Which Electricity Retailer Offers The Cheapest Electricity Price Plans In Singapore?
updated: Nov 20, 2024
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.
written_by SingSaver Team
The regulated electricity tariff set by SP Group for 1 July – 30 September 2024 has risen slightly, and now stands at 32.57 cents per kWh (incl. GST).
As of the time of writing, consumers are free to take their pick from a total of eight energy providers in the OEM.
Below, we share more about the 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.
Electricity provider comparison
|
Energy Provider |
Unique Feature |
|
Geneco |
Price match guarantee |
|
SP Services |
Default reliable electricity provider |
|
Keppel Electric |
Free Microgreen Kit with ecoGreen Plan |
|
Tuas Power |
Free 12-month insurance protection |
|
Sembcorp Power |
All electricity plans are greener |
|
PacificLight |
Most diverse plan types |
|
Sunseap |
Solar energy-powered plans |
|
Senoko Energy |
All electricity plans include renewable solar energy |
|
Union Power |
No security deposit and registration fee when you switch to this provider |
SingSaver Cash Quest
Get 10x chances to win S$50,000 when you apply for participating Credit Cards. Applying for multiple products means more Cash Quest Chances! Plus, download the SingSaver App and log in with the same email used during product application to earn 20 additional chances! Valid till 22 December 2024. T&Cs apply.
#1: 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.
There are no monthly fees and no transmission loss charges. The Get It Fixed 24 plan also comes with a Price Match Guarantee. If you chance upon a lower price within seven working days of signing up, Geneco will refund you the difference for the contract period. T&Cs apply.
Geneco offers 12- and 24-month fixed-price plans. Their prices are as follows:
|
Electricity plan |
Price |
Promotion |
|
Get It Fixed 24 (24 months) |
29.42¢/kWh including GST (S$114.40 estimated monthly bill) |
Promo code: STACK80 Get S$65 bill rebate + S$15 eCapita Voucher with limited sign-ups |
|
Get It Fixed (12 months) |
29.68¢/kWh including GST (S$115.20 estimated monthly bill) |
Promo code: STACK10 Get S$10 bill rebate with limited sign-ups |
|
Give Us a Try (6 months) |
29.10¢/kWh including GST |
N/A |
Note: Promotions are limited to the first 1,000 sign-ups only.
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!
If you want to save more on your Keppel Electric plan, then it's probably a good idea to whip out your Citi credit card if you have one. To further capitalise on their already low rates, charge your recurring electricity bill payments to your Citi credit card and receive a S$20 rebate under their limited-time Get It Fixed 12 or Get It Fixed 24 plan with Power Eco Add-on offer.
#2: 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.
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.
The current electricity tariff stands at 31.72 cents/kWh including GST.
To help cope with the rising costs, we definitely recommend checking out some credit cards that earn rebates (cashback, miles, or rewards points) on your electricity bills.
#3: 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): 28.88¢/kWh including GST (S$114.43 estimated monthly bill)
-
FIXED12 (12 months): 29.68¢/kWh including GST (S$116.59 estimated monthly bill)
-
ecoGreen24 (24 months): 41.41¢/kWh including GST (S$154.71 estimated monthly bill)
-
ecoGreen12 (12 months): 41.97¢/kWh including GST (S$156.87 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.
If you are a UOB cardholder, get a chance to be rewarded with a S$30 rebate (by 31 March 2025) when you successfully make their your transaction (and subsequently set up recurring bill payments) by 28 February 2025. No promo code required to receive your rebate. Limited to the first 200 sign-ups per month, one redemption per sign-up. Promo runs from 1 October to 31 December 2024.
#4: Tuas Power
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): 29.30¢/kWh including GST
-
PowerFix 24* (24 months): 29.42¢/kWh including GST
-
PowerFix 18 (18 months): 29.63¢/kWh including GST
-
PowerFix 12 (12 months): 29.68¢/kWh including GST
*Comes with S$100 grocery e-vouchers
^Comes with S$160 grocery e-vouchers
💡 Pro-tip: Remember to charge your electricity bill (no pun intended) to a POSB Everyday Card to score an extra 1% cashback.
#5: 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 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): 30.07¢/kWh including GST
-
Sunshine Plan (12 months): 42.31¢/kWh including GST
💡 Pro-tip: Sembcorp's referral programme offers a S$20 rebate voucher for each successful referral to your friends or family. In turn, this can help offset your next electricity bill.
Credit card holders also enjoy various bill rebates and cashback when payment is made with the right credit card. Check out their promotion page to learn more.
#6: 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.
|
Electricity plan |
Price |
|
Sunny Side-Up (12 months) |
30.40¢/kWh including GST |
|
Savvy Saver (12 months) |
30.07¢/kWh including GST |
|
Savvy Saver (24 months) |
29.42¢/kWh including GST |
|
Savvy Saver (36 months) |
28.95¢/kWh including GST |
|
Save While Sleeping (24 months) |
20.05¢/kWh including GST (11pm - 7am) + 37.34¢/kWh including GST (7am - 11pm) |
|
Stack It Up (24 months) |
27.08¢/kWh including GST |
|
Classic (60 months) |
32.47¢/kWh including GST |
|
Easy Peasy (No-contract) |
28.06¢/kWh including GST + 55¢ daily charge |
|
9 to 9 (No-contract) |
16.95¢/kWh including GST (9pm - 9am) & 39.57¢/kWh including GST (9am - 9pm) |
#7: 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!
-
LifeSavvy24 (24 months):
-
36.95¢/kWh including GST (peak)
-
20.05¢/kWh including GST (off-peak)
-
-
LifePower36 (36 months): 28.95¢/kWh including GST
-
LifePower24 (24 months): 29.42¢/kWh including GST
-
LifePower12 (12 months): 29.68¢/kWh including GST
-
LifeGreen24 (24 months): 29.75¢/kWh including GST
Got a Citibank credit card? Seneko Energy is currently offering up to S$120 rebate for customers who sign up for their 12-months or 24-months plan and set up a recurring payments arrange with their Citi credit card. Use the promo codes:
-
CITITYC120 to enjoy a S$120 bill rebate on any 24-month electricity plan
-
CITITYC20 to enjoy a S$20 bill rebate on any 12-month electricity plan
You can also stack on a referral code to get your bill rebate up to S$140.
#8: Union Power
Union Power offers a 6-month fixed-price plan only. When switching to Union Power, you don’t have to deal with security deposits, registration fees, or transmission loss factor costs.
-
Union Saver 6 (6 months): Please email them directly for updated rates.
Cheapest no-contract electricity plans
|
Energy Provider |
Fixed Price (per kWh, incl. GST) |
|
PacificLight |
Easy Peasy |
Cheapest fixed-price electricity plans
6-month contract
|
Energy Provider |
Fixed Price (per kWh, incl. GST) |
|
Geneco |
29.10¢ |
12-month contract
|
Energy Provider |
Fixed Price (per kWh, incl. GST) |
|
Senoko Energy |
29.68¢ |
|
Tuas Power |
|
|
Geneco |
24-month contract
|
Energy Provider |
Fixed Price (per kWh, incl. GST) |
|
Senoko Energy |
36.95¢/kWh including GST (peak) 20.05¢/kWh including GST (off-peak) |
|
PacificLight |
20.05¢/kWh including GST (11pm - