The Ultimate Comparison: Which Electricity Retailer Is The Cheapest In Singapore?
TL;DR: Cheapest Open Electricity Market Plan In Singapore
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As of 8 July 2019, here’s what we know about the Open Electricity Market Plans:
- The progressive rollout of OEM will start 1 November 2018. By May 2019, OEM will be rolled out to the whole of Singapore.
- There are a total of 12 players and 3 most distinct types of price plans available.
- The standard price plans are Fixed Price Plan and Discount Off Tariff Plan.
- Peak and off-peak price plans are non-standard price plans offered by some retailers.
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 Plan||Who provides the cheapest plan?|
|3 Years||PacificLight, Keppel Electric|
Cheapest Discount Off The Regulated Tariff Plan:
|Contract Length For Discount Off Tariff Plan||Who provides the cheapest plan?|
|No Contract||Diamond Electric|
|6 Months||Ohm Energy|
|1 Year||Ohm Energy|
|2 Years||iSwitch, Sunseap, Union Power|
Cheapest Peak And Off-peak Plan:
|Contract Length For Peak and Off-Peak Plan||Who provides the cheapest plan?|
|Cheapest Peak and Off-Peak Price||Keppel Electric|
Tips On Choosing The Best Electricity Plan!
- Always download the factsheet of the plans you are considering from the retailer’s website. (Look out for the fine print!)
- For user experience, customer service, billing issues and other possible pros and cons of a retailer, it will be good to rely on insights from Singaporeans who have been there done that.
- Use Seedly’s Comparison tool and read real user reviews to make the best decision!
- For the latest promo codes and promotions for the plans, Seedly’s Comparison Tool got you covered too!
- Tip: Last we heard, Discount off tariff is the most popular plan simply because it is a sure win from whatever the tariff may be.
How Much Do Singaporeans Spend On Electricity Bill Every Month?
Singaporeans are subjected to Electricity Tariff, which is regulated by the Energy Market Authority (EMA).
For Q3 2019, the electricity tariff is 24.22 cents per kWh, excluding GST.
This Electricity Tariff is updated every quarterly, and as of Q3 2019, which last from 1 July 2019 to 30 September 2019, the Electricity Tariff is at 25.92 cents/kWh with GST.
The Electricity Tariff is made up of 4 main components:
|Components||How much it costs?||How often is it being reviewed?|
|Market Administration and Power System Operation Fee|
(Paid to Energy Company and Power System Operator)
|0.06 cents/kWh||Reviewed annually|
|Market Support Services Fee (MSS)||0.40 cents/kWh||Reviewed annually|
|Network Cost||5.44 cents/kWh||Reviewed annually|
|Energy Costs||18.32 cents/kWh||Reviewed Quarterly|
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
To give a good judgment on how the new scheme of using private electricity retailers will affect our electricity bills, we went on to find out on average, how much Singaporeans spend on electricity.
First, we find out the amount of electricity an average Singaporean consumes:
|Property Type||Average Electricity Consumption (kWh)|
Credit: SP Group
Now that we have a good estimation of how much electricity (in kWh) is being consumed for each property type, we went on to give an estimation of the cost (inclusive of GST):
|Property Type||Average Electricity Consumption per month(kWh)||Average Cost of Electricity per month|
Editor’s Note: Live in a Bungalow they say, pay $664 in electricity bills they say.
Open Electricity Market In Singapore
The Open Electricity Market (OEM) has been rolled out to the whole of Singapore households and businesses. This reduces the reliant on SP group (SP Services) for electricity, where cost is based on a regulated tariff that changes every quarter.
These are the electricity retailers that are authorised at the moment:
- Best Electricity Supply
- Diamond Electric
- Geneco by Seraya Energy
- Keppel Electric
- Ohm Energy
- PacificLight Energy
- Sembcorp Power
- Senoko Energy Supply
- Sunseap Energy Group
- Tuas Power Supply
- Union Power
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
Brushing away all the marketing gimmick and getting down to business, most electricity retailer has 3 main types of plan for the Singaporeans.
Fixed Price Plan
Pay a fixed rate throughout your contract
Discount Off The Regulated Tariff Plan
Enjoy percentage off the Regulated Tariff (updated quarterly), throughout your contract
Peak and Off-peak Plan
Pays more for electricity during the peak period.
Pays lesser for electricity during the off-peak period.
The Ultimate Comparison: Cheapest Electricity Retailers in Singapore (Fixed Price Plan)
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.
