The Ultimate Guide To Which Electricity Retailer Is The Cheapest In Singapore
 
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The Ultimate Guide To Which Electricity Retailer Is The Cheapest In Singapore

Ming Feng
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Breaking News: Electricity Tariff To Fall Next Quarter

Good news everyone!

If you haven’t heard, electricity tariffs are set to decrease by an average of 3.3 per cent, or 0.79 cents per kilowatt-hour (kWh) after rising to a near five-year high in the previous quarter.

Seedly Electricity Tariff Drop

It’s not the sexiest piece of news EVER.

But if you’re paying the electricity bills, this is kind of like striking 4D.

I exaggerate, of course.

We’re not sure if the open electricity market will factor this announcement into their prices and drop them accordingly.

But if you haven’t switched to one yet, why not push your utility bills down even further by switching now? Or help your parents to do so if they haven’t switched.

That way, they won’t be nagging at you to switch off the lights when you leave the room or complain about the rising utility bill because you’re gaming late into the night.

See… EVERYONE WINS.

Disclaimer: we’re not sponsored by any of the open electricity retailers, we’ve simply done the comparison and it simply makes sense to switch!


TL;DR: Which Is The Cheapest Open Electricity Market Plan?

Cheapest electricity retailer in Singapore

If there’s one thing that Singaporeans care deeply about, it’s saving money.

In fact, when we first wrote this article and did a comparison between the Open Electricity Market (OEM) retailers, even the Straits Times picked it up.

#weirdflexbutokay

If you’re new to all of this, here’s a snapshot of the Open Electricity Market:

  • As of May 2019, the OEM has been rolled out to the whole of Singapore
  • There are a total of 12 players in the market to choose from
  • Most electricity retailers offer a selection of 3 distinct types of price plans
    • Fixed Price Plan
    • Discount Off Regulated Tariff
    • Non-Standard (Peak and Off-Peak options)

If you are wondering which is the cheapest electricity retailer based on a general price comparison, here are the results:

Cheapest Fixed Price Plan:

Contract Length For Fixed Price PlanWho provides the cheapest plan?
No ContractPacificLight
6 MonthsSembcorp Power
1 YearUnion Power
2 YearsUnion Power
3 YearsiSwitch

Cheapest Discount Off The Regulated Tariff Plan:

Contract Length For Discount Off Tariff PlanWho provides the cheapest plan?
No ContractDiamond Electric
6 MonthsOhm Energy, Union Power
1 YearOhm Energy, Diamond Electric
2 YearsUnion Power

Cheapest Peak And Off-Peak Plan:

Contract Length For Peak and Off-Peak PlanWho provides the cheapest plan?
Sunday FreeGeneco
Cheapest Peak and Off-Peak PriceKeppel Electric
DOTPacificLight

Wanna Switch But Don’t Know Which?

To make your life even easier, we’ve created an Open Electricity Market Comparison Tool which you can use to find the best electricity plan for you with just a few clicks!

Give it a try and see how much you can potentially save!

Oh, and did we mention that it’s absolutely free to use?

Find Me The Best Electricity Plan Now!

Note: Bookmark this article as the Seedly team will be updating it constantly!


Tips On Choosing The Best Electricity Plan

Step 1: Use the Seedly Open Electricity Market Comparison Tool

Seedly Open Electricity Market Comparison Tool

That’s it.

It’s that simple.

You can even read real user reviews, left by our friendly Seedly community, about the various retailers to help you make your decision.

That way, you can get more insights from like-minded Singaporeans with regard to:

  • user experience
  • customer service
  • billing issues (if any)
  • pro and cons of the retailer

The tool also gives lets you know if there are any credit card deals and promotions which you can use to save even more!

Once you’ve got an idea of which plan you want, head on over to the retailer’s website and download the respective plan’s factsheet to READ THE FINE PRINT.

Pro tip: the Discount Off Tariff Plan seems to be the most popular amongst the Seedly community


How Much Do Singaporeans Spend On Electricity Every Month?

Singaporeans are subjected to Electricity Tariff, which is regulated by the Energy Market Authority (EMA).

For Q4 2019 (1 Oct to 31 Dec 2019), the electricity tariff is 23.43 cents per kWh (excluding GST).

