As electricity tariff continues climbing, one can’t help but wonder if their home’s powered by one of the cheapest electricity price plans in Singapore. Find out if it’s time to make the switch.
The regulated electricity tariff set by SP Group for 1 April – 30 June 2023 has fallen again, and now stands at 29.62 cents per kWh (incl. GST), from the previous quarter of 31.72 cents per kWh (include. GST).
The decrease, according to SP Group, is mainly due to “lower energy costs compared with the previous quarter.” As such, SP Group predicts that the average monthly electricity bill for a four-room HDB flat will decrease by S$2.63, before GST.
That being said, the decrease in electricity prices in Singapore isn’t restricted to households and businesses that are subscribed to SP Services.
Cheaper electricity plan prices
With a lower electricity tariff, Open Electricity Market (OEM) retailers can also afford to lower the prices of their electricity plans, which will benefit paying consumers like you and me.
As of the time of writing, consumers are free to take their pick from a total of eight energy providers in the OEM.
5 Cheapest Electricity Plan Singapore (2023)
| Electricity Plan | Energy retailer | Plan Price |
|---|---|---|
| Cheapest no-contract plan | Pacific Light | 9 to 9 plan16.20¢/kWh (9am – 9pm) + 38.88¢/kWh (9pm – 9am) + $1 daily charge |
| Cheapest 6-month contract plan | Geneco | Give Us A Try (6 months)29.30¢/kWh |
| Cheapest 12-month contract plan | Geneco | Get It Fixed (12 months)28.98¢/kWh |
| Cheapest 12-month contract plan | Senoko Energy | LifePower12 (12 months)28.98¢/kWh |
| Cheapest 24-month contract plan | Pacific Light | Save While Sleeping (24 months)19.86¢/kWh (11pm – 7am) + 37¢/kWh (7am – 11pm) |
*There are no discounts off regulated tariff electricity plans available at the moment
9 Electricity Retailers Singapore (2023)
There are 9 different energy providers in Singapore and their unique features. We also pit the OEM retailers against each other to find the ones offering the cheapest electricity plans.
To ensure accuracy, we will be using a 4-room HDB flat as a sample for comparison.
| Energy Retailers | Best for… | Price | Estimated monthly bill |
|---|---|---|---|
| Geneco | Price match guarantee | 28.98¢/kWh – 31.17¢/kWh | $98.13 |
| SP Services | Default reliable electricity provider | 29.62¢/kWh (1 April – 30 June 2023) | Average monthly bill decrease by $2.63 |
| Keppel Electric | Free Microgreen Kit with ecoGreen Plan | 28.98¢/kWh – 37.98¢/kWh | $112.71 |
| Tuas Power | Free 12-month insurance protection | 29.52¢/kWh | $91.08 – $99.73 |
| Sembcorp Power | All electricity plans are greener | 29.46¢/kWh – 39.18¢/kWh | $85.26 |
| PacificLight | Most diverse plan types | 16.20¢/kWh – 37¢/kWh | NIL |
| Sunseap | Solar energy-powered plans | 42.12¢/kWh – 45.36¢/kWh | $129.95 – $139.95 |
| Senoko Energy | All electricity plans include renewable solar energy | 28.98¢/kWh – 29.44¢/kWh | $89.41 – $90.83 |
| Union Power | No security deposit and registration fee when you switch to this provider | 48.60¢/kWh | $149.94 |
*Price includes ST, Estimated monthly bill is for an HDB 4-Room flat
Geneco
Want a taste of having your home powered by an Open Electricity Market retailer? Consider Geneco’s aptly named Give Us A Try 6-month trial electricity plan that comes with Price Match Guarantee.
At 31.17¢ per kWh (including GST), the price you see is the price you pay. There are no monthly fees and no transmission loss charges. If you chance upon a lower price than what Geneco is offering for such a trial plan within seven working days of signing up, Geneco will refund you the difference for the contract period. T&Cs apply.
