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The Ultimate Comparison: Which Electricity Retailer Is The Cheapest In Singapore? (Updated with the latest Electricity Tariff)

Withdrawable trading bonus
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TL;DR: Ultimately Singaporeans will get cheaper electrical bills (As of 1 October 2018)

Bookmark this article. The autopilot trading team will constantly be updating it. Cheers!

autopilot trading.sg/electricity-retailer-comparison-cheapest-in-singapore/0110-cheapestelectricity/” data-orig-file=”https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/0110-cheapestelectricity.png?fit=1200%2C628&ssl=1″ data-orig-size=”1200,628″ data-comments-opened=”1″ data-image-meta='{“aperture”:”0″,”credit”:””,”camera”:””,”caption”:””,”created_timestamp”:”0″,”copyright”:””,”focal_length”:”0″,”iso”:”0″,”shutter_speed”:”0″,”title”:””,”orientation”:”0″}’ data-image-title=”0110-cheapestelectricity” data-image-description=”” data-medium-file=”https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/0110-cheapestelectricity.png?fit=300%2C157&ssl=1″ data-large-file=”https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/0110-cheapestelectricity.png?fit=640%2C335&ssl=1″ class=”aligncenter wp-image-15875 size-full” src=”https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/0110-cheapestelectricity.png?resize=640%2C335&ssl=1″ alt=”Cheapest Electricity Retailer in Singapore” width=”640″ height=”335″ srcset=”https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/0110-cheapestelectricity.png?w=1200&ssl=1 1200w, https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/0110-cheapestelectricity.png?resize=300%2C157&ssl=1 300w, https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/0110-cheapestelectricity.png?resize=768%2C402&ssl=1 768w, https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/0110-cheapestelectricity.png?resize=1024%2C536&ssl=1 1024w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″>

As per feature on Straits Times on 30th September 2018:

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  • Starting 1st April 2018, 108,000 households and 9,500 business in Jurong will get the chance to choose an electricity retailer that best suits their needs.
  • Average electricity usage has a declining trend since last year.
  • There are a total of 12 players and 3 most distinct types of price plans available.
  • New players in the residential market, SingNet, Union Power and Environmental Solutions have yet to release their plans.
  • For Fixed Price Plan:
    Best Electricity is the cheapest for 6 months.
    Sembcorp Power and Keppel Electric is the cheapest for a 1-year contract.
    Geneco is the cheapest for a 2-year contract.
    Tuas Power is the only one with a 3-years contract plan.
    Ohm Electricity has a No Contract Plan for this category.
  • For Discount Off Tariff Plan:
    Geneco has the cheapest 6 months contract plan.
    Ohm Electricity
     is the cheapest when it comes to 1-year contract.
    Sembcorp Power is the cheapest for a 2 years contract.
  • For peak and off-peak plans:
    PacificLight has the cheapest peak hours usage rate.
    Geneco and Keppel Electricity are the cheapest for off-peak rates.

3 Tips on choosing the best electricity plan!

  • Always download the factsheet of the plans you are considering from the retailer’s website. (Look out for the fine print!)
  • For user experience, customer service, billing issues and other possible pros and cons of a retailer, it will be good to rely on insights from Singaporeans who have been there done that.
    autopilot trading.sg/electricity-retailer-comparison-cheapest-in-singapore/screen-shot-2018-09-22-at-12-08-01-am/” data-orig-file=”https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-09-22-at-12.08.01-AM.png?fit=1900%2C558&ssl=1″ data-orig-size=”1900,558″ data-comments-opened=”0″ data-image-meta='{“aperture”:”0″,”credit”:””,”camera”:””,”caption”:””,”created_timestamp”:”0″,”copyright”:””,”focal_length”:”0″,”iso”:”0″,”shutter_speed”:”0″,”title”:””,”orientation”:”0″}’ data-image-title=”Screen Shot 2018-09-22 at 12.08.01 AM” data-image-description=”” data-medium-file=”https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-09-22-at-12.08.01-AM.png?fit=300%2C88&ssl=1″ data-large-file=”https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-09-22-at-12.08.01-AM.png?fit=640%2C188&ssl=1″ class=”aligncenter wp-image-15409 size-full” src=”https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-09-22-at-12.08.01-AM.png?resize=640%2C188&ssl=1″ alt=”Reviews on electricity retailers in Singapore” width=”640″ height=”188″ srcset=”https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-09-22-at-12.08.01-AM.png?w=1900&ssl=1 1900w, https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-09-22-at-12.08.01-AM.png?resize=300%2C88&ssl=1 300w, https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-09-22-at-12.08.01-AM.png?resize=768%2C226&ssl=1 768w, https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-09-22-at-12.08.01-AM.png?resize=1024%2C301&ssl=1 1024w, https://i2.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-09-22-at-12.08.01-AM.png?w=1280&ssl=1 1280w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″>Read the reviews before making a decision.
  • Tip: Last we heard, Discount off tariff is the most popular plan simply because it is a sure win from whatever the tariff may be.