The Electricity Tariff is made up of 4 main components:

Electricity Tariff ComponentsPriceHow Often Is It Reviewed?
Market Administration and Power System Operation Fee

(Paid to Energy Company and Power System Operator)
0.06 cents/kWhAnnually
Market Support Services Fee (MSS)0.40 cents/kWhAnnually
Network Cost5.44 cents/kWhAnnually
Energy Costs17.53 cents/kWhQuarterly
SP Group Q32019 Electricity Tariff Before GST
Source: SP Group

The sum of the 4 components makes up your Electricity Tariff, which will be what the consumer pays for their monthly electricity bill.


Average Electricity Consumption And Electricity Bill Of Singaporeans

If you’d like to know how much you can potentially save if you switched to an OEM retailer, let’s have a look at how much Singaporeans spend on electricity per month, on average.

Using the current Q4 2019 (1 Oct to 31 Dec 2019) electricity tariff rate: 25.07 cents per kWh (including GST).

Property TypeAverage Electricity Consumption Per Month (kWh)
*as of Jul 2019
Average Cost of Electricity Per Month (incl. GST)
HDB 1-Room128S$32.09
HDB 2-Room174S$43.62
HDB 3-Room259S$64.93
HDB 4-Room353S$88.50
HDB 5-Room411S$103.04
HDB Executive501S$125.60
Apartment515S$129.11
Terrace790S$198.05
Semi-Detached1057S$264.99
Bungalow2254S$565.08

Source: SP Group


Open Electricity Market Retailers In Singapore

These are the electricity retailers that are authorised at the moment:

To make comparison easier for everyone, we are going to focus on what matters the most: residential plans.


Types Of Open Electricity Market (OEM) Residential Plans

There are three types of OEM residential plans.

Note: in case you’re wondering, the 22.15 cents/kWh (before GST) electricity tariff is just for illustration

Standard: Fixed Price Plan

This means that you’ll pay a fixed rate throughout your contract.

Standard: Discount Off The Regulated Tariff Plan
Discount off tariff electricity retail plan Singapore

This plan lets you enjoy a percentage off the EMA Regulated Electricity Tariff, throughout your contract. So pray that the tariff decreases every quarter.

Non-Standard: Peak And Off-Peak Plan
Peak and off-peak plan for electricity retailer Singapore

This plan is pretty self-explanatory. You’ll pay more during peak period, and you’ll pay less during the off-peak period. Great for people who work (or game) at home during off-peak periods.


Which Electricity Retailer’s Fixed Price Plan Is The Cheapest?

With 12 retailers, choosing one can be quite a chore, but we are here to help by comparing all the plans they have for households.

In general, we noted that in general Fixed Price Plans are cheaper than what you would pay for if you’re paying SP based on the current electricity tariff.

CompanyFixed Rate Plan
6 Months1 Year Contract2 Years Contract3 Years Contract
Union Power-$0.1760/kWh$0.1770/kWh-
Sunseap$0.1803/kWh$0.1845/kWh$0.1775/kWh

$0.2161/kWh
(50% Clean Energy)

$0.2301/kWh
(100% Clean Energy)
-
iSwitch-$0.1761/kWh$0.1776/kWh$0.1787/kWh
Tuas Power-$0.1798/kWh
(18 Months)
$0.1798/kWh$0.1798/kWh
PacificLightNo Contract: $0.1739/kWh

(+$0.32/day daily charge)
$0.1766/kWh (Online Exclusive)

$0.1865/kWh
$0.1798/kWh$0.1788/kWh
Sembcorp PowerNo Contract: $0.1755/kWh$0.1865/kWh$0.1798/kWh-
Geneco$0.1762/kWh$0.1926/kWh$0.1798/kWh$0.1798/kWh
Keppel Electric-$0.1810/kWh$0.1830/kWh$0.1830/kWh
Senoko Energy-$0.1818/kWh$0.1798/kWh-
Ohm Energy$0.1890/kWh

No Contract: $10.70 per month + $0.1798/kWh
$0.1890kWh--
Best Electricity $0.2100/kWh

No Contract: $10.70 per month + $0.1736/kWh
$0.2050/kWh$0.1798/kWh
-
Diamond ElectricDoes not provide fixed price plan
  • Ohm Energy and Sembcorp Power provide No Contract plans at $0.1798/kWh and $0.1739/kWh respectively
  • Geneco has the cheapest 6 months plan at $0.1762/kWh
  • Union Power is the most economical when it comes to the 1-year and 2-years plan at $0.1760/kWh and $0.1770/kWh respectively
  • iSwitch is the cheapest for 3 years contract at $0.1787/kWh

Which Electricity Retailer’s Discount Off The Regulated Tariff Plan Is The Cheapest?

