Best Electricity Retailer Plans for Singaporeans

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If you have been footing the electricity bills of your household, you would know that helpless feeling when the tariffs increase and you LL have to pay more for power.

With the upcoming launch of the Open Electricity Market in Singapore, this will change.

We compared 68 plans across 14 electricity retailers to bring you this guide.

In summary…

Best Electricity Plan Singapore 24 mths - 2018

Many thanks to our readers who have highlighted that Keppel Electricity passes on the Transmission Loss Factors onto consumers (Click to read more about the Transmission Loss Factor below):

keppel

Source: Keppel Electricity

Based on the historical power tariff prices in Singapore since Jan 2014:

historical-power-tariff-sg

Source: SP Group

    • the average price is 21.73 cents / kWh
    • the median price was 21.13 cents / kWh
  • the lowest price was 17.68 cents / kWh

It would make sense to switch to either of the plans above, as they are highly likely to provide cost savings for at least the next 24 months.

P.S. You should still do your own due diligence and select a suitable plan based on your household’s electricity usage. Also note that although the past power tariff prices do not determine future prices. The economy might go off on a tangent and affect tariff prices.

Continue reading for the detailed comparison and information 😀

Since 2001, the Energy Market Authority of Singapore (EMA) has been opening up retail electricity options in the market. Their aim is to provide competitive pricing and allow the market to price electricity in Singapore.

Energy Market Authority of Singapore (EMA) is the government agency that oversees Singapore’s electricity and gas distribution. You can think of them as the ‘MAS’ of electricity and gas.

However, the open market for electricity was only available to corporate or commercial units that use more than 2000kWh of power per month.

Come April, this option is finally being open to residents! During the initial launch, it will be available only to Jurong residents.

If your postal code starts with 60, 61, 62, 63 or 64, rejoice! You might be able to find cheaper electricity providers.

You get to choose if you wish to take part in this test. Should you decide not to switch electricity providers, you can stick with SP Group.

You will get cheaper electricity options. At least in 2018.

The launch of the open electricity market could go both ways.

Consumers would be able to get the best prices and maximum savings during the initial launch as private electricity providers will compete fiercely for market share.

However, electricity prices would fluctuate lesser as retailers start to understand the market and their competitors strategies in the future.

So Jurong peeps, you heng. This is your best chance to reduce your electricity bills.

For the rest of Singapore, we’ll have to wait till the 2nd half of 2018.

Which Electricity Retailer Plan Should You Use?

On top of the incumbent Singapore Power (SP) group, there are now 14 other electricity retailers in the market.

So many!

If you just want to jump right in and get the best plan for your needs, here’s our compilation of all the current plans. [Updated 14 May 2018] For latest prices and packages, go to openelectricitymarket or contact the individual retailers.

You can also download the entire Google Sheet, so that you can ‘filter’, ‘sort’ and do scrutinise your options. Click here to download (no email required)

Current Tariff:

22.15 cents / kWh

Till 30th Jun 2018. Source + Check latest prices @ EMA

What Are Your Options?

Retailers offer 3 types of electricity plans:

open electricity market plans

1) Fixed Price Electricity Plans

These plans allow consumers to pay for electricity at a pre-agreed price. This price will not change regardless of the tariff, your final cost will only be affect by how much electricity you consume.

Think of these like fixed interest loans.

You pay a premium during the ‘bad’ economy when natural gas prices are lower, but you pay less during the ‘good’ economy when natural gas prices are high.

Best Fixed Price Electricity Plan

Best 12 Months Plan

Best 24 Months Plan

‘Fixed Ohm’ Plan

‘Chope’ The Rate 2 Years

16.95 cents/kWh

16.27 cents/kWh

*Accurate at point of writing.

2) Peak and Off-peak Payment Plans

This plan is similar to the fixed price plans, except that you pay pre-agreed rates based on the time of usage. (except PacificLight’s Save While You Sleep(%) plan which uses a DoT payment structure with the Peak/Off-Peak Plan structure)

It is important to read the fine prints to understand what are considered the ‘peak’ and ‘off-peak’ timings for different retailers.

Ideally, pick a retailer that provides lower rates at off peak hours that coincides with your household’s peak usage timings.

Here’s a quick summary of peak/off-peak electricity retail plans, arranged from cheapest to most expensive peak hour charge:

Electricity Retailer

Peak Hours

Peak Hour Charge (cents/kWh) – before TLF

Off-Peak Hours

Off-Peak Hour Charge (cents/kWh) – before TLF

Contract Duration

Additional Charges?

7 AM to 11 PM daily

18.07

11 PM to 7 AM daily

16.67

24 Months

Additional 3.493% for TLF till Apr ’19. See next section for info.

7 AM to 7 PM, Monday to Friday

20.2

7 PM to 7 AM, Monday to Friday. All Day Sat, Sun, PH

19

24 Months

NA

7 AM to 11 PM daily

18.8

11 PM to 7 AM daily

15.38

24 Months

Additional 3.493% for TLF till Apr ’19.

7 AM to 11 PM daily

16% off tariff

11 PM to 7 AM daily

26% off tariff

24 Months

Additional 3.493% for TLF till Apr ’19.

Tap and scroll to the right to see the full table!

Do not jump straight into electricity plans that classify weekends and public holidays as ‘off-peak’.

If you take a look at the table above, you’d notice that their charges are relatively higher.

I think such plans would only make sense if your electricity usage is low in general, even on the weekends.

Do note that you might need to install a smart meter to track usage based on timing. The installation will be done by SP Group and will cost $40 (before GST).

3) Discount off Tariff (DoT) Plans

As its name suggest, you pay a pre-agreed discount off the tariff. This means you will always be paying less than buying from SP Group direct.

This also happens to be the most fuss-free plan and most retailers provide DoT plans.

Some will even entice you to sign up with them, so look out for promos!

Best Discount off Tariff (DoT) Plan

Best 6 Months Plan

Best 12 Months Plan

Best 24 Months Plan

‘Ohm Discount’ Plan

‘Get It Less 12’ Plan

‘BEST Home Fixed’ Plan

‘Green Save’ Plan

22% DoT

19% DoT

20% DoT

You are given the option to renew the same Price Plan, at the same Supply Term, and at the prevailing rate.

*Accurate at point of writing. Prices reflected are includes any 3rd party charges.

Tap and scroll to the right to see the full table!

Do note that regardless of the plan you pick, you will also need to create a Market Support Services (MSS) account when you switch to buy electricity from a retailer.

To switch or not to switch?

You’d probably agree that you shouldn’t be switching your provider unless you get to save on the cost.

Good news is, with exception to Sunseap’s Green Life electricity plan*, all the plans out there currently provide some form of cost savings.

*If you want to save the environment and only use 100% clean energy, then Sunseap’s Green Life plan is for you.

For the rest of us, I would think cost is a more important factor.

Here are 4 questions you should ask before you pick a plan:

What should you consider before switching?

1)  How much potential savings? 

Before the launch of the open electricity market to residential households, we have been paying for electricity based on the regulated tariff.

With the open electricity market, prices will no longer be determined by the tariff. Instead, it will fluctuate base on market demand and supply.

Find out how much electricity you are using per month. Then compare it with the existing plans offered by electricity retailers.

Not such how much you consume?

Refer to SP Group’s National Average Household Consumption data for an estimate, or refer to this table we’ve done up for you:

Property Type

Average Electricity Consumption (kWh)

HDB 1-Room

136

HDB 2-Room

191

HDB 3-Room

273

HDB 4-Room

369

HDB 5-Room

429

HDB Executive

528

Apartment

536

Terrace

899

Semi-Detached

1193

Bungalow

2430

Monthly Average Electricity Consumption By Singapore Households between Feb 2017 to Jan 2018. *Updated 29 Mar 2018. Source: SP Group

2) Type of plan

See above for the 3 types of plans that electricity retailers in Singapore provide.

You should monitor your household’s electricity usage before picking a suitable plan.

3) How long is the plan?

There is a wide range of contract duration for electricity plans. The most common duration is 12 or 24 months.

There are some exceptions like:

  • Ohm Energy has a no-contract plan where you simply pay per kWh use (+ $10 monthly fee). Of course, they reserve the rights to alter the prices of electricity and monthly fee, with a 14 days notice.
  • Ohm Energy also has a 6 months fixed price plan.
  • Tuas Power has a 3 months trial plan that lets you test water.
  • Senoko Energy has a 36 months DoT plan, and they are offering 3 months free with the plan.

Do note that the regulated tariff prices are updated every quarter, you might want to take that into consideration when selecting an electricity plan.

If you follow the natural gas prices closely, you might want to take on fixed price plans if you see the potential of getting cheaper electricity. but seriously, this option is a little too much work.

Otherwise, I would think that DoT plans would be an easier choice for most busy adults.

You can compare the current DoT plans using the table above.

[Update]

4) Third Party Charges

Many thanks to our readers who have pointed out additional charges that is passed on to consumers in some electricity plans.

i) Transmission Loss Factor (TLF) cost

What is the ‘Transmission Loss Factor’?

When electricity is delivered to your house, it goes through a network of systems. Some of these energy will be lost in the form of heat or other unaccounted energy.

Depending on the voltage that electricity is delivered to you, the loss factor varies.

The lower the voltage, the higher the TLF.

See table:

Load

Transmission Loss Factors effective 1 Apr 2018

230kV / 400kV

1

66kV

1

22kV

1.004355

6.6kV

1.020195

230V

1.03493

Transmission Loss Factors are updated annually on 1st Apr. Source: Seraya Energy

Energy lost in the delivery is still energy.

So, who pays for these losses?

You. The consumer.

How much am I being charged?

Electricity delivered to residential units are at 230V. The corresponding TLF for residential consumers is at 1.03493 (effective on 1st Apr 2018).

Which means, if your electricity retailer requires you to pay for the TLF on top of the agreed cost per kWh, you will need to factor in an additional 3.493% to your monthly bill!

Which Electricity Retailer passes the TLF charges to me?

  • Keppel Electricity 
  • Pacific Light
  • Senoko Energy
  • Sembcorp Power Pte Ltd

ii) Market Development & Systems Charge (MDSC)

What is the ‘Market Development & Systems Charge’?

According to EMA,

“The Energy Market Authority continually seeks to develop the electricity market for the benefit of consumers. These initiatives will enable both commercial and residential electricity consumers to enjoy more competitive electricity prices, increased retail options, and greater price transparency. To sustain the rollout of such initiatives to benefit consumers, “Market Development and Systems Charge” (MDSC) will be charged at a fixed rate starting 1 July 2016. The charge will be 0.40236 cents/kWh, 0.2 cents/kWh – or about 1% of the average retail price – higher than the current quantum of 0.20236 cents/kWh. The MDSC forms part of the Market Support Service charges.”

How much am I being charged?

As of July 2016, the MDSC is chargeable at 0.40236 cents/kWh.

Your electricity retailer may have already reflected this in their packages.

Which Electricity Retailer passes the MDSC charge to me?

  • iSwitch Pte Ltd

ii) Carbon Tax (kicks off in 2019)

What is the ‘Carbon Tax’?

As announced during the Budget 2017 & 2018, carbon tax will be charged at $5 per tonne of greenhouse gas emitted, for facilities producing more than 25,000 tonne of greenhouse gases. This is a step taken to reduce our greenhouse gas emission rates.

Our power source comes from natural gas and there would be greenhouse gas emission during the generation of electricity for our households.

We forsee the charges being passed on to consumers.

Straits Times reports:

“For households, the impact of the carbon tax will be small, at “about 1 per cent of total electricity and gas expenses on average”, Mr Heng said

An additional U-Save rebate will be provided for three years to help HDB households.

Eligible HDB households will each receive $20 more per year, from 2019 to 2021.”

How much am I being charged?

Carbon tax will be implemented from 2019 onwards.

Which Electricity Retailer passes the Carbon Tax to me?

We should assume that all retailers will be passing on the carbon tax.

At the moment, several electricity retailers allow you to opt-in for ‘CO2 Offset’ where they will buy Carbon Credits that will offset your carbon emissions. This is how it works.

These companies include:

5) Special Promos or Conditions for Further Discounts

I’d expect retailers to step up their marketing so as to capture market share.

If you have a desired plan in mind, make sure you check if they are currently running any limited time promos.

You might also want to maximise your pre-existing reward programs with companies like Senoko Energy which provides Plus, NTUC plus! members with 1 LinkPoint for every $1 on their bill.

If you live at Jurong, your mailbox might already be flooded by their brochures as well…

How to switch electricity retailer?

how-to-switch-retailer

Simple.

All you need to do is to sign up with your preferred retailer.

The rest of the admin work will be done by the retailer and SP Group.

Handling Your Security Deposit

If you are going for a retailer that will bill you directly, you will have to pay a security deposit of up to 2 months of your average electricity bill.

Your current security deposit with SP Group will be used to offset your latest bill, before your switch.

Free Tools For You!

Electricity Retailer Comparison Tools

SP Services, DBS and a few other electricity providers have started to provide comparison tools. You can find them here:

Electricity Bill Calculators (Individual retailers)

Some of the electricity retailers provide calculators that help you compare your electricity bill against the power tariff.

Do note that these are built by individual retailers, hence they do not provide industry wide calculations.

You can find them here:

All you need to do is to input your details, and you’ll be provided with the best plan, customised to your usage.

Final note: all retailers are supposed to provide you with a summarised fact sheet. Do read that before you make any decision.

Here’s the list of Authorised Electricity Retailers in Singapore:

Quick Note about Singapore’s Power Tariff

The power tariff in Singapore is affected by market factors like the cost of natural gas and the cost of delivering electricity to your house.

It is highly dependent on 2 variables:

1) Fuel Cost: Dependent on prices of natural gas

2) Non-Fuel Cost: Miscellaneous cost of delivering electricity to your house namely;

  • Power Generation Cost
  • Grid Charge
  • Market Support Services (MSS) Fee
  • Power System Operation and Market Administration Fees

The tariff is determined by SP Services, and it is updated quarterly.

Something’s missing?

I’m pretty sure I would have missed something, especially since new plans will pop up along the way.

Let us know in the comments below.

Additional Resources

The following two tabs change content below.
  • When considering electricity plans got to check if third party charges are pass thru or all absorbed. This was informed to me by my brother when I asked him why his company’s rates are less attractive than the others. Might need to do some research into this as this could be one of those “hidden” costs.

    • one factor that is missed out in this comparison article is the transmission loss-adjustment which for Low Tension, accounts for about 3.5%. This changes the ranking as highlighted in this article.

  • The info is wrong.
    Keppel charged Transmission Loss Factors, so your actual bill will be 3.493% higher.
    Hence, Ohm’s Fixed 12 months is the lowest for Fixed Rate Plan whilst Geneco’s 24.5% off is the best for Discounted Plan.

    • Thanks for the heads up, we’ve added the TLF in!

      Geneco’s 24.5% is definitely enticising! But it only lasts for 3 months, thereafter they will give you the option to renew at their DoT Evergreen Plan rate (the nice lady who answered my call say they’ll send the pricing over to existing customers only), or switch to other plans.

      Do note that there’ll be a $5 charge for contract changes, and no one knows how much you’d have to pay in 3 months time when the tariffs are re-adjusted :S

  • Typos spotted on the peak and off peak table. Please check the start and end times. Peak (Day) – 7am to 11pm. Off Peak (Night) – 11pm to 7am.

  • to say that only specific retailers pass on the transmission loss charge is not accurate, because all retailers charge and pass on transmission loss. bills received will be metered reading plus transmission loss factor. the bill will be based on the total kwh (metered reading + transmission loss factor), multiplied by the basic rate of charge. comparison of rates should be done on an equal basis.

    • article is misleading and needs to be updated. how is 17 cents/kWh the cheapest when there is 16.50 cents/kWh? it is important to understand how the charging and loss transmission works. both retailer will charge transmission at their respective rates, see below for example.

      metered reading: 100kWh
      transmission lost: 3.493kWh (100kWh x 0.03493)
      total reading: 103.493kWh (100kWh + 3.493kWh)
      rate: 16.50 cents/KWh
      cost: $17.07 (103.493kWh x 16.50 cents/KWh)

      retailers that do not charge transmission lost should be highlighted instead as this would then make a difference to consumers. meaning to say, if the household only use 100kWh, they will only be charged based on 100kWh nett. once you understand this, you would know that comparison of plans should be looked at in terms of published rate, and not about which retailer will charge transmission lost. good luck to all the readers out there.

  • For apartment owners, must the whole development subscribe to the same energy retailer or can individual apartment unit owners go to all the various suppliers? Would appreciate if you could clarify in your post. Thanks

    • Hey Audrey,
      I’ve sent an email to OEM and this is their response:

      “With regards to your enquiry, individual apartment unit owners are able to purchase electricity from the Open Electricity Market (OEM) at either spot rate through SP Group, or through a retailer of their choice; it is not a must to be contestable under the same retailer.”

  • Hi YY, why is the best 24 months fixed price electricity plan “Best Electricity” and not “SembCorp Power”?

  • Called iswitch, been told that they have revised their plan and is currently absorbing the MDSC cost. This could be the best 6 months plan i believe. And this suit my own thought to just get 6 months plan and see how the market goes when OEM opens up to the rest of SG household. Competition should be great as everyone are fighting for the bigger pieces of the pie. Till then i can switch to company that offered better plans with a new regulated tariff period calculation in consideration.

  • Even though the company may not specifically mention about TLF, they are likely to charge for it. i am contemplating between keppel and sunseap. i emailed sunseap to asked about TLF and they confirmed that it is passed to consumer (even though not explicitly stated).

  • Hi, Dr Wealth. As I know that the Open Electricity Market is only eligible for Jurong’s resident from 1 Apr 2018. I’m staying in Ang Mo Kio. Do you have any idea when will this program extend to island-wide? Thank you.

  • Everyone should change a supplier in the open electricity market for savings. There are no drawbacks of doing so. In particular, there is no such worry of “blackouts” or “unreliable electricity supply” as SP group is still operating the national power grid.

    Use my Ohm Referral Code to get $20 off: OHMREF7AAF52

  • #TeamOhm revised and lowered their prices!

    Use my Ohm Referral Code to get $20 off: OHMREF7AAF52

    Benefits of Ohm:

    Their discount off tariff rate is currently the best at 25%. (Updated as of 1st Jan 2019!)

    Very smooth transition as they are partners with SP group. For instance, there is no need for any paperwork nor additional payment of deposit.

    Very nicely done website. Signing up is immediate, just fill in some personal details online, and you will get the Welcome Email in less than 15 minutes.

    Ohm absorbs the transmission loss. (Basically, electrical energy is lost as heat while traveling through the cable, Ohm absorbs this and charges consumer based on metered usage. This is worth approximately 3.4% savings.)

    A 3-month trial period. If within 3 months you decide to change plans, there is no penalty. Hence, you are not locked into a fixed price which may turn out to be undesirable.

    Use my Ohm Referral Code to get $20 off: OHMREF7AAF52

    Fixed Rate vs. Discount off Tariff

    Currently, Ohm fixed rate is 17.98 cents/kWh (incl. GST) while the Discount off Tariff (25%) is effectively 19.14 cents/kWh (incl. GST). Electricity tariff from 1st Jan to 31 March 2019 is 25.52 cents/kWh (incl. GST).

    However, it is not impossible for the SP Tariff to drop. If the SP Tariff drops, say to 20.20 (excl. GST) which is the Jan 2017 price, then 25% Discount off Tariff would be effectively 16.21 cents/kWh (incl. GST) which beats the fixed rate! (Working: 20.20 x 1.07 x 0.75 = 16.21)

    Nobody knows for sure whether the SP Tariff will drop as it depends on a lot of complex factors including oil price, etc. However, currently with 12 electricity providers in a small country like Singapore, there is a great deal of competition, and SP is likely to lower its price to remain competitive.

    Conclusion: Choose Ohm

    Everyone should change a supplier in the open electricity market for savings. There are no drawbacks of doing so. In particular, there is no such worry of “blackouts” or “unreliable electricity supply” as SP group is still operating the national power grid.

    Use my Ohm Referral Code to get $20 off: OHMREF7AAF52

  • My experience switching to Ohm has been very smooth without any hassle. I just received a notification the electricity would switch and it has. 25% off our energy bill now.

    Use OHMREFB204D1 when you sign up for Ohm and we both get $20 off our bill!

  • I am using Ohm Discount plan for 6months. So far so good, and it is v clear to have 25% discount straight off the bill.

    Promo code: OHMREF2613F1

    Sign up using this promo code for additional rebate at sign up. Win win for you and me. Thank you!

    OHMREF2613F1

  • Would like to request your team to do a review and comparison of the SP-Group’s Wholesale Electricity (non-standard) price plan, versus the other electricity retailers plans.

    Ohm Energy also has a similar ‘Market Ohm’ wholesale rates price plan. Thanks.

  • how about the monthly service fee charged by iswitch and others.this will affect the actual price we pay.pl let us know which company charge the monthly fee and those that do not.thanks.

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