Cheapest Electricity Retailers in Singapore
< BACK TO MAIN BLOG

The Ultimate Comparison: Which Electricity Retailer Is The Cheapest In Singapore? (Updated as of 4 March 2019)

5 min read

TL;DR: Cheaper Electrical Bills! (Updated 4 March 2019)

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

Cheapest Electricity Retailers in Singapore

As featured on Straits Times on 30th September 2018 (FYI: data in this article is updated as of 4 March 2019 now):

  • The progressive rollout of OEM will start 1 November 2018. By May 2019, OEM will be rolled out to the whole of Singapore.
  • Average electricity usage has a declining trend since last year.
  • There are a total of 13 players and 3 most distinct types of price plans available.
  • The standard price plans are Fixed Price Plan and Discount Off Tariff Plan.
  • Although Peak and off-peak price plans are being offered by retailers, they are non-standard price plans.
  • For Fixed Price Plan:
    Geneco is the cheapest for 6-months.
    iSwitch is the cheapest for a 1-year and a 2-year contract.
    Geneco is the cheapest for a 3-year contract plan.
    Ohm Energy and Sembcorp Power have a No Contract Plan for this category.
  • For Discount Off The Regulated Tariff Plan:
    Ohm Energy
     is the cheapest when it comes to a 6-months or 1-year contract.
    Environmental Solution is the cheapest for a 2-year contract. They also offer a 3-year plan.
    Diamond Electric offers a No-contract plan.
  • For peak and off-peak plans:
    PacificLight offers a discount off tariff for peak and off-peak plan.
    Keppel Electricity is the cheapest for peak rates
  • Geneco offers a peak and off-peak plan where electricity consumption on Sunday is FREE.

3 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.
    Reviews on electricity retailers in SingaporeRead the reviews before making a decision.
  • 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).

The current electricity tariff, exclusive of GST, is 23.85 cents per kWh.

Electricity Tariff for Q1 2019

This Electricity Tariff is updated every quarterly, and as of Q1 2019, which is from 1 January 2019 to 31 March 2019, the Electricity Tariff is at 25.52 cents/kWh with GST.

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 – 18.09 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 TypeAverage Electricity Consumption (kWh)
HDB 1-Room134.5
HDB 2-Room182.64
HDB 3-Room271.09
HDB 4-Room366.75
HDB 5-Room425.06
HDB Executive520.36
Apartment516.8
Terrace896.96
Semi-Detached1168.55
Bungalow2346.08

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-Room134.5S$32.45
HDB 2-Room182.64S$44.07
HDB 3-Room271.09S$65.41
HDB 4-Room366.75S$88.50
HDB 5-Room425.06S$102.57
HDB Executive520.36S$125.56
Apartment516.8S$124.70
Terrace896.96S$214.02
Semi-Detached1168.55S$281.97
Bungalow2346.08S$566.11

Open Electricity Market In Singapore

By May 2019, OEM will be 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:

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 The Regulated Tariff Plan
    Discount off tariff electricity retail plan Singapore

    Enjoy percentage off the Regulated Tariff (updated quarterly), throughout your contract

  • Peak and Off-peak Plan
    Peak and off-peak plan for electricity retailer Singapore

    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 13 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.

CompanyFixed Rate Plan
6 Months1 Year Contract2 Years Contract3 Years Contract
iSwitch-$0.1762/kWh$0.1755/kWh-
Geneco$0.1763$0.2033/kWh$0.1778/kWh$0.1788/kWh
Tuas Power-$0.1798/kWh$0.1798/kWh$0.1798/kWh
Sembcorp PowerNo Contract: $0.1755/kWh$0.1865/kWh$0.1778/kWh-
Keppel Electric-$0.1871/kWh$0.1778/kWh$0.1798/kWh
Sunseap$0.1803/kWh$0.1848/kWh$0.1798/kWh

$0.2161/kWh
(50% Clean Energy)

$0.2301/kWh
(100% Clean Energy)
-
Senoko Energy-$0.1845/kWh$0.1795/kWh-
PacificLight-$0.1855/kWh$0.1795/kWh-
Environmental Solutions-$0.1954/kWh$0.1845/kWh-
Ohm Energy$0.1950/kWh

No Contract: $10.70 per month + $0.1739/kWh)
$0.1890kWh$0.1895/kWh-
Best Electricity $0.197/kWh$0.195/kWh$0.189/kWh
-
Union PowerDoes not provide fixed price plan
Diamond ElectricDoes 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.

CompanyDiscount Off Tariff Plan
6 Months1 Year Contract2 Years Contract
Ohm Energy25% off25% off-
Diamond Electric20% off
(No contract)
24% off-
Environmental Solution-22.80% off23.00%

23.40%
(3 years)
Sunseap Energy23% 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
Geneco20% off19% off22% off
Keppel Electric--22% off
Union Power--22% off
Tuas Power18% off-22% off
Best Electricity -15% off16% off
Senoko Energy-17% off19% 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.

CompanyPeak and off-peak plans
PeakOff Peak
PacificLight10% off tariff
(7am to 11pm)
30% off tariff
(11pm to 7am)
Keppel Electric$0.2020/kWh
(7am to 11pm)
$0.1616/kWh
(11pm to 7am)
Geneco$0.225/kWh
(Monday to Saturday)
FREE
(Sunday)
Sembcorp Power$0.2140/kWh
(7am - 7pm)
$0.1856/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
Environmental SolutionDoes 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).

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.

Transmission Loss Factors Singapore april 2018


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.

Everybody Gets A Promo Code
Source: imgflip

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!


Tune in for this EPIC showdown LIVE!

Date: 23 May 2019, Thursday, 8 to 9pm
Get your REITs-related questions answered here!

[SeedlyTV EP05] REITs with Rusmin - How to Start Investing in REITs Easily


SHOW US SOME LOVE! If you like what you've read, join us on our personal finance journey at Facebook and Telegram!


Comments