If you’d like to take a bet on the electricity tariff, then the Discount Off The Regulated Tariff (DORT) plan might be more your thing.

DORT plans charges you by taking a percentage off the cost from the EMA stipulated electricity tariff for the quarter.

CompanyDiscount Off Tariff Plan
6 Months1 Year Contract2 Years Contract
Ohm Energy25% off25% off-
Union Power25% off-25% off
Diamond ElectricNo Contract:
20% off
21% (4th month onwards)
22%(8th month onwards)
25% off-
Sunseap23% off23% off23% off

15% off
(50% Clean Energy)

10% off
(100% Clean Energy)
iSwitch-22.8% off23% off
Sembcorp Power-20.50% off22.50% off
PacificLight-22% off22% off
Best Electricity -21% off22% off
Geneco--22% off
Keppel Electric--22% off
Tuas Power18% off-22% off
Senoko Energy-18% off19% off
  • Diamond Electric offers a No-contract plan with 20% discount off tariff
  • For short-term 6 months contract, Ohm Energy and Union Power is the cheapest with 25% off
  • Ohm Energy is also the cheapest for the 1-year contract with 25% discount off tariff
  • For 2 year contract, Union Power is the cheapest with 25.00% off.

Which Electricity Retailer’s Peak And Off-Peak Plan Is The Cheapest?

For most retailers, off-peak period is defined as 11pm to 7am.

So if you’re a night owl or do most of your work in the wee hours of the night, then the Peak And Off-Peak Plan might be better for you.

Not many retailers offer this as consumers would have to get an extra meter installed to monitor electricity activity.

CompanyPeak and off-peak plans
PeakOff Peak
PacificLight10% off tariff
(7am to 11pm)
35% off tariff
(11pm to 7am)
Keppel Electric$0.2044/kWh
(7am to 11pm)
$0.1634/kWh
(11pm to 7am)
Geneco$0.225/kWh
(Monday to Saturday)
FREE
(Sunday)
Sembcorp Power$0.2140/kWh
(7am - 7pm)
$0.1865/kWh
(7pm - 7am)
Tuas PowerDoes not offer Peak and off-peak plans
iSwitchDoes not offer Peak and off-peak plans
Best Electricity Does not offer Peak and off-peak plans
Senoko EnergyDoes not offer Peak and off-peak plans
Ohm EnergyDoes not offer Peak and off-peak plans
SunseapDoes not offer Peak and off-peak plans
Union PowerDoes not offer Peak and off-peak plans
Diamond ElectricDoes not offer Peak and off-peak plans
  • PacificLight offers a discount off tariff for peak and off-peak plan
  • Geneco has an interesting peak and off-peak plan where electricity on Sunday is FREE
  • Keppel Electricity is the cheapest for peak rates
  • Should a consumer chooses to go with Peak and Off-peak plan, they may need to install a smart meter to track their electricity consumption every half an hour
  • The meter installation fee costs $40 (before GST)

How Accurate Is EMA’s Retailer Ratings?

In a recent attempt to help residential consumers make a better decision when choosing their electricity retailer, The Energy Market Authority (EMA) introduced a customer satisfaction rating for each retailer. It is done using a 5-point rating scale (very much like the one Seedly started Singapore on).

To help Singaporeans make an even smarter decision on the best Electricity Retailer to choose from, we decide to display both our rating with that of EMA’s, to give you a better idea.

