What is the Senoko Referral Code?
With the Senoko Referral Code, you and your friend can each get a $30 bill rebate when you switch over to Senoko Energy.
Need a Senoko Energy Referral Code?
My Senoko Energy referral code is GYMI73WR. You and I can each get $30 bill rebate.
Any other Senoko Promo Code To Stack?
You can also stack on 1 more other promo codes.
More details on these promo codes can be found in this link https://www.senokoenergy.com/households/promotions
5 Reasons I Decide on Senoko Energy
These are my reasons for deciding on Senoko Energy:
Big Brand Name
Senoko Power have been in operation for over 40 years and creates approximately 20% of Singapore’s electricity supply. With their history, I feel more assured that they have lesser risk of folding. I certainly don’t want to waste time to research for a new electricity retailer.
Competitive Fixed Plan
Using this official site (https://compare.openelectricitymarket.sg/#/home), Senoko Energy has the most competitive prices for 12 and 24 months plans as the time of writing. In addition, they offer automatic contract renewal. The renewed electricity rate will be lower than the regulated tariff at the point of renewal.
Highest Rebate Plan
There are several promo codes for rebates at the moment from $100 bill rebate to $135 bill rebate for 24 months plan (valid til 20 apr 2021). Which code to use, will depend on which bank you have your credit card with.
Although this is not a factor in my consideration to sign up, it is nice to know that Senoko Power has a reward programme too.
No Security Deposit & Registration Fee
As of time of writing, no security deposit & registration fee is required
Why Switch To A Electricity Retailer?
If you go for the Discount Off the Regulated Tariff Plans, you will always be paying lesser than that what you pay to SP group. So, it definitely makes sense to sign up.
The Fixed Price Plans also offers a lower electricity rate. However, the discount rate is not as large as the Off the Regulated Tariff Plans. But you do get in exchange for a lock-in fixed price throughout the contract duration.
The catch/risk is that the regulated tariff may drop below your fixed price and you lose out in a sense.
If you think that electricity rate will increase in future, the fixed plan could be a better bargain as you hedge against future electricity rate hikes.
Fixed Plan or Discount Off the Regulated Tariff Plans?
Looking at the historical electricity tariff rate from SP for past 2 years ( see chart above ), the current price offered in Fixed Price Plan is lower than the historical rates. Although the tariff rate did fall to 19.60 cents (before GST) in 3rd quarter 2020, it has since risen.
Given global outlook for energy demand and gradual return to normalcy from the Co-vid situation, it may be a good bet to take the Fixed Price Plan.
For those who wants to be very sure, the Discount Off the Regulated Tariff Plan may be a better choice.
For me, I choose the Fixed Price Plan as I think the electricity price will rise so I want to lock-in on the price. I also want to spare myself from the surprises of monitoring the ups and downs in electricity rate if I take the Discount Off the Regulated Tariff Plan.
6 months, 12 months or 24 months fixed plan?
As you can guess, since I’m going for the Fixed Price Plan, I definitely choose the longest fixed plan in the market i.e. 24 months.
For the 24 months, Senoko Energy is offering the most competitive price with highest rebates.
My Senoko Power Referral Code
If you need a Senoko Power referral code, you can use mine GYMI73WR(I will earn $30 and you will earn $30 too).
Will my Electricity be interrupted when I make a switch?
Your electricity will remain uninterrupted when you change to another retailer as SP group is still operating the national power grid and delivering the electricity to you.
If you have found this post helpful, and you would like to get a $30 rebate too, feel free to use my Senoko referral code GYMI73WR.
(This post is purely for sharing and the opinions are based on my personal research. This is not a sponsored post by any electrical providers)