Geneco is one of many electricity retailers in Singapore. So why should you choose Geneco over all the other different retailers? To see whether Geneco is worthy of your business, let’s take a deeper look at their company’s credentials and also most importantly, their prices. Also, we’ll let you know the latest promo codes and referral codes for Geneco so you can save even more!
Here are the latest Geneco promo codes & referral codes as of 12/5/2021
| Geneco Promo Code | GENECO680 | $80 Off |
| Geneco Referral Code | 91054884 | $50 Off |
Visit Geneco’s website to sign up now and save on your monthly bills!
Geneco promo codes & referral code
Here are the current promo codes active for Geneco as of 12 May 2021.
- Promo code: $80 rebate (promo code: GENECO80)
- Referral code: 91054884 for $50 rebate (key into Referrer Code)
- $40 for recurring bill payment with American Express card
- 1% cash rebate if you use the POSB Everyday Card
- 5% UOB One Card rebate & extra 1% for 12 months
- Visit Geneco’s website to sign up now and save on your monthly bills!
Geneco offers one of the most generous rebates and discounts among all the electric retailers in Singapore. Often, they will have special offers especially when a new zone is opened to the Open Electrical Market. So far, we have been tracking them since the OEM started and they have consistently been offering their customers awesome rewards, rebates and prices.
What is Geneco Referral Code?
When you first sign up with Geneco – you may see a section which asks for your referral code if you have one. If you fill up that portion, you will get an extra $20 rebate for your electricity bill. (If you are signing up – use our referrer code 91054884). This special offer is only applicable for online sign-ups. If you plan to sign up at a Geneco roadshow or Singtel store, you will not be able to apply this rebate.
After you have become a customer. You can continue to earn $20 for each friend you refer to Geneco. Simply give them your mobile number that is connected to your Geneco account and ask them to fill it in for the referral code section. Both of you will get $20 each!
Why should you change from Singapore Power (SP) to an electricity retailer?
There are many reasons why you should switch. But the main one is that you will SAVE up to 30% off your current electricity bill. If your current electricity bill is $200 a month, you can expect to pay around $140 now. You’ll save $60 right away from the first month you change and every month on. No, it is not a scam. The rates offered by all of the electricity retailers are lower than Singapore Power as of now. You will get immediate savings once you switch from your first bill on.
Secondly, you can choose from customized plans that may suit your household usage more so that you can save even more. There are peak and off-peak plans that offer different prices for different time periods. Essentially, you get a lot more flexibility to choose what type of plan you want.
With the new launch of the Open Electricity Market, there is fierce competition among the many retailers. That is good news to us! They are offering promo codes, discounts, rebates and even gifts for new sign-ups. A simple online application that takes less than 5 minutes could get you hundreds of dollars in savings.
Your electricity supply will never be disrupted even when you switch electricity companies. Regardless of which electricity retailer you choose, the electricity grid is still managed by Singapore Power. That ensures that there no zero chance of a power outage even in the event that your electricity retailer closes down. You’ll just be transferred back to SP for the month, and after that, you can switch to the other electricity retailers if you wish.
Open Electricity Market (OEM) Launch in Singapore
The Open Electricity Market was officially launched on the 1st of November 2018. Jurong was the initial test region and residents there have been able to choose from the different electricity retailers since 1st April 2018. According to news reports, more than 30% of Jurong homeowners have taken advantage of the OEM and switched to a new electricity retailer.
Geneco has been one of the most popular electricity retailers among the 22 other retailers. Let’s see why homeowners like Geneco.
Why you should choose Geneco?
Cheap and low electricity rates
Geneco offers the lowest, if not one of the lowest rates, no matter which type of plan you are going for. Want a fixed plan for 2 or 3 years? Or a no-contract plan? Or a flexible plan best for your home usage patterns? No problem, you’ll get the best rates that will save you the most money. Geneco is very reactive to market changes. You’ll often see them lowering rates to match the lower prices by a competitor. Sign up with Geneco to say goodbye to sky-high electricity bills.
Geneco’s plans and prices
As mentioned, Geneco’s rates are super competitive. Here is a detailed look into their different plans that you can choose from. Visit Geneco’s website to find out more! Remember to use the promo codes and referral codes to get discounts!
Get It Fixed 24
17.78 cents per kWh
2-year contract period
Price-match guarantee
$80 rebate (promo code: GENECO80)
$50 rebate (referral code: 91054884)
Get It Fixed 36
17.78 cents per kWh
3-year contract period
$80 rebate (promo code: GENECO80)
$50 rebate (referral code: 91054884)
Give Us A Try
17.63 cents per kWh
6-month trial contract
No promo codes available
Get It Less 24
22% off the electricity tariff rate
2-year contract period
$80 rebate (promo code: GENECO80)
$50 rebate (referral code: 91054884)
Get It Free Sundays
22.50 cents per kWh from Mon to Sat
0 cents per kWh on Sundays
2-year contract period
$50 rebate (referral code: 91054884)
Of all the plans, the most popular plans are Get It Fixed 24 and 36. As of now, you save the most with these two plans.