RetailersRating on Seedly ReviewsRating on EMAReviews Source
Best Electricity4.7/5 Stars3/5 Starshttps://seedly.sg/reviews/open-electricity-market/best-electricity
Diamond Electric4.9/5 StarsRating Not Availablehttps://seedly.sg/reviews/open-electricity-market/diamond-electric
Geneco4.6/5 Stars3.5/5 Starshttps://seedly.sg/reviews/open-electricity-market/geneco
iSwitch4.2/5 Stars3/5 Starshttps://seedly.sg/reviews/open-electricity-market/iswitch
Keppel Electric4.1/5 Stars3.5/5 Starshttps://seedly.sg/reviews/open-electricity-market/keppel-electric
Ohm Energy4.9/5 Stars4/5 Starshttps://seedly.sg/reviews/open-electricity-market/ohm-electricity
PacificLight4.8/5 Stars3.5/5 Stars https://seedly.sg/reviews/open-electricity-market/pacificlight
Sembcorp Power4.6/5 Stars3.5/5 Starshttps://seedly.sg/reviews/open-electricity-market/sembcorp-power
Senoko Energy 4.6/5 Stars3.5/5 Starshttps://seedly.sg/reviews/open-electricity-market/senoko-energy
Sunseap Energy3/5 Stars4/5 Starshttps://seedly.sg/reviews/open-electricity-market/sunseap
Tuas Power4.9/5 Stars4/5 Starshttps://seedly.sg/reviews/open-electricity-market/tuas-power
Union Power5/5 StarsRating Not Availablehttps://seedly.sg/reviews/open-electricity-market/union-power

Some Commonly Asked Questions About The OEM

1. Why Are Electricity Retailers Able Charge Lower For Electricity Than SP Group?

You’re probably going, “WALAO, has SP Group been overcharging me ALL THESE YEARS?!”

Not exactly.

The regulated tariff takes into account the cost of producing and delivering electricity which includes the cost of building and operating power plants as well as maintaining the power grid.

The rates offered by retailers, on the other hand, reflect current market conditions and the short-term costs of producing electricity.

If the current market conditions see excess in supply as compared to demand, the price of electricity will naturally be lower.

These retailers can then go into the wholesale market and buy electricity in bulk from power generation companies.

Of course, these prices offered by retailers are only fixed during your contract. So they can adjust their prices and discounts over time. But fret not, you can always switch back to buying electricity at the regulated tariff from SP Group at any time – after you complete your contract of course; unless you wish to pay the early termination fee…

2. When Can I Start Applying?

As of today, you can switch to an Open Electricity Market retailer anytime.

But as with anything that has to do with money, take the time to understand the OEM before you switch.

The retailers might be throwing promo codes around like Oprah Winfrey and shouting out how they’re the cheapest in town.

Everybody Gets A Promo Code
Source: imgflip

But you really should take the time to understand the other stuff which electricity retailers don’t usually talk about like:

  • Administrative fee
  • AMI meter installation fee
  • Auto-renewal of contract clause
  • Carbon tax
  • Early termination charges
  • Late payment fee
  • Paper bill
  • Security deposit
  • Transmission loss factor
  • U-Save GST Voucher

Read more: Hidden Fees And T&Cs To Take Note When Choosing An Electricity Retailer

3. What Is Transmission Loss Factors (TLF)

To put it simply, it’s a scaling factor that has been applied at the metering point to account for network and transformer loss.

Think of it this way: to get you one unit of electricity, the retailer needs to send two units of electricity to account for the possible loss of one unit of electricity when electricity travels across such a vast distance from the power plant to your home. That’s the TLF that they need to factor in when charging you.

Most of us fall under the 230kv/400kV load.

Transmission Loss Factor EMA
Source: EMA

SP Group should have already adjusted this to reflect the actual consumer use, so retailers will adhere to SP Group’s recommended TLF and bill you accordingly.


Wanna Switch But Don’t Know Which?

With so many options in the market, it’s hard to decide which to switch to.

Why not give the Seedly Open Electricity Market Comparison Tool a whirl and see how much you can shave off your electricity plan?

It’s free to use anyways!

Find Me The Best Electricity Plan Now!

Whether you love or hate our content... WE WANT TO HEAR WHAT YOU THINK!

About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
You can contribute your thoughts like Ming Feng here.

Still have more questions after reading the article? Fret not, ask our community here!

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