Cheapest Electricity Plan in Singapore 2024

When it comes to finding the Cheapest Electricity Plan in Singapore, you have several options to choose Cheapest Electricity Plan.

The Open Electricity Market (OEM) initiative in Singapore has introduced a variety of pricing models and electricity retailers, making it essential to understand the available plans and how to pick the right one for your needs.

This guide will help you navigate the world of electricity plans in Singapore and discover the most cost-effective options.

Cheapest Electricity Plan in Singapore

The Open Electricity Market (OEM) initiative has transformed the way Singaporeans access electricity. Before November 1, 2018, Singapore Power (SP) was the sole electricity provider.

However, the OEM has introduced competition among multiple electricity retailers, offering consumers more choices and the potential for cost savings.

Best Electricity Retailers in Singapore

With the Singapore electricity market bustling with a myriad of retailers and plans, navigating through the options to find the best deal for your needs can indeed be a daunting task.

Worry not, as we’ve compiled a comprehensive price comparison guide to help you uncover the ideal electricity plan tailored to your preferences and budget.

Cheapest Electricity Retailers for Fixed Price Plans

Fixed-price plans are an excellent choice for those seeking stability and predictability in their electricity bills. With rates locked in upon contract signing, you can bid farewell to worries about rate fluctuations.

Here’s a breakdown of the best electricity retailers offering fixed-price plans across different contract durations:

Geneco

• Give Us A Try (6 Months Contract): $0.2900 per kilowatt-hour (kWh)
• Get It Fixed 12 (12 Months Contract): $0.2900 per kWh
• Get It Fixed 24 (24 Months Contract): $0.2900 per kWh

Keppel Electric

• Fixed12 (12 Months Contract): $0.2688 per kWh
• Fixed24 (24 Months Contract): $0.2688 per kWh

PacificLight

• Savvy Saver: $0.2711 per kWh
• Savvy Saver (24 Months Contract): $0.2681 per kWh

Sembcorp Power

• (6 Months Contract): $0.2988 per kWh

Senoko Energy

• LifePower12 (12 Months Contract): $0.2700 per kWh
• LifePower24 (24 Months Contract): $0.2680 per kWh

Sunseap

• (6 Months Contract): $0.4173 per kWh

Tuas Power

• PowerFIX 12 (12 Months Contract): $0.2979 per kWh
• PowerFIX 24 (24 Months Contract): $0.2979 per kWh

Union Power

• Union Saver 6 (6 Months Contract): $0.4815 per kWh

Know also about Electricity Price Comparison in Singapore

Finding the best electricity plan that suits your needs and budget has never been easier.

How to Pick an Electricity Retailer?

To select the right electricity retailer in Singapore, follow these three steps:

Choose Your Pricing Model

• Decide between a fixed rate plan or a discount off the regulated tariff.
• Some retailers offer unique plans tailored to different needs.

Determine Contract Duration

• Select how long you want your contract to last: from 6 months to 3 years.
• This choice affects your price stability and commitment level.

Compare and Choose

• Compare prices from different retailers to find the best deal for your needs and budget.
• Use the official OEM comparison tool to estimate your electricity bills and compare providers.

[Example: Finding the Cheapest Option]

Let’s find the cheapest electricity retailer for a 4-room HDB flat with an average consumption of 360 kWh per month. Use the steps above and the comparison tool to identify the best plan.

Cheapest Electricity Retailers for Fixed Electricity Price Plans Singapore

Fixed price plans involve paying a consistent price per kilowatt-hour (kWh) for the entire duration of your contract. These plans provide rate stability and are not affected by SP’s electricity tariff.

Historically, short-term contracts used to offer the cheapest prices, but in recent times, 24-month plans have become the most cost-effective.

However, if you are new to the OEM, 6-month plans can be a suitable starting point to overcome commitment issues.

Here are some of the cheapest 6-month, 12-month, and 24-month fixed price plans in Singapore:

6 Months Fixed Electricity Price Plans

For those who prefer shorter contracts or are new to the OEM, 6-month fixed price plans offer flexibility and the opportunity to test the waters. Here are some of the most affordable options:

12 Months Fixed Electricity Price Plans

If you’re looking for a more extended commitment with a stable rate, 12-month fixed price plans can be a great choice. Here are some of the cheapest options:

24 Months Fixed Electricity Price Plans

For those who seek long-term rate stability and savings, 24-month fixed price plans are worth considering. Here are some of the cheapest options:

Cheapest Electricity Retailers for Discount Price Plans

Discount price plans offer a fixed discount on SP’s electricity rate. Your bill is subject to quarterly fluctuations in the regulated tariff. These plans can provide savings relative to SP’s rates.

