Which electricity retailer provides the most affordable electricity price plans in Singapore?

With the ongoing rise in electricity tariffs, it’s natural to question whether your residence benefits from one of Singapore’s most economical electricity rate plans. Discover whether switching plans is beneficial.

SP Group has updated the official electricity tariff for the period from 1 January to 31 March 2024. The new rate is 32.58 cents per kWh (including GST), up from the last quarter’s rate of 31 cents per kWh (including GST).

At present, consumers have the liberty to choose from eight different energy suppliers available through the Open Electricity Market (OEM).

We will delve deeper into the various energy suppliers within Singapore, highlighting their distinct advantages. Additionally, we compare these suppliers to determine which offers the most cost-effective electricity rates.

For our comparisons, we’ll use a 4-room HDB flat as our standard model.

Electricity Supplier Comparison

Interested in experiencing a plan from an Open Electricity Market provider? Consider the ‘Give Us A Try’ 6-month introductory plan by Geneco.

There are no monthly charges or fees for transmission losses. The ‘Get It Fixed 24’ plan also includes a Price Match Guarantee—if you find a lower price within a week of signing up, Geneco will refund the difference for the duration of your contract. Terms and conditions apply.

Geneco provides 12- and 24-month fixed-rate plans, with the following rates:

Add a sustainable twist with ‘Power Eco’ by selecting your preferred share of Renewable Energy Certificates (RECs), with the additional cost integrated into your Base Price Plan.

SP Services remains the default electricity provider, setting tariffs quarterly based on actual electricity costs, which influence the price plans of Open Electricity Market suppliers, whether fixed-rate, discounted from the regulated tariff, or varying by peak times.

Your electricity expenses depend on your household’s consumption, and SP Services does not offer specialized plans.

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Keppel Electric’s Price Plan

Keppel Electric offers four distinct electricity plans, two of which focus on reducing environmental impact.

Choose either a 24-month or 12-month fixed rate, both offered at the same price.

• FIXED24 (24 months): 29.79¢/kWh including GST (S$112.71 estimated monthly expense)
• FIXED12 (12 months): 29.79¢/kWh including GST (S$112.71 estimated monthly expense)
• ecoGreen24 (24 months): 38.88¢/kWh including GST (S$147.74 estimated monthly expense)
• ecoGreen12 (12 months): 38.88¢/kWh including GST (S$147.74 estimated monthly expense)

Tuas Power’s Price Plan

Tuas Power, backed by Singlife, provides options for home or utilities relief insurance, subject to terms and conditions.

They offer fixed-price plans over 12, 18, and 24 months, with continued SP Services billing but at reduced rates.

• PowerFix 36 (36 months): 29.57¢/kWh including GST
• PowerFix 24 (24 months): 29.79¢/kWh including GST
• PowerFix 18 (18 months): 29.79¢/kWh including GST
• PowerFix 12 (12 months): 29.98¢/kWh including GST

Sembcorp Power’s Price Plan

If you prefer a greener lifestyle at an affordable cost, consider Sembcorp Power. All their plans promote environmental sustainability by offering 50kWh of Green Energy each month to customers on fixed-price plans.

Opt for the ‘Sunshine Plan’ for 100% solar energy verified through local Renewable Energy Certificates (RECs) retirement.

• Fixed Price (12 months): 29.98¢/kWh including GST
• Sunshine Plan (12 months): 41.73¢/kWh including GST

Sembcorp also provides a S$20 rebate for every successful referral. Their promotions and credit card rebates can significantly reduce your next bill.

PacificLight’s Price Plan

PacificLight stands out with its straightforward and easily navigable website and a broad array of electricity plans.

Senoko Energy’s Sustainable Choices

Senoko Energy ensures a minimum of 3% renewable solar energy in all their electricity plans. Whether opting for a 12- or 24-month fixed-price plan, environmentally conscious consumers have viable options.

The carbon-neutral LifeGreen24 plan is particularly appealing for those committed to sustainability.

Leverage Senoko’s Smart Rewards for additional savings through partner discounts and promotions.

• LifePower24 (24 months): 29.79¢/kWh including GST
• LifePower12 (12 months): 30.07¢/kWh including GST
• LifeGreen24 (24 months): 30.30¢/kWh including GST

Union Power’s Flexible Offer

Union Power’s 6-month fixed-price plan simplifies the transition by waiving security deposits, registration fees, and transmission loss factor costs.

• Contact Union Power directly for current rates.

Choosing the Right Energy Provider

Evaluate your preferences, budget, and the electricity needs of your household before selecting a suitable energy provider. Take the time to consider factors like credit card rebates, referral bonuses, promo codes, and the unique offerings of each retailer.

By transitioning to an Open Electricity Market retailer, your electricity bills could be reduced, as these providers offer competitive rates in line with SP Services’ quarterly reviewed tariffs.

*Note: All listed prices reflect the current regulated tariff of 32.58 cents per kWh (including GST).

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