How much Singaporeans spend on electricity bill every month?

Singaporeans are subjected to Electricity Tariff, which is regulated by the Energy Market Authority (EMA).

This Electricity Tariff is updated every quarterly, and as of Q4 2018, which is from 1 October 2018 to 31 December 2018, the Electricity Tariff is at 24.13 cents/kWh (25.82 cents/kWh with GST)

autopilot trading.sg/electricity-retailer-comparison-cheapest-in-singapore/screen-shot-2018-10-01-at-2-14-15-pm/” data-orig-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-10-01-at-2.14.15-PM.png?fit=1224%2C952&ssl=1″ data-orig-size=”1224,952″ data-comments-opened=”1″ data-image-meta='{“aperture”:”0″,”credit”:””,”camera”:””,”caption”:””,”created_timestamp”:”0″,”copyright”:””,”focal_length”:”0″,”iso”:”0″,”shutter_speed”:”0″,”title”:””,”orientation”:”0″}’ data-image-title=”Screen Shot 2018-10-01 at 2.14.15 PM” data-image-description=”” data-medium-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-10-01-at-2.14.15-PM.png?fit=300%2C233&ssl=1″ data-large-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-10-01-at-2.14.15-PM.png?fit=640%2C498&ssl=1″ class=”aligncenter size-full wp-image-15868″ src=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-10-01-at-2.14.15-PM.png?resize=640%2C498&ssl=1″ alt=”Electricity tariff Q4 2018″ width=”640″ height=”498″ srcset=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-10-01-at-2.14.15-PM.png?w=1224&ssl=1 1224w, https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-10-01-at-2.14.15-PM.png?resize=300%2C233&ssl=1 300w, https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-10-01-at-2.14.15-PM.png?resize=768%2C597&ssl=1 768w, https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/09/Screen-Shot-2018-10-01-at-2.14.15-PM.png?resize=1024%2C796&ssl=1 1024w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″>The Electricity Tariff is made up of 4 components:

 

  • Market Administration and Power System Operation Fee – 0.05 cents/kWh
    Paid to Energy Company and Power System Operator. Reviewed annually.
  • Market Support Services Fee (MSS) – 0.40 cents/kWh
    Reviewed annually.
  • Network Cost – 5.31 cents/kWh
    Reviewed annually.
  • Energy Cost – 18.37 cents/kWh
    Reviewed quarterly.

The sum of the 4 components makes up your Electricity Tariff, which will be what the consumer pays for their monthly electricity bill.

Average Electricity Consumption And Electricity Bill Of Singaporeans

To give a good judgment on how the new scheme of using private electricity retailers will affect our electricity bills, we went on to find out on average, how much Singaporeans spend on electricity.

First, we find out the amount of electricity an average Singaporean consumes:

Property Type Average Electricity Consumption (kWh)
HDB 1-Room 134.5
HDB 2-Room 182.64
HDB 3-Room 271.09
HDB 4-Room 366.75
HDB 5-Room 425.06
HDB Executive 520.36
Apartment 516.8
Terrace 896.96
Semi-Detached 1168.55
Bungalow 2346.08

Credit: SP Group

Now that we have a good estimation of how much electricity (in kWh) is being consumed for each property type, we went on to give an estimation of the cost (inclusive of GST):

Property Type Average Electricity Consumption per month(kWh) Average Cost of Electricity per month
HDB 1-Room 134.5 S$32.45
HDB 2-Room 182.64 S$44.07
HDB 3-Room 271.09 S$65.41
HDB 4-Room 366.75 S$88.50
HDB 5-Room 425.06 S$102.57
HDB Executive 520.36 S$125.56
Apartment 516.8 S$124.70
Terrace 896.96 S$214.02
Semi-Detached 1168.55 S$281.97
Bungalow 2346.08 S$566.11


Open Electricity Market in Singapore

As of 1st April 2018, households and businesses in Jurong will have the option to purchase electricity from a retailer. This reduces the reliant on SP group (SP Services) for electricity, where cost is based on a regulated tariff that changes every quarter.

By 1 November 2018, Open Electricity Market will launch this initiative across the whole of Singapore.

12 electricity retailers are authorised at the moment with some of their

  • Best Electricity Supply
  • Environmental Solutions (Asia) Pte Ltd
  • iSwitch
  • Keppel Electric
  • Ohm Energy
  • PacificLight Energy
  • Sembcorp Power
  • Senoko Energy Supply
  • Geneco by Seraya Energy
  • SingNet Pte Ltd
  • Tuas Power Supply
  • Union Power Ptd Ltd

To make comparison easier for everyone, we are going to focus on what matters the most, residential plans.