Geneco also offers 12- and 24-month fixed-price plans. Their prices are as follows:
- Get It Fixed 24 (24 months)**: 28.98¢/kWh including GST ($98.13 estimated monthly bill)
- Get It Fixed (12 months)*: 28.98¢/kWh including GST ($98.77 estimated monthly bill)
- Give Us A Try (6 months): 28.98¢/kWh including GST ($98.77 estimated monthly bill)
**Promo code:GSS80 – Get $50 bill rebate + $30 eCapitaVoucher (Applicable to first 1,000 sign-ups only)
*Promo code: GSS25 – Get $25 bill rebate
Want something more sustainable? Simply add on Power Eco. Select your preferred percentage of Renewable Energy Certificates (REC). The costs associated with Power Eco will be added to your Base Price Plan after that.
Customising your own green add-on according to your terms has never been easier!
Visit Geneco for more information.
SP Services
SP Services is the default energy provider for households in Singapore. If you don’t make the switch to an Open Electricity Market retailer, your home will be powered by SP Services.
SP Services sets the electricity tariff every quarter to reflect the actual cost of electricity. This tariff affects the Open Electricity Market energy providers’ price plans regardless of whether they are fixed price plans, discount off regulated tariff price plans, or peak/non-peak price plans.
For those wondering, the current electricity tariff for 1 April – 30 June 2023 is set at 29.62 cents per kWh (incl. GST). Your electricity bill depends on how much electricity your household consumes. SP Services doesn’t have any special price plans for consumers to choose from.
Visit SP Services for more information.
Keppel Electric
Keppel Electric has four electricity plans that you can choose from, two of which allow you to reduce your carbon footprint.
Whether you prefer to lock in your fixed rate for 24 months or 12 months, the two electricity plans are priced the same.
- FIXED24 (24 months): 28.98¢/kWh including GST ($112.71 estimated monthly bill)
- FIXED12 (12 months): 28.98¢/kWh including GST ($112.71 estimated monthly bill)
- ecoGreen24 (24 months): 37.98¢/kWh including GST ($136.06 estimated monthly bill)
- ecoGreen24 (12 months): 37.98¢/kWh including GST ($136.06 estimated monthly bill)
Note: The estimated monthly bills per electricity plan were calculated based on a 4-room HDB household. But if a range is given, the min-max values were then calculated based on 4-room and 5-room HDB households respectively.
Visit Keppel Electric for more information.
Tuas Power
One of the best perks about getting Tuas Power to power your home is the free 12-month insurance protection thrown in when you sign up for an electricity plan with the energy provider anytime from now till 30 June 2023.
Underwritten by Singlife, you can choose to be covered with (i) home insurance, or (ii) utilities relief insurance. T&Cs apply.
Tuas Power offers 12, 18 and 24-month fixed price plans. Customers of Tuas Power will continue receiving the same SP Services bill but at lower rates.
- PowerFix 36 (36 months): 29.52¢/kWh including GST
- PowerFix 24 (24 months): 29.52¢/kWh including GST
- PowerFix 18 (18 months): 29.52¢/kWh including GST
- PowerFix 12 (12 months): 29.52¢/kWh including GST
The estimated monthly electricity bill per 4-room HDB household ranges between $91.08 to $99.73. By far, Tuas Power offers the most consistent rate across all its electricity plans, regardless of your plan’s tenure.
Visit Tuas Power for more information.
Sembcorp Power
Keen on living greener without breaking the bank? Sembcorp Power’s electricity plans will be right up your alley. All their electricity plans are green, no matter which one you pick. The energy provider promises that 50kWh of Green Energy will be supplied monthly to customers on their fixed-price plans.
For a 100% Green Energy Plan that’s powered by solar panels and validated through the retirement of local Renewable Energy Certificates (RECs), opt for the Sunshine Plan.
Unlike other OEM retailers, Sembcorp Power only offers 12-month fixed-price plans. They are as follows:
- Fixed Price (12 months): 29.46¢/kWh including GST ($85.26 estimated monthly bill)
- Sunshine Plan (12 months): 39.18¢/kWh including GST
Sembcorp’s referral programme offers a $20 rebate voucher for each successful referral to your friends or family. In turn, this can help offset your next electricity bill.
Visit Sembcorp for more information.
