Ohm vs Geneco vs Tuas Power vs Keppel

*Ohm Promo Code: OHMREF25CC5A

Firstly, just a disclosure that I am a happy customer of Ohm since 1 Nov 2018 (see my Ohm review blog post). Everything, from payment to electricity supply, is virtually perfect and hassle-free. It is very easy and quick to sign up online.

The purpose of this blogpost is to compare Ohm vs the other major electricity providers. All conclusions will be supported by factual numbers from the respective official websites, as far as possible. The final decision will be entirely up to you, the reader. If you decide to choose Ohm, do use the below discount coupon code to enjoy $20 savings:

*Ohm Promo Code: OHMREF25CC5A

Note that there are many price plans (fixed, discount off tariff, etc.) hence we will only be comparing discount plans for convenience (very popular and cost-effective plan for most users). Discount plans essentially guarantee that you will be paying less than if you stayed with SP Services. For Fixed Plans there is a small but nonzero risk that the SP Services Tariff may drop so much that your Fixed Plan is more expensive than the SP Service Tariff.

One important thing to note is that:

Ohm absorbs the transmission loss. (Basically electrical energy is lost as heat while traveling through the cable, Ohm absorbs this and charges consumer based on metered usage. This is worth approximately 3.4% savings.)

Source: https://mathtuition88.com/2018/11/01/ohm-20-promo-code-ohmref25cc5a/ which is in turn taken from https://www.ohm.sg/news.

Ohm vs Geneco

For many reasons, Geneco is the number one comparison made to Ohm, due to several similarities (they both have a strong online presence and referral program).

Ohm has an upper hand in the discount-off tariff rate, since the Ohm Discount is 25% off SP (Singapore Power) tariff, while Geneco’s discount is 22% off tariff.

(By the way, we have a detailed analysis of why Ohm Discount is currently better than Fixed Ohm: Fixed Ohm vs Ohm Discount.)

To top it off, there is additional 1.5% discount when you renew your Ohm discount plan:

12-month Ohm Discount – Additional 1.5% discount on prevailing 12-month Ohm Discount rate (at point of renewal) throughout Supply Term

Source: https://ohm.sg/promotions

Ohm Discount off tariff is 25%.
Geneco discount rate is 22%.

Conclusion: Ohm (King of “Discount-off Tariff” Plans) wins!

Ohm vs Tuas Power

Tuas Power, similar to Geneco, has a 22% off tariff plan. To their credit, Tuas does have a 1% cashback plan with POSB Everyday Card.

Simple math will tell you that Discount Ohm (25% + 1.5% upon renewal) is still better in this case.

22% Discount off Tariff for Tuas Power.

Conclusion: Ohm (King of “Discount-off Tariff” Plans) wins!

Ohm vs Keppel

Keppel electric also has 22% off tariff plan.

Keppel Electric 22% off tariff plan.

Conclusion: Ohm (King of “Discount-off Tariff” Plans) wins!

As you can see from the screenshots above (taken from the actual official websites), the Discount Ohm plan is virtually unbeatable in the Singapore market in the “Discount-off Tariff” category.

To be fair, we need to state that the Fixed Ohm plan may not be the very best in Singapore, but is still very competitive nonetheless (just a few cents off the cheapest in Singapore).

Do share this with your relatives/friends who are about to switch electricity providers! It just takes 10 minutes of your time, but can save potentially thousands of dollars.

Ohm website: https://www.ohm.sg/price-plans-select

*Ohm Promo Code: OHMREF25CC5A

Ohm vs Other Electricity Providers

As of 3 Oct 2019, there are 12 electricity retailers (https://blog.moneysmart.sg/budgeting/open-electricity-market-singapore/):

  1. Best Electricity Supply Pte Ltd
  2. Diamond Energy Merchants Pte Ltd
  3. Geneco (by Seraya Energy Pte Ltd)
  4. iSwitch Pte Ltd
  5. Keppel Electric Pte Ltd
  6. Ohm Energy Pte Ltd
  7. PacificLight Energy Pte Ltd
  8. Sembcorp Power Pte Ltd
  9. Senoko Energy Supply Pte Ltd
  10. Sunseap Energy Pte Ltd
  11. Tuas Power Supply Pte Ltd
  12. Union Power Pte Ltd

Basically, you will need to check up one by one, to see their updated plans and how they compare to Ohm. Remember to check for the fine print and see if they absorb transmission loss or not (that alone is worth 3.4% savings, which Ohm provides). Ohm is very transparent in their plans, which is another plus for Ohm — they do not hide important details in “fine print”.

Some plans are very fanciful (e.g. free tablet computer, iPad, etc) but do not provide best value for money. It is much better to stick with a plain plan that provides maximum savings (e.g. Discount Ohm), and use the savings to buy the free gift/iPad yourself if you really want it.

Basically, anyone who really sits down and do the number-crunching can tell that Ohm (in particular Discount Ohm) is a very good choice and one of the best in Singapore. How Ohm achieves this is they spend low on advertising (you will never see a Ohm promoter on the streets asking you to sign up). With those savings in advertising costs, they pass it on to the consumer (you) in terms of lower prices.

Ohm website: https://www.ohm.sg/price-plans-select

*Ohm Promo Code: OHMREF25CC5A

Author: mathtuition88

Math and Education Blog

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