Best Private Electricity Retailer in Singapore 2018
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The Ultimate Comparison (as of 10 April 2018): Which Electricity Retailer Is The Cheapest In Singapore? (Updated with the latest Electricity Tariff)

TL;DR: Ultimately Singaporeans will get cheaper electrical bills (As of 10 April 2018)

  • Starting 1st April 2018, 108,000 households and 9,500 business in Jurong will get the chance to choose an electricity retailer that best suits their needs.
  • Average electricity usage has a declining trend since last year.
  • There are a total of 14 players and 3 most distinct types of price plans available.
  • For Fixed Price Plan:
    Sun Electric has a 3 months contract plan
    iSwitch is the cheapest for 6 months contract.
    Keppel Electric is the cheapest for a 1-year contract
    Best Electricity is the cheapest for 2 years contract.
    Ohm Electricity has a No Contract Plan for this category at only
  • For Discount Off Tariff Plan: iSwitch is the cheapest for 6 months contract.
  • For peak and off-peak plans: PacificLight dominates this category.

How much Singaporeans spend on electricity bill every month?

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

This Electricity Tariff is updated every quarterly, and as of Q2 2018, which is from 1 April 2018 to 30 June 2018, the Electricity Tariff is at 22.15 cents/kWh (23.70 cents/kWh with GST)

Q2 2018 Electricity Tariffs

The Electricity Tariff is made up of 4 components:

  • Market Administration and Power System Operation Fee – 0.05 cents/kWh
    Paid to Energy Company and Power System Operator. Reviewed annually.
  • Market Support Services Fee (MSS) – 0.40 cents/kWh
    Reviewed annually.
  • Network Cost – 5.31 cents/kWh
    Reviewed annually.
  • Energy Cost – 16.39 cents/kWh
    Reviewed quarterly.

The sum of the 4 components makes up your Electricity Tariff, which will be what 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 TypeAug 2017Sep 2017Oct 2017Nov 2017Dec 2017Jan 2018Average Electricity Consumption (kWh)
HDB 1-Room138135137137132125134
HDB 2-Room196191190193180175187.5
HDB 3-Room278273278278258249269
HDB 4-Room380371373379348336364.5
HDB 5-Room443432434442406386423.8
HDB Executive535530540545492481520.5
Apartment541543545540513479526.8
Terrace938938927898850804892.5
Semi-Detached1239123512201200111711021185.5
Bungalow2452246924452499226323582414.3

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 TypeAverage Electricity Consumption per month(kWh)Average Cost of Electricity per month
HDB 1-Room134S$31.76
HDB 2-Room187.5S$44.44
HDB 3-Room269S$63.76
HDB 4-Room364.5S$86.39
HDB 5-Room423.8S$100.44
HDB Executive520.5S$123.36
Apartment526.8S$124.86
Terrace892.5S$211.53
Semi-Detached1185.5S$280.97
Bungalow2414.3S$572.19

Open Electricity Market in Jurong

As of 1st April 2018, households and businesses in Jurong will have the option to purchase electricity from a retailer. This reduces the reliant on SP group (SP Services) for electricity, where cost is based on a regulated tariff that changes every quarter.

Should this be a success, Singaporeans may go under this new initiative.

To kick-start this new initiative, 14 electricity retailers are authorised to start offering their plans for Jurong.

The 14 retailers are:

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

Residential plans offered by electricity retailers

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 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: Electricity Retailers in Singapore (Fixed Price Plan)

With 14 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 $0.237/kWh this quarter. All the fixed rates that private retailers provide is cheaper than the current tariff.

