Electricity Price Comparison Guide: Unlock Savings With The Best Plans

Have you recently noticed a rise in your electricity bill? You’re not alone! Prices for the first quarter of 2024, have jumped from 28.70¢ per kilowatt-hour (kWh) to a significantly noticeable 32.58¢/kWh. This is attributable to the increase in GST, escalating energy costs and a higher carbon tax. 

If you’ve been thinking about considering a different electricity provider to shave off some extra dollars on your electricity bills, there’s no better time than now to do so.

Our comprehensive electricity price comparison guide will help with exactly what you need: we’ve conducted extensive research to bring you the latest prices in 2024, helping you navigate towards a retailer that offers the best bang for your buck in the electricity market. 

By considering alternative electricity retailers, you can potentially unlock not just more savings, but more flexibility and one less worry on your mind. So, why wait? Dive into our guide and discover the best electricity plan for your house today.

Finding the Best Electricity Plan in Singapore: Open Electricity Market (OEM) Explained

The Open Electricity Market (OEM) was launched in 2018, a game-changer that allowed us the freedom to choose from various electricity retailers. With the freedom that came with picking these vendors, was the chance to earn savings by picking a provider that aligned best with our needs and budgets.

At the time of writing, there are currently 7 providers in the pool of available electricity retailers – Geneco, Keppel, PacificLight Energy, Sembcorp Power, Senoko Energy Supply, Tuas Power, and Union Power.  Each vendor offers unique plans and pricing, aiding you in making the choice that could lighten the load on your wallet. 

Types of Electricity Plans Offered

Fixed Price Plan

Similar to an electricity plan with Singapore Power (SP), where you sign a contract with them, and pay a fixed rate for whatever amount of power is used.

Discount Off Regulated Tariff (DORT) Plan

The amount you pay is tied to the regulated tariff set by the Energy Market Authority (EMA), but the difference that the DORT plan offers is that you get a discount. Unfortunately, the DORT Plan has been discontinued in Q1 2024.

Electricity Price Comparison Overview in Singapore

For homeowners with solar panels installed, do take note: As of March 2024, it is more ideal to avoid Open Electricity Market (OEM) retailers due to the low export rates. 

For a better understanding on the recent dip in export rates, you can head to our comprehensive article which discusses the current Uniform Singapore Energy Price (USEP) trends. The article comprises valuable insights — perfect for solar homeowners who are looking for the best residential plans tailored to their solar setup. 

Tip!
Did you know that if you live in landed property, and/or own a small to medium commercial property, installing solar on your roof can potentially reduce your utility bill by 30-50% on average? Click here to learn more about the benefits of solar!

On the other hand, homeowners without solar panels have the option to explore various retailers on the OEM and the multiple plans offered. With the wide array of retailers, making an informed choice is crucial, this is why we’ve put together a handy visual guide to help you effortlessly identify the retailer that best suits your needs. 

Just a heads up — some retailers may include extra fees, so it’s a good idea to do a bit of homework before choosing one. This way, you can avoid any unexpected charges.

Cheapest No-Contract Electricity Plan

Cheapest Fixed-Price Electricity Plan

6-Month Contract

12-Month Contract

24-Month Contract

Electricity Price Comparison: List of Providers You Can Choose From

The prices listed below start with the most wallet-friendly options for the residential market, gradually moving towards those with higher price tags. This curated selection ensures you can easily find a plan that suits your financial comfort zone. 

However, do remember to conduct proper research before settling on a retailer, as it’s worth noting that electricity plans typically come with their own set of perks, rebates and discounts. 

1. Geneco

Geneco’s range of electricity plans has consistently topped the affordability charts in Singapore. In addition, Geneco offers the first-ever customizable green electricity plan option — the Power Eco add-on. 

Customers have the flexibility to choose between Carbon Credits (CC) and Renewable Energy Certificates (REC) as an add-on to the plan of their choice. 

This additional option allows customers to tailor their contribution to the environment by selecting their preferred percentage. Going for as low as 0.25¢/kWh, making a difference could cost just an extra dollar each month.

2. Keppel Electric Pte Ltd

Keppel Electric offers 4 straightforward electricity plans. Notably, two of these plans are sustainable options, allowing you to significantly reduce your carbon footprint. 

Whether you’re looking to save on costs or make a positive impact on the planet, Keppel Electric has options that can align with your values. This approach ensures that while you’re optimising your cost and energy efficiency, you’re also given the opportunity to contribute to a greener future.

3. PacificLight Energy Pte Ltd

PacificLight stands out for its versatility in electricity plans, offering an array of 9 different options. The diverse options ensures that there’s a plan perfectly aligned with every customer’s lifestyle and requirements. 

Whether you’re an eco-conscious individual working a day job, or a user with high power needs, PacificLight caters to your needs perfectly to meet your lifestyle needs and consumption patterns.

4. Sembcorp Power Pte Ltd

Sembcorp Power is definitely not one to shy away from sustainability efforts. The company offers two residential plans currently; the standard fixed price plan, and its 12-month green electricity plan.

Not forgetting the comprehensive commercial plans offered by Sembcorp Power. These plans categorised by wattage, are tailored to accommodate businesses of all sizes, from smaller startups to medium enterprises.

Beyond the company’s green electricity plans, Sembcorp Power also offers a full suite of sustainable solutions including solar panel installations and financing options.

5. Senoko Energy Supply Pte Ltd

Senoko Energy stands out with its commitment to sustainability, incorporating at least 3% renewable solar energy across its electricity plans.

The company boasts its sustainability efforts with its 100% carbon-neutral LifeGreen24 plan. This plan is an excellent choice for anyone looking to align their energy consumption with their eco-conscious values, offering a solution to contribute to a healthier planet while powering their home.

