Genesis Energy Review - 2023 Prices, Discounts, Deals, Tariffs and Fees
Our guide explains Genesis Energy's pricing, bonuses, contracts, pros and cons and must-know facts, and how it compares to other power companies for residents of Auckland, Hamilton, Wellington, Christchurch and Dunedin.
Updated 11 September 2023
Genesis Energy in a Nutshell
Our review: To help you understand how Genesis Energy works and the pros and cons of their plans, our guide covers:
- Genesis Energy is New Zealand’s largest electricity retailer by market share and is part-owned by the New Zealand government.
- Thanks to its several generation plants across the country, Genesis Energy’s network serves every corner of New Zealand, with more than 400,000 Single Installation Control Points (ICPs), representing 23% of the total retail electricity market.
- Plans and Pricing: Genesis Energy offers two core plans, the Energy Basic Plan, and the Energy Plus Plan (which offers several perks, including free power hours, payment discounts and a sign-up bonus). Genesis have also recently introduced an EV Plan, you can find more information about that plan on our EV Plans review.
Our review: To help you understand how Genesis Energy works and the pros and cons of their plans, our guide covers:
Our Price Leading Power Companies - Fixed Term and Open Term
Getting quotes is an essential step before you switch. Our pricing tables and power comparison research look at average uses, Genesis leads with fixed-term offers and Flick leads with open terms.
Fixed Term: Special Offer With Our Partner Genesis - Rewarding New Zealanders Who Commit to a Great Value Genesis 12-Month Contract:
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Open Term: Special Offer With Our Partner Flick - Putting the Power Back in Customers Hands:
Looking for more information about power prices? Visit our comprehensive Power Company Comparison guide. |
Genesis Energy Price Analysis
Our Price Comparison Research and Results:
- Our latest 2022 research revealed that Genesis Energy's plans offered a very competitive offering for both low and standard users in Auckland, Hamilton, Wellington, Christchurch and Dunedin, and the range of rewards (i.e. discounts) can lower bills.
- Compare Genesis Energy's prices with the rest of the market here.
How green is Genesis Energy?
Genesis Energy owns and operates a number of renewable generation power plants around New Zealand.
Genesis Energy Plans - "Basic" vs "Plus"
Genesis Energy currently offers two residential plans, the Basic Plan and the Plus Plan. Each of these plans is available for both standard and low users, and have different benefits depending on the contracting conditions.
Genesis Energy Basic Plan Review
- Genesis Energy's Basic Plan is a simple, no-frills plan.
- The Basic Plan provides customers with Genesis Energy's lowest energy rates for a fixed period of 12 months.
- This is a good option for anyone looking for a plan that offers a predictable electricity bill from month to month, but the 12-month term is not negotiable.
- If you decide to move or switch, you’ll be liable for a $150 cancellation fee. However, although enjoying a special flat rate for 12 months is a great deal, it does not come without some restrictions.
The Pros:
- Genesis' lowest rates fixed for 12 months
- 5% dual fuel discount (if you also choose Genesis Energy for a gas connection)
The Cons:
- If you cancel the 12-month contract, you will have to pay an early termination fee of $150 (including GST)
- The Basic Plan does not offer exclusive Genesis Energy benefits such as Power Shouts or Fly Buys
- This plan is only available for primary residences, so you can’t use the plan for holiday homes and other properties you may own
Be aware:
- You must agree to receive your bill online (either by email or via the Genesis EnergyIQ app), so there are no paper bills.
- You have to pay your electricity bill by either recurring direct debit or credit card, and there is a 1.0% processing fee if you are paying by credit card.
Genesis Energy Plus Plan Review
- Genesis Energy's Plus Plan offers more options and a range of rewards
- Our view is that the Plus Plan is all about freedom of choice, and offers discounts based on those choices. You can choose between fixed or flexible contract terms, pick your preferred payment method and decide how to receive your electricity bill. This plan is ideal for New Zealanders that value flexibility and convenience above all else.
The Pros:
- Customers have the freedom to choose between fixed rates for 12 months (with a 3% discount off each bill), or a flexible contract, with “no exit fee.”
- 5% dual fuel discount (for example, if you sign up for gas) and up to 6% in additional discounts
- Customers are eligible for Genesis Energy Discounts and Rewards that include 1% discount when choosing to receive your bill by email or via the Genesis Energy IQ app, 2% discount off your bill when paying by direct debit, and 1% discount when you pay by credit card.
- Customers are offered bonuses such as Power Shouts
- $100 credit when signing up online and committing to a 12 month contract
Cons:
- If you cancel the fixed 12-month Plus Plan, you will have to pay an early termination fee of $150 (including GST).
- Customers pay slightly higher electricity use rates, as well as higher daily charges, compared to the Basic Plan
Genesis Energy Conclusion - Basic Plan vs Plus Plan
To determine which plan best suits your needs, you’ll need to consider the following:
- Total energy consumption (kWh) per year: The Basic Plan is suitable for users who want the lowest possible price at the expense of options and flexibility. The Energy Plus Plan is, in most cases, a better choice on account of the flexibility and potential discounts that can be obtained.
- Flexibility and convenience: The Basic Plan is a “take it or leave it” contract. You get lower rates at the expense of sacrificing flexibility. Conversely, the Plus Plan lets you decide almost every aspect of the contract.
- Additional benefits: Used wisely, Power Shouts and benefits can compensate for the higher variable rate of the Plus Plan.
Genesis Energy Frequently Asked Questions
To help you decide if Genesis Energy is right for your home, we've published a number of frequently asked questions.
What does Genesis Energy cost per month, and is it the cheapest?
What you pay depends on where you live, how much energy you use and what plan you're on. Our electricity comparison guide has more information about estimated costs and how it compares to other companies.
Is Genesis Energy available at my address?
Most likely - you'll need to type in your address to see if you're covered.
What does a Genesis Energy bill look like, and how do I pay?
This video explains how the bill appears, what everything means and when it's due. Genesis Energy accepts direct debits and credit cards - your can read more from their ways to pay your power bill guide.
Does Genesis Energy use renewable sources of electricity?
Yes - Genesis Energy owns and operates a number of renewable generation power plants around New Zealand.
Our Price Leading Power Companies - Fixed Term and Open Term
Getting quotes is an essential step before you switch. Our pricing tables and power comparison research look at average uses, Genesis leads with fixed-term offers and Flick leads with open terms.
Fixed Term: Special Offer With Our Partner Genesis - Rewarding New Zealanders Who Commit to a Great Value Genesis 12-Month Contract:
|
Open Term: Special Offer With Our Partner Flick - Putting the Power Back in Customers Hands:
Looking for more information about power prices? Visit our comprehensive Power Company Comparison guide. |
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