Geneco price-match guarantee
Have you ever signed up for a plan only to see a cheaper plan the next day? With Geneco, you won’t face such heart pain. They offer a price-match guarantee for 7 days after you sign up for their 24 months Get It Fix plan. If you see a competitor with a lower price for the same type of plan, contact them, and they will refund you the price difference. You won’t have to spend hours and days of your time comparing the different retailers. Geneco puts their money where their mouth is. You can trust you are getting a good deal if you decide to sign up with Geneco.
Countless discount, promo codes and rebates
Besides offering cheap electricity, Geneco also gives you further incentives with a whole load of discounts when you sign up. As of 19th April 2019, you can get up to $50 off by signing up for their 3-year plan. If you prefer a 2-year plan, you can also get a $40 bill rebate. That’s virtually free money just by switching, not including the substantial discounts every month from the lower electricity cost.
Additionally, you can also earn extra rebates by paying with certain credit cards or payment methods. For now, Geneco has tie-ups with AMEX, Maybank, OCBC, POSB and UOB. You can get one-off rebates or monthly cashback depending on the promotion.
If you are an existing Geneco customer, you can also earn further rebates by referring new customers to them. For every friend that you refer, you will get $20 off your bill. Your friend will also get $20 off. Win-win situation! You can use our code 91054884 for $20 rebate (key into referral code field)
No hidden fees or deposits
Whenever you sign a new contract, you’ll always be fearful that there are clauses that will increase the price. Thankfully, Geneco is very upfront with what they charge. The price that you see advertised is what you will pay. GST has already been added to it. What you see is what you pay. There are no hidden fees like carbon tax fees or security deposits. With other retailers, you might be subjected to these additional fees.
Geneco has more than 47 years of electric generation experience
As the OEM is a new thing, you may think that Geneco is a new company. However, that is far from the truth. Geneco is the residential arm of YTL PowerSeraya, which is a huge power generation company in Singapore. They generate around 20% of the electricity that Singapore uses. The good thing about signing up with a company with such strong backing is that you can trust them. You are not subjected to the potential instability of some electricity retailers who function only as a middleman.
Other Geneco Promotions
If you have certain debit or credit cards, you can get additional discounts. Some of these offers are limited time offers that can run out. If you miss an offer or don’t have the credit card, don’t be too disappointed because even without this offer, Geneco’s other rebates and promo codes are good enough.
POSB Everyday Card
You can get 1% cash rebates off your Geneco electricity bill. The only condition is that you have to use your POSB everyday card to pay for the bill. There is no minimum spend or cap on the amount.
UOB Cards
You can enjoy 5% from your UOB One Card and for 12 months an extra 1%. This discount is running till 30 June 2019. You will have to set up a recurring payment using your UOB One Card.
American Express Card
Sign up by 30 June 2019 and set up recurring payments in the Geneco online portal with your AMEX card. If your payment is more than $10 by 31 August 2019, you can get a one-time $40 credit to your account. This offer to limited to the first 20000 signups.
Other electricity retailers in Singapore
There are 22 electricity retailers that you can choose from. However, some of them are more competitively-priced compared to others. Based on our research, here is our ranking on the best electricity retailers in Singapore.
- Geneco
- Ohm Electricity
- Sembcorp Power
- Tuas Power
- Keppel Electric
Frequently asked questions (FAQ)
After so many years of getting your electricity from SP Group, switching to a new electricity provider is a new experience. You’ll likely have many questions. Here are some of the common questions that you may have – answered for you.
Is the process of switching troublesome?
No. In fact, switching your electricity provider is a straightforward process. You only need to fill up a form, provide your NRIC details to your newly selected retailer. From then on, they will take charge of the process and communicate with SP Group for a seamless transfer, You do not need to cancel or contact SP on your own.
Will my electricity supply ever be disrupted when switching?
No. Singapore Power is still in charge of delivering the electricity supply to your home. Switching retailers will not disrupt your electricity supply at all, even in the process of the switch. The only thing that will change is you’ll save money every month!
How do I know when I can switch to an electricity retailer?
By the 1st of May 2019, all households will be eligible to switch. The rollout is divided into different zones – for now (1/3/2019) if you are living in any postal code besides 01 to 33, your household is eligible to switch.
Not to worry, when you sign up on any of the retailer’s website, they will ask you for your postal code to verify whether you are eligible. Also, in a few short months, the whole of SIngapore will be able to switch.
Do I need to put a deposit?
It depends on the electricity retailer that you choose. With Geneco, you don’t have to put any deposit at all. For some retailers, you may have to place a security deposit which will be around $30 to $100, usually depending on the type of flat you live in.
Will I get my security deposit back from SP Group?
No. The security deposit you place at SP covers the other non-electrical portions of your utilities – for example, gas and water. You will not get a refund as the security deposit is required as long as you get your other services from SP Group.
All Photo credits to Geneco. Prices may change with ongoing promotions. Check their website for the latest news.
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