Here’s a price comparison based on a 4-room HDB flat with an assumed average consumption of 360 kWh per month:

• If you were with SP, your bill would have been $98.75 per month.
• With a retailer like Senoko offering a “LiveSave6” plan at a 2% discount, your bill would be $96.78 per month.

Other Non-Standard Electricity Price Plans Singapore

In addition to standard plans, some retailers in Singapore offer non-standard packages to cater to different consumer profiles.

These can include “peak and off-peak” pricing, cash rebates, gifts, and discounts when bundled with other products.

While some retailers may have offered more aggressive promotions in the past, the primary focus should be on the already competitive prices available in the OEM.

How to Choose the Best Electricity Plan in Singapore?

Selecting the best electricity plan in Singapore depends on your specific preferences, consumption patterns, and budget.

By following the steps mentioned above and staying updated on the latest pricing trends, you can make an informed decision to potentially reduce your utility expenses.

Switching from Singapore Power (SP) to an Electricity Retailer

Switching from SP to an electricity retailer in Singapore is a straightforward process.

You can do so during your contract’s notice period, but it’s crucial to review your current plan’s terms and conditions to avoid any early termination charges.

Paying Electricity Bill in Singapore

Paying your electricity bill in Singapore is a straightforward process. The Open Electricity Market (OEM) has introduced various convenient methods for consumers to settle their electricity charges.

Here’s how to pay your electricity bill in Singapore:

Online Payment

• Many electricity retailers provide online payment options on their websites.
• You can log in to your retailer’s online portal, enter your payment details, and make a secure payment using your credit or debit card.

GIRO (General Interbank Recurring Order)

• Simply complete the GIRO application form provided by your electricity retailer.
• Your bills will be automatically deducted from your bank account on the due date.

Internet Banking

• Log in to your bank’s online banking platform, add your electricity retailer as a payee, and make payments through your bank account.

AXS Stations

• AXS (Automated eXchange Station) machines are available at various locations across Singapore, including shopping centers, MRT stations, and community clubs.

SAM Kiosks

• SAM (Self-Service Automated Machines) kiosks are another convenient option for bill payment.
• They are available at SingPost branches and selected locations. You can settle your electricity bills using cash, NETS, or credit cards.

Mobile Apps

• Some electricity retailers offer mobile apps that allow you to manage your account and make payments using your smartphone.
• Download your retailer’s app, log in, and follow the prompts to pay your bill.

Credit Card Payment

• Many electricity retailers accept credit card payments.
• You can provide your credit card details and make one-time payments or set up recurring credit card payments if your credit card provider allows it.

Phone Banking

• Some banks offer phone banking services that allow you to pay your bills over the phone.
• Simply call your bank’s customer service hotline and follow the instructions to make a payment.

ATM Payment

• You can also pay your electricity bill using ATMs. Visit your bank’s ATM, insert your card, and follow the prompts to make the payment.
• Ensure that you have your bill or payment reference number on hand.

Cheque Payment

• While less common, some retailers may still accept cheque payments.
• Write a cheque payable to your electricity retailer, include your account number or payment reference, and mail it to the provided address.

FAQs For Cheapest Electricity Plan in Singapore

Here are some frequently asked questions and answers about Cheapest electricity plan in Singapore for additional information.

What is the Transmission Loss Factor (TLF)?

The TLF accounts for the loss of electricity during transmission to your home. While it used to complicate electricity billing, most retailers have now standardized their billing calculations to make it simpler for consumers.

Can I use a cashback credit card to pay my electricity bills?

Yes, many retailers allow you to set up recurring payments to your credit card of choice.

However, not all credit cards offer cash rebates for electricity bills, so choose one that explicitly mentions electricity bills as a cashback category.

Conclusion

Selecting the right electricity plan in Singapore is a decision that can significantly impact your utility expenses.

With the OEM initiative offering a multitude of options, it’s crucial to understand your preferences and compare different retailers and plans.

By following this guide and staying informed about the latest pricing information, you can make a well-informed decision and potentially save on your electricity bills.