PacificLight
Apart from its user-friendly, easy-to-navigate website, PacificLight has a wide range of electricity plans available, including Sunny Side-Up (fixed green price plan) and no-contract, fixed price plans.
- Savvy Saver (24 months): 28.98¢/kWh including GST ($83.87 estimated monthly bill)
- Savvy Saver (12 months): 28.98¢/kWh including GST ($83.87 estimated monthly bill)
- Sunny Side-Up – Green Plan (12 months): 29.30¢/kWh including GST ($84.80 estimated monthly bill)
- Stack It Up (24 months): 26.83¢/kWh including GST
- [NEW] Save While Sleeping (24 months): 19.86¢/kWh including GST (11pm – 7am) + 37¢/kWh including GST (7am – 11pm)
- [NEW] 9 to 9 (No-contract): 16.20¢/kWh including GST (9am – 9pm) + 37¢/kWh including GST (9pm – 9am) + $1 daily charge
- Easy Peasy (No-contract): 27.80¢/kWh including GST + 55¢ daily charge
The most interesting electricity plan available at PacificLight is the Stack It Up tiered usage price plan. As its name suggests, you’ll pay a different rate depending on the amount of electricity consumed:
- Stack 1 – First 300kWh at 32.01¢/kWh
- Stack 2 – Usage between 301 to 600kWh at 29.31¢/kWh; and
- Stack 3 – Above 600kWh at 28.51¢/kWh
The Stack It Up plan might be useful if your household consumes a ton of electricity every month.
Visit PacificLight for more information.
Sunseap
Sunseap offers a range of customisable green electricity plans that let you decide how environmentally friendly you want your energy consumption to be. Its electricity plans do not come with transmission loss charges and security deposits.
Here’s a quick breakdown of Sunseap’s solar-powered electricity plans:
- Sunseap-One (6 months): 42.12¢ per kWh including GST ($129.95 estimated monthly bill)
- Sunseap-100 (6 months): 45.36¢ per kWh including GST ($139.95 estimated monthly bill)
Visit Sunseap for more information.
Senoko Energy
All of Senoko Energy’s electricity plans include at least 3% renewable solar energy. Whether you’re looking for a 12- or 24-month fixed-price electricity plan, you’re bound to find something that suits your family’s needs.
If you’re environmentally conscious, consider Senoko Energy’s 100% carbon-neutral LifeGreen24 electricity plan.
While you’re at it, check out Senoko Smart Rewards for a suite of privileges, discounts and offers from partners to make your money go further. There are also ongoing promotions that you can take advantage of!
- LifePower24 (24 months): 28.98¢/kWh including GST ($89.41 estimated monthly bill)
- LifePower12 (12 months): 28.98¢/kWh including GST ($89.41 estimated monthly bill)
- LifeSave6 (6 months): 2% Discount-off-Tariff (DOT) plan
- LifeGreen24 (24 months): 29.44¢/kWh including GST ($90.83 estimated monthly bill)
AIG Homes Advantage Package Welcome Gift: Receive $50 worth of Shopee vouchers when you apply for an AIG Homes Advantage Package plan (fulfilment by AIG). Valid till 30 June 2023. T&Cs apply.
Visit Senoko Energy for more information.
Union Power
Union Power offers a 6-month fixed-price plan only. You don’t have to deal with security deposits, registration fees, or transmission loss factor costs when switching to Union Power.
- Union Saver 6 (6 months): 48.60¢/kWh including GST (S$149.94 estimated monthly bill)
Visit Union Power for more information.
Which energy provider should I choose?
Consider your preference, budget and household electricity consumption before deciding which energy provider’s electricity plan you might want to go for. Spend some time reading about what to watch out for when choosing an energy provider.
Other things worth considering? Credit card rebates, referral rebates, promo codes and each retailer’s unique value proposition.
Your electricity bills will be lower if you make the switch — Open Electricity Market retailers strive to offer competitive rates based on SP Services’ quarterly reviewed regulated electricity tariff.
*Note: All prices mentioned are based on the current regulated tariff of 31.72¢ per kWh (including GST).
This article was originally published on Singsaver.