For easy reference, the SP Regulated Tariff Rate is at $0.2552/kWh this quarter. All the fixed rates that private retailers provide is cheaper than the current tariff.
|Company||Fixed Rate Plan|
|6 Months||1 Year Contract||2 Years Contract||3 Years Contract|
|PacificLight||No Contract: $0.1739/kWh||$0.1865/kWh||$0.1798/kWh||$0.1788/kWh|
|Sembcorp Power||No Contract: $0.1755/kWh||$0.1865/kWh||$0.1798/kWh||-|
(50% Clean Energy)
(100% Clean Energy)
No Contract: $10.70 per month + $0.1798/kWh)
|Diamond Electric||Does not provide fixed price plan|
- Ohm Energy and Sembcorp Power provide No Contract plans at $0.1739/kWh and $0.1755/kWh respectively.
- Geneco has the cheapest 6 months plan at $0.1763/kWh
- iSwitch is the most economical when it comes to the 1-year and 2-years plan at $0.1762/kWh and $0.1755/kWh respectively.
- Geneco is the cheapest for 3 years contract at $0.1788/kWh.
The Ultimate Comparison: Cheapest Electricity Retailers in Singapore (Discount Off The Regulated Tariff Plan)
If you are not a fan of fixed rate and would like to add a bit of spice to life, “betting” on electricity tariff can be the new thing for you.
Discount Off Regulated Tariff Plans charge by taking away a percentage of the cost from your usual electricity tariff. Hence, it is pegged to the electricity tariff which changes every quarterly.
|Company||Discount Off Tariff Plan|
|6 Months||1 Year Contract||2 Years Contract|
|Ohm Energy||25% off||25% off||-|
|Diamond Electric||No Contract: |
21% (4th month onwards)
22%(8th month onwards)
|iSwitch||-||22.8% off||23% off|
|Sunseap||23% off||23% off||23% off
(50% Clean Energy)
(100% Clean Energy)
|Union Power||23% off||-||23% off|
|Sembcorp Power||-||20.50% off||22.50% off|
|PacificLight||-||22% off||22% off|
|Best Electricity||-||21% off||22% off
|Keppel Electric||-||-||22% off|
|Tuas Power||18% off||-||22% off|
|Senoko Energy||-||18% off||19% off|
- Diamond Electric offers a No-contract plan with 20% discount off tariff.
- For short-term 6 months contract, Ohm Energy 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, Environmental Solution is the cheapest with 23.00% off. Environmental Solution also offers a 3-year plan at 23.40% off.
The Ultimate Comparison: Cheapest Electricity Retailers In Singapore (Peak And Off-Peak Plans)
Assuming the peak period is defined as the time where most Singaporeans are at home. Hence, if you have working hours which are away from the norm, this might be the plan for you given that your electricity usage will be during off-peak.
We see less company is having the Peak and off-peak plans mainly due to the possible extra meter needed to be fixed at the household to monitor the electrical activity.
|Company||Peak and off-peak plans|
|PacificLight||10% off tariff|
(7am to 11pm)
|30% off tariff
(11pm to 7am)
(7am to 11pm)
(11pm to 7am)
(Monday to Saturday)
(7am - 7pm)
(7pm - 7am)
|Tuas Power||Does not offer Peak and off-peak plans|
|iSwitch||Does not offer Peak and off-peak plans|
|Best Electricity||Does not offer Peak and off-peak plans|
|Senoko Energy||Does not offer Peak and off-peak plans|
|Ohm Energy||Does not offer Peak and off-peak plans|
|Sunseap||Does not offer Peak and off-peak plans|
|Union Power||Does not offer Peak and off-peak plans|
|Diamond Electric||Does 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).
Why Can Electricity Retailers Charge Lower For Electricity Than SP Group?
Most Singaporeans are probably wondering why is it possible for cheaper electricity and yet, SP Group has been overcharging us for so many years.
To summarise this, it is because the introduction of retailers into the Open Electricity Market allows the retail arm of power generators or independent retailers which buy electricity in bulk from power generation companies into the market.
These retailers can now go into a wholesale market where prices change every 30 minutes depending on demand and supply, hence allowing a possible cheaper price should the retailer managed to purchase bulk electricity at a low price.
When Can I Start Applying?
Singaporeans can sign up for this service when the Open Electricity market is rolled out progressively in 4 geographical zones.
Transmission Loss Factors (TLF)
- Scaling factors that are already applied at the metering point to account for network and transformer losses.
- Residential customers fall under the 230.400V category when it comes to TLF
- SP Group should have already adjusted this to derive the usage of consumers, hence, private retailers will simply take the information from SP Group and bill accordingly.
Other Equally Important Things To Take Note
Every electricity retailer out there might be throwing promo codes around like Oprah Winfrey and shouting out how they’re the cheapest in town.
But is that all you should really be looking at?
We delve deeper into the stuff that the 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
So you don’t have to. Give it a read!