CompanyFixed Rate Plan
6 Months1 Year Contract2 Years Contract
Best Electricity -$0.175/kWh$0.1638/kWh
Keppel Electric$0.1707/kWh$0.1680/kWh$0.1650/kWh
iSwitch$0.1678/kWh$0.1720/kWh-
PacificLight--$0.1678/kWh
Ohm Electricity $0.1715/kWh$0.1695/kWh-
No Contract: $10 per month + $0.1535/kWh)
Red Dot Power-$0.1718/kWh$0.1678/kWh
Sun Electric0.1750/kWh
(3 months, up to 5% solar)
--
Geneco-$0.1780/kWh-
Diamond Electric-$0.1888/kWh-
Tuas Power--$0.1940/kWh
Sembcorp PowerOnly provides Discount Off Regulated Tariff Plan
Senoko EnergyOnly provides Discount Off Regulated Tariff Plan
SunseapOnly provides Discount Off Regulated Tariff Plan
Hyflux EnergyOnly available upon requests
  • Keppel Electric provides the cheapest fixed rate price plan for electricity across all 6 months, 1 year and 2 years contract
  • Ohm Electricity actually provides a No Contract plan at $0.1535/kWh with a monthly fixed cost of $10.
  • Hyflux Energy’s rates only available when one submits a quote request.
  • Sembcorp Power, Senoko Energy, Sun Electric and Sunseap only does Discount Off Regulated Tariff Plan (refer to the definition at the top).

The Ultimate Comparison: Electricity Retailers in Singapore (Discount Off 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.

CompanyDiscount Off Tariff Plan
6 Months1 Year Contract2 Years Contract
Geneco24.5% off
(3 Months)
18% off-
iSwitch23% off20% off
18% off
(clean energy)
-
Ohm Electricity 22%--
Keppel Electric--21% off
PacificLight--21% off
Best Electricity -18% off20% off
Sunseap--20% off
Sun Electric-17% off
(up to 5% solar)
13% off
(at least 5% solar)
18.8% off
(up to 5% solar)
15% off
(at least 5% solar)
Diamond Electric18.8% off
(3 months)
15% off-
Sembcorp Power-12.8% off13.8% off
Red Dot Power-15% off20% off
Tuas Power--10% off
(Free 2 months)
Senoko Energy--3 months free + 5% off

3 months free + 10% off
(3 Years Contract)
Hyflux EnergyOnly available upon requests
  • iSwitch is the cheapest for 6 months contract with 23% discount off tariff, followed by Ohm Electricity.
  • For 1 year contract, Geneco is the cheapest with 20% off.
  • As for 2 Years Contract Keppel Electric and PacificLight are the cheapest at 21%.

The Ultimate Comparison: Electricity Retailers in Singapore (Peak and off-peak plans)

Assuming 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 possible extra meter needed to be fixed at the household to monitor the electrical activity.

CompanyPeak and off-peak plans
PeakOff Peak
PacificLight$0.1807/kWh
or
16% off tariff
(7am to 11pm)
$0.1667/kWh
or
26% off tariff
(11pm to 7am)
Keppel Electric$0.1880/kWh
(7am to 11pm)
$0.1538/kWh
(11pm to 7am)
iSwitch$0.198/kWh
(7am to 11pm)
$0.185/kWh
(11am to 7am)
Red Dot Power$0.1993/kWh
(7am to 7pm)
$0.1918/kWh
(7pm to 7am)
Tuas Power$0.202/kWh
(7am to 6.59pm)
$0.19/kWh
(7pm to 6.59am)
Hyflux EnergyOnly available upon requests
GenecoDoes not offer Peak and off-peak plans
Best Electricity Does not offer Peak and off-peak plans
SunseapDoes not offer Peak and off-peak plans
Sun ElectricDoes not offer Peak and off-peak plans
Diamond ElectricDoes not offer Peak and off-peak plans
Sembcorp PowerDoes not offer Peak and off-peak plans
Senoko EnergyDoes not offer Peak and off-peak plans
Ohm Electricity Does not offer Peak and off-peak plans
  • PacificLight seem to dominate in this field when it comes to peak and off-peak plans
  • Do take note that Geneco and PacificLight offers peak and off-peak discount off tariff plans which might be attractive to consumers.
  • Should a consumer chooses to go with Peak and Off-peak plan, installing a smart meter is necessary to track your electricity consumption every half an hour.
  • The meter installation fee costs $40 (before GST).

Further Reading:

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.

Transmission Loss Factors Singapore april 2018

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