Residential plans offered by electricity retailers

Brushing away all the marketing gimmick and getting down to business, most electricity retailer has 3 main types of plan for the Singaporeans.

  • Fixed Price Plan
    autopilot trading.sg/electricity-retailer-comparison-cheapest-in-singapore/fixed-plan-01/” data-orig-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/Fixed-plan-01.png?fit=900%2C631&ssl=1″ data-orig-size=”900,631″ data-comments-opened=”0″ data-image-meta='{“aperture”:”0″,”credit”:””,”camera”:””,”caption”:””,”created_timestamp”:”0″,”copyright”:””,”focal_length”:”0″,”iso”:”0″,”shutter_speed”:”0″,”title”:””,”orientation”:”0″}’ data-image-title=”Fixed plan-01″ data-image-description=”” data-medium-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/Fixed-plan-01.png?fit=300%2C210&ssl=1″ data-large-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/Fixed-plan-01.png?fit=640%2C449&ssl=1″ class=”aligncenter size-full wp-image-15379″ src=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/Fixed-plan-01.png?resize=640%2C449&ssl=1″ alt=”Fixed Price plan for electricity retailer Singapore” width=”640″ height=”449″ srcset=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/Fixed-plan-01.png?w=900&ssl=1 900w, https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/Fixed-plan-01.png?resize=300%2C210&ssl=1 300w, https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/Fixed-plan-01.png?resize=768%2C538&ssl=1 768w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″>

    Pay a fixed rate throughout your contract

  • Discount Off Regulated Tariff Plan
    autopilot trading.sg/electricity-retailer-comparison-cheapest-in-singapore/discount-off-01/” data-orig-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/discount-off-01.png?fit=900%2C656&ssl=1″ data-orig-size=”900,656″ data-comments-opened=”0″ data-image-meta='{“aperture”:”0″,”credit”:””,”camera”:””,”caption”:””,”created_timestamp”:”0″,”copyright”:””,”focal_length”:”0″,”iso”:”0″,”shutter_speed”:”0″,”title”:””,”orientation”:”0″}’ data-image-title=”discount off-01″ data-image-description=”” data-medium-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/discount-off-01.png?fit=300%2C219&ssl=1″ data-large-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/discount-off-01.png?fit=640%2C466&ssl=1″ class=”aligncenter size-full wp-image-15381″ src=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/discount-off-01.png?resize=640%2C466&ssl=1″ alt=”Discount off tariff electricity retail plan Singapore” width=”640″ height=”466″ srcset=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/discount-off-01.png?w=900&ssl=1 900w, https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/discount-off-01.png?resize=300%2C219&ssl=1 300w, https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/discount-off-01.png?resize=768%2C560&ssl=1 768w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″>

    Enjoy percentage off the Regulated Tariff (updated quarterly), throughout your contract

  • Peak and Off-peak Plan
    autopilot trading.sg/electricity-retailer-comparison-cheapest-in-singapore/peak-off-peak-01/” data-orig-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/peak-off-peak-01.png?fit=900%2C656&ssl=1″ data-orig-size=”900,656″ data-comments-opened=”0″ data-image-meta='{“aperture”:”0″,”credit”:””,”camera”:””,”caption”:””,”created_timestamp”:”0″,”copyright”:””,”focal_length”:”0″,”iso”:”0″,”shutter_speed”:”0″,”title”:””,”orientation”:”0″}’ data-image-title=”peak off peak-01″ data-image-description=”” data-medium-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/peak-off-peak-01.png?fit=300%2C219&ssl=1″ data-large-file=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/peak-off-peak-01.png?fit=640%2C466&ssl=1″ class=”aligncenter size-full wp-image-15380″ src=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/peak-off-peak-01.png?resize=640%2C466&ssl=1″ alt=”Peak and off-peak plan for electricity retailer Singapore” width=”640″ height=”466″ srcset=”https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/peak-off-peak-01.png?w=900&ssl=1 900w, https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/peak-off-peak-01.png?resize=300%2C219&ssl=1 300w, https://i0.wp.com/blog.autopilot trading.sg/wp-content/uploads/2018/07/peak-off-peak-01.png?resize=768%2C560&ssl=1 768w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″>

    Pays more for electricity during the peak period.
    Pays lesser for electricity during the off-peak period.

The Ultimate Comparison: Electricity Retailers in Singapore (Fixed Price Plan)

With 14 retailers, choosing one can be quite a chore, but we are here to help by comparing all the plans they have for households.

For easy reference, the SP Regulated Tariff Rate is at $0.253/kWh this quarter. All the fixed rates that private retailers provide is cheaper than the current tariff.

