Currently security deposit is waived for residential customers when they sign up to Diamond Electric.
Security deposit is required for business customers. The calculation of the security deposit is 2 months electricity bills. Please refer to the formula below.
In the event that no bills are available, please contact us at 6-DIAMOND (6342 6663) or email us at firstname.lastname@example.org for more information on the security deposit.
Adjustments To Security Deposit
Based on the business customer’s monthly average electricity consumption, the security deposit may adjust from time to time in accordance to the formula below.
Security Deposit Calculation
(Average monthly consumption based on the latest 3 months electricity consumption) multiply by (The current regulated tariff ) multiply by (2 months)
Value Added Services
• Paper bill (optional) – $1.07 per paper bill (inclusive of GST)
• AMI meter installation fee, if applicable (collected on behalf of SP Group) – $42.80 (inclusive of GST)
Other Charges (If Applicable)
• GIRO admin. charge per GIRO rejection – $1.07 (inclusive of GST)
• Credit / Debit / Cheque admin. charge per payment rejection – $5.35 (inclusive of GST)
• Account Closure / Termination Fee (collected on behalf of SP Group) – $10.70 (inclusive of GST)
• Express Closure Fee (for Freedom Plans only) – $32.10 (inclusive of GST)
• Ad-hoc meter reading request by customer – $21.40 (inclusive of GST)
Electricity tariffs are regulated by the Energy Market Authority (EMA) and are revised every three months. The current regulated tariff is 23.38 cents/kWh without GST and 25.02 cents/kWh with GST (1 July to 30 Sept 2021)
What Happens If I Move During The Contract
If you relocate premises during the contract period, please contact us at email@example.com at least 30 days before you move out. There will be an account closure fee of $10.70 (inclusive of GST) collected on behalf of SP Group as well as an early termination charge applicable for your contracted premise.
Contact us within 4 months at firstname.lastname@example.org to sign up for your new premise to resume the remaining period of the previous contract at the same rates. Upon resuming the contract successfully on your new premise with us, we will credit the early termination charge to your new electricity account.
* Relocation means the change of premise address only. The
Account Holder does not change.
* Relocation is not applicable to Freedom Plans.
The Formula To Calculate Early Termination
(50% of the average monthly bill based on the last 3 months’ bills) multiply by (number of unfulfilled contract months)
Example: Supposed your last 3 months bills is $90, $140 and $130. Your average monthly bill is $120. You have 3 months remaining in your contract, when you want to proceed with an early termination, the amount is: 50% x ($120) x 3 months = $180
* Early termination charges are not applicable to Freedom Plans.
For Freedom Plans Only
Customers who are on Freedom Plans may terminate these plans without early termination charges, by giving us 1 month’s written notice. For termination of the Freedom Plans with less than 1 month’s written notice, an Express Closure Fee of $32.10 (inclusive of GST) will apply.