Referring a friend will instantly earn you SGD 50 rebate off your electricity bill (limited to the first 500 referrals).

iSwitch ‘Switch & Win’ Campaign

In conjunction with the nationwide roll-out of OEM, iSwitch has launched a campaign for those who sign up with iSwitch would stand a chance to walk away with 1 year of free electricity. For those who think this is only for those in Zone 1, do not be disheartened as ‘Switch & Win’ would be selecting a winner from all 4 zones, that means there would be 4 winners! All sign-ups made between 1st November 2018 to 30th June 2019 will automatically be in the running to qualify for this promotion, so switch and win today!

For more information about ‘Switch & Win’ campaign, click here.

iSwitch, Your Electricity Retailer

iSwitch aims to place their consumers in the forefront, by providing as many lifestyle perks as they can like those in their price plans. For those who are intending to change to an electricity retailer but do not have an opportunity to due to the different zones, do keep iSwitch in mind as they would not disappoint with its deals and savings. And for those who falls under Zone 1 and wish to join iSwitch now, you may head over to their website to check out the savings, promotions and plans that they are currently offering!

For more information on iSwitch, do visit their website – https://iswitch.com.sg/residential/, or their Facebook page.

 

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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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Start 2017 Right By Creating A Year-End Financial Checklist

As we reach the end of the year, there are several things that you need to pay attention to.

DETOXIFY YOUR WALLET WITH THE DEBT DIET

The Yuletide season is all about merriment and festivities. Due to the overall positive spirit that it exudes, you may want to shy away from the looming shadows of your debt. I suggest that you pause for a moment. Now is a good time to acknowledge your credit score and to cut back on your spending.

Debt takes a toll on your relationships, your family, and your future. It is only hurting your financial health. You do not want this suffering to roll over the next year. This is why you must consider to go on the “debt diet”. The debt diet uses practical ways to help you get back on the right track. Read about it, here.

OPT FOR GROWING YOUR WEALTH

It comes as no surprise that the newbie investors are apprehensive when it comes to the timing of their initial stock purchases. However, it is important to realize that time is your ally whenever you first invest.

The compound interests of your strategic investments will add up despite the current condition of the market. You will most likely have time to recover. This idea may seem like common sense to you, but there are many Singaporeans who wish that they started investing earlier on.

KEEP YOUR INSURANCE POLICIES IN ONE PLACE

Insurance is your safeguard against unforeseen and unpleasant events. It is a way to minimize your risks and cushion your potential losses. If you are a client of several insurance companies, it is a chore to hold all the policy documents. This is where PolicyPal app comes in. It is an app that allows you to keep all your insurance policies in one place.

After collating your policies, get a summary of your overall coverage. This will help you to decide if you have too much or too little policies. For example, you may avail the AIA GLOW OF LIFE (Critical Illness Insurance) instead of adding a special rider to cover female-focused diseases.

AUTOMATE THE PAYMENT OF YOUR BILLS

December is a hectic month! To save valuable time and effort, consider automating the payment of your bills. Schedule electronic transfers thru your internet banking feature.

You may also set up a bank GIRO. GIRO payments take a substantial amount of time. This is why your money must be available at least 3 working days before the bill’s due date.

Image Credits: pixabay.com

Image Credits: pixabay.com

Doing an annual review of your finances can help you spend and invest wisely for the upcoming year. Take the pro-active route to financial wealth!

Sources:1, 2, & 3

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4 Ways To Significantly Decrease Your Living Costs In Singapore

According to Investopedia, “Cost of Living” is the amount needed to sustain a certain level of living that includes basic expenses such as food, taxes, housing, and healthcare. This factor can make a difference especially if your salary is sustained in an expensive city such as ours. Your salary can go further at a developing city but it may barely go buy at a developed one. Logically, it is important to take measures that help you decrease the costs. Start with these four ways:

1. SAVE ON EDUCATION FEES

Aside from transportation, housing, and food, one of the family’s major expenses is the education fee. Childcare as well as tertiary education is costly for the parents especially if they have two or more students in the family. Topping the fees are the pile of miscellaneous such as school supplies, uniforms, camps, and other extracurricular activity expenses. Fortunately, there are some organizations that offer student grants.

The NTUC Bright Horizons Fund offers financial assistance to children from underprivileged families. The amount of assistance varies according to the gross household income or per capita income. Also, there is a minimum co-payment fee of 2% and an additional S$20 for Union Members.

While adults’ aged 35 and above that earn not more than S$1,900 can upgrade their skills with the Workfare Training Support (WTS) scheme. These adults can benefit from 95% course fee funding on various courses including part-time diploma or specialist diploma at the five local Polytechnics. Imagine how many opportunities you can get after!

2. SAVE ON TAXES

Each year, hundreds of tax deductions and credits may go unclaimed due to the lack of taxing knowledge. Be sure to maximize the tax reloads that are applicable to you by checking out the information provided by the Inland Revenue Authority of Singapore, here.

3. SAVE ON TRANSPORTATION

The good news just keeps on rolling! Early commuters can board the MRT for free before 7:45 am on the weekdays (i.e., excluding public holidays)! The no-cost rides are available at 18 MRT stations namely: Somerset, Bayfront, Bras Basah, Bugis, Orchard, Chinatown, City Hall, Clarke Quay, Dhoby Ghaut, Downtown, Esplanade, Lavender, Marina Bay, Outram Park, Raffles Place, Tanjong Pagar, Promenade, and Telok Ayer.

If you missed the cut-off timing for a few minutes, fret not. You can still indulge on 50 cents off your fare if you exited the designated stations. To be eligible for these, you must not enter from the 18 stations mentioned above. Your savings on transportation can pile up as time goes by.

4. SAVE ON WATER

We cannot live without clean water. Therefore, you must employ saving habits to lower down your bills. Learn a thing or two from this illustration:

Image Credits: pub.gov.sg/CONSERVE/HOUSEHOLDS/Pages/Watersavinghabits.aspx

Image Credits: pub.gov.sg/CONSERVE/HOUSEHOLDS/Pages/Watersavinghabits.aspx

 

Sources: 1, 2, & 3

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