6. Tuas Power Supply Pte Ltd

Choosing Tuas Power not only gives you access to residential and business electricity plans but also offers unique benefits like coverage under Singlife. Customers have the flexibility to opt for either home insurance or utilities relief insurance, adding an extra layer of security to their choice.

Tuas Power stands out by including the Transmission Loss Factor in their plans, ensuring transparency and no surprises on your bill.

Transmission Loss Factor Explained

When electricity is transmitted to your home, a small percentage is inevitably lost. Retailers handle this loss differently. Some incorporate it into their rates, while others may not disclose it until later.

Tuas Power opts for the former approach, factoring this loss into their rates to ensure transparency.

7. Union Power Pte Ltd

Switching to Union Power offers an experience, free from the hassles of security deposits, registration fees, or additional costs associated with the Transmission Loss Factor.

Currently, Union Power does not display general price plans online for immediate viewing. Instead, customers have to reach out to Union Power via email for personalised service and pricing that are tailored to their energy consumption needs. To give a ballpark figure, the previous rate for a 6-month plan was set at 48.60¢/kWh. 

Electricity Bill Singapore Guide: Average Electricity Consumption of Households in Singapore

Let’s dive into a  brief overview on the potential savings that households in Singapore can enjoy by switching to an Open Electricity Market (OEM) provider.

For context, our analysis uses the Q4 2024 electricity tariff rate of 31.72¢ per kilowatt-hour (kWh), including GST, based on the latest information from SP as of January 2024. This will help give a clearer backdrop on how selecting the right retailer can affect your electricity bills positively.

Source: https://www.spgroup.com.sg/our-services/utilities/tariff-information

Average Electricity Consumption of Landed Properties That Adopt Solar Energy in Singapore

Interested in installing solar panels for your home? Here are some numbers that might convince you. As a rough gauge, a typical 10 kWp solar system is capable of producing around 12,500 kWh over a year, which averages out to approximately 1,041 kWh per month. This can effectively reduce the electricity usage of large houses by half.

For example, if a landed property’s household electricity usage is 2,000 kWh, and its solar panels generate 1,200 kWh, homeowners could see an average savings of up to SGD 60,000 after 25 years. 

Best Alternative Electricity Plan in Singapore: Solar Energy

Solar Panels For Homes

It’s no secret that installing solar panels can lead to significant reductions in electricity bills, and the testimonies by our customers can definitely speak for its benefits. Take Adrian, who installed a S$24,000, 14kWp solar panel system in 2019. Since the installation, Adrian has been enjoying $0 electricity bills consistently. During sunnier months, the system even produces excess energy allowing him to sell back to the grid, turning into profit.

It’s no secret that installing solar panels can lead to significant reductions in electricity bills, and the testimonies by our customers can definitely speak for its benefits. Take Adrian, who installed a S$24,000, 14kWp solar panel system in 2019. Since the installation, Adrian has been enjoying $0 electricity bills consistently. During sunnier months, the system even produces excess energy allowing him to sell back to the grid, turning into profit.

Tip:
Finding the upfront costs of solar panels daunting? No fear as Rent-to-Own is here! With our rent-to-own pricing plan, customers pay a fixed monthly payment that’s often cheaper than your existing electricity fees, providing instant savings, while taking care of all your servicing & maintenance needs for free!

Find out more about GetSolar’s Rent-to-Own programme here

Solar Panels For Businesses 

For commercial properties looking to harness solar energy without the upfront costs, Power Purchase Agreements (PPAs) are a brilliant solution. 

In a PPA, a business leases its roof space to a solar company, which installs and maintains a solar system at no charge to the property owner. In exchange, the property owner can purchase solar electricity from the installer at a significant discount, often 50-70% cheaper than traditional electricity costs. 

For instance, if a property’s monthly electricity bill totals $10,000, a solar PPA could potentially cut it down to a mere $3000 to $5000, resulting in significant savings.

FAQs About OEM Electricity Providers in Singapore

Why can electricity retailers offer lower electricity prices as compared to SP Group?

Electricity retailers offer lower prices because they buy electricity from the wholesale market, where electricity prices can dip due to factors like an excess supply. These market conditions allow OEM retailers to have competitive prices.

It’s important to note that while these prices remain fixed during your contract period, they may be revised based on market trends over time. That’s precisely why keeping tabs on the OEM trends is critical. It allows you to adapt and switch to various retailers offering the most competitive prices in response to future market changes. 

How do I switch to an electricity retailer?

Considering making a switch? You’ll be pleased to know that the process is flexible and relatively straightforward – simply head over to the website of your desired retailer and select the plan that suits you best.

However, it’s important to thoroughly research your OEM retailer before making the switch. Other concerning factors beyond price such as, customer service quality and contract specifics, will ensure you’re not just choosing a cost-effective option but also one that aligns with your overall needs and preferences.

Some other considerations include:

• Administrative fee
• AMI metre installation fee
• Auto-renewal of contract clause
• Carbon tax
• Early termination charges
• Late payment fee
• Paper bill option
• Security deposit requirement
• Transmission loss factor
• U-Save GST Voucher eligibility

Make The Switch To The Best Electricity Plan in Singapore

Making the switch to an OEM retailer could be a smart move to save on electricity costs, assuming you select the right plan. While the idea of changing providers might seem confusing and troublesome, rest assured that most retailers have streamlined their processes to facilitate a smooth transition, ensuring a hassle-free switch. 

Likewise, if you’re keen to explore solar, why not choose GetSolar – a trusted solar panel company in Singapore. Use our solar calculator to get an estimate of your property’s solar potential!