Company Fixed Rate Plan
6 Months 1 Year Contract 2 Years Contract 3 Years Contract
Best Electricity $0.1628/kWh $0.175/kWh $0.1638/kWh
Sembcorp Power $0.1680/kWh 0.1650/kWh
Keppel Electric $0.1707/kWh $0.1680/kWh $0.1650/kWh
Geneco $0.1780/kWh $0.1620/kWh
Tuas Power $0.188/kWh
(First 2 months FREE)
$0.168/kWh
Ohm Electricity $0.1815/kWh

No Contract: $10 per month + $0.1535/kWh)

$0.1795/kWh $0.1695/kWh
iSwitch $0.178/kWh $0.175/kWh
Senoko Energy $0.1799/kWh $0.1718/kWh
(Online promo
PacificLight $0.1778/kWh
SingNet Have yet to release price plan
Union Power Have yet to release price plan
Environmental Solutions Have yet to release price plan

  • Ohm Electricity provides a No Contract plan at $0.1535/kWh with a monthly fixed cost of $10.
  • Best Electricity has the cheapest 6 months plan at $0.1628/kWh
  • Sembcorp Power and Keppel Electric are the most economical when it comes to 1-year plan at $0.168/kWh.
  • Geneco is the most economical when it comes to 2 years at $0.1620/kWh
  • Tuas Power is the only one providing 3 years contract at $0.168/kWh

The Ultimate Comparison: Electricity Retailers in Singapore (Discount Off Regulated Tariff Plan)

If you are not a fan of fixed rate and would like to add a bit of spice to life, “betting” on electricity tariff can be the new thing for you.

Discount Off Regulated Tariff Plans charge by taking away a percentage of the cost from your usual electricity tariff. Hence, it is pegged to the electricity tariff which changes every quarterly.

Company Discount Off Tariff Plan
6 Months 1 Year Contract 2 Years Contract
Geneco 23.8% off 19% off 21% off
Ohm Electricity 20% off 22% off
Sembcorp Power 20% off 23.5% off
Best Electricity 18% off 23% off
Keppel Electric 21% off
iSwitch 19% off
18% off
(clean energy)
20% off
Senoko Energy 14.5% off 17.25% off
PacificLight 21% off
Tuas Power 10% off
(First month Free)
16% off
(First Month Free)

or
53% off
(first 6 months)
10% off
(subsequent 18 months)

SingNet Have yet to release price plan
Union Power Have yet to release price plan
Environmental Solution Have yet to release price plan

  • For short-term 6 months contract, Geneco is the cheapest with 23.8% off.
  • Ohm Electricity is the cheapest for 1-year contract with 22% discount off tariff.
  • For 2 year contract, Sembcorp Power is the cheapest with 23.5% off.

The Ultimate Comparison: Electricity Retailers in Singapore (Peak and off-peak plans)

Assuming peak period is defined as the time where most Singaporeans are at home. Hence, if you have working hours which are away from the norm, this might be the plan for you given that your electricity usage will be during off-peak.

We see less company is having the Peak and off-peak plans mainly due to possible extra meter needed to be fixed at the household to monitor the electrical activity.

Company Peak and off-peak plans
Peak Off Peak
PacificLight $0.1807/kWh
or
16% off tariff
(7am to 11pm)
$0.1667/kWh
or
26% off tariff
(11pm to 7am)
Keppel Electric $0.1880/kWh
(7am to 11pm)
$0.1538/kWh
(11pm to 7am)
Geneco 5% off Tariff
(6am – 12am)
53% off Tariff
(12am-6am)
Sembcorp Power $0.2/kWh
(7am – 7pm)
$0.2365/kWh
(7pm – 7am)
Tuas Power $0.202/kWh
(7am to 6.59pm)
$0.19/kWh
(7pm to 6.59am)
iSwitch Does not offer Peak and off-peak plans
Best Electricity Does not offer Peak and off-peak plans
Senoko Energy Does not offer Peak and off-peak plans
Ohm Electricity Does not offer Peak and off-peak plans
SingNet Have yet to release price plan
Union Power Have yet to release price plan
Environmental Solution Have yet to release price plan

  • PacificLight offers the cheapest price when it comes to peak hours usage.
  • Geneco, on the other hand, is cheapest for off-peak with a 53% off tariff.
  • For fixed price, Keppel Electricity is the cheapest for off-peak
  • Should a consumer chooses to go with Peak and Off-peak plan, installing a smart meter is necessary to track your electricity consumption every half an hour.
  • The meter installation fee costs $40 (before GST).

Further Reading:

Transmission Loss Factors (TLF)

  • Scaling factors that are already applied at the metering point to account for network and transformer losses.
  • Residential customers fall under the 230.400V category when it comes to TLF
  • SP Group should have already adjusted this to derive the usage of consumers, hence, private retailers will simply take the information from SP Group and bill accordingly.

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