5 Myths Of Changing Your Electricity Retailers That You Must Know

5 Myths Of Changing Your Electricity Retailers That You Must Know

Ever since the launch of Singapore’s Open Electricity Market (OEM), residents across Singapore today now are spoiled for choice when it comes to selecting a new energy provider for their home.

At iSwitch, over 40,000 households have chosen us as their energy provider for their electricity needs. However, through our roadshows and conversations with everyday Singaporeans, we understand that there are still layers of hesitation and a few misconceptions you might have when it comes to hopping away from SP Services to us.

In this article, we will address the 5 myths many Singaporeans have when it comes to hopping over to a new electricity retailer!

Myth 1: My Electricity Supply Will Be Affected

As one of the top concerns that regularly comes up, you might be wondering if your power supply might suddenly get cut off during the change.

It won’t! You will still have an uninterrupted supply of electricity to your household.

Only the billing will change from SP Services to iSwitch. You will still enjoy the same reliability you always had.

Myth 2: I Should Wait For Lower Prices And Better Deal

We hear you loud and clear.

While there might always be a new deal in the market that could give out free shopping vouchers to concert tickets, here are two things to consider if you are still on the fence for this reason:

By waiting you are missing out on cost savings you can enjoy now. Waiting month after month means overpaying by 30% or more on your electricity bills compared to your friends and relatives who have signed up with an electricity retailer. The more you wait, the more savings you are missing out on.

Electricity prices are not stagnant. Depending on the market conditions, the guaranteed discount levels could narrow in the future as well as the fixed price electricity plan could also increase significantly as time goes by.

Sign-up bonuses could change. While the bonuses in the future could get better, there are no guarantees. What we have now are awesome sign-up perks that include $50 bill rebate (on 12th month bill), up to 1 year free personal accident insurance, air-conditioning servicing and even an iPad (for the iPromo plan only). So don’t wait!

At iSwitch, we also have a loyalty rewards plan that allows you to save up points to enjoy lifestyle deals that could be enjoyed well into the future.

Myth 3: I Have To Wait For The Full Roll-out Before I Can Switch

Definitely not! As soon as the rollout hits the zone where your postal code is in, you can immediately sign up with iSwitch as your preferred electricity provider.

Here are the roll-out dates of when each region of Singapore will have their chance to switch from SP Services to their preferred energy provider.

Zone 1: West & North-West Singapore (You can switch since 1st November 2018)
Postal Codes starting with 58-78

Zone 2: North-East Singapore (You can switch since 1st January 2019)
Postal Codes starting with 53-57, 79-80, 82-83

Zone 3: East Singapore (You will be eligible from 1st March 2019 onwards)
Postal Codes starting with 34-52 and 81

Zone 4: Central & South Singapore (You will be eligible from 1st May 2019 onwards)
Postal Codes starting with 01-33

Myth 4: I Am Moving House In A Few Months And Can’t Commit

Have no worry! You can still enjoy savings off your electricity bill.

For Relocation or Expatriation during your contract with iSwitch, instead of paying the Early Termination Charge, you only have to pay a small flat fee that is based on your dwelling type; a 5rm HDB will pay $130 and condominium/private apartment will pay $180. When relocating within Singapore, if you provide valid documents and re-contract with iSwitch, once you move to your new premise, the small flat fee you paid will be refunded to your new account. So you incur no charges for relocation!

Myth 5: Fixed Price Plans Are Better Than Discount Off Tariff (DOT) Plans

While Fixed Price plans and DOT plans can definitely help you save money when you sign-up for them, there is no guarantee that either plan will save more than the other. Let us explain.

The DOT plans allow you save a percentage off the SP Tariff, while the Fixed Price plan guarantees you a fixed rate throughout your contract duration. Because the SP Tariff rate can rise and fall according to the market conditions and oil prices, you could have a scenario where the SP Tariff rate (plus the DOT discount) is actually lower than the Fixed Price you signed up for.

Choosing a plan for the long term should be based more on your lifestyle and household needs. If strict budgeting is important for you, the fixed price plan is perfect for you since you know the exact rate you will be paying.

However, if convenience is more important for you with the guarantee of always enjoying savings relative to the SP tariff rates, the DOT plan is suitable for your household.

It’s Time To Enjoy Savings & Amazing Lifestyle Perks Today!

As one of Singapore’s licensed electricity retailer backed up by the international RCMA Group, we have been providing Singapore businesses with quality electricity supply and have signed-up more than 40,000 households since the start of the OEM.

With sign-up rewards such as free personal insurance to cash backs and loyalty rewards, don’t wait any longer! Choose iSwitch as your preferred electricity provider and start to save on your electric bill today!

Sign-up for one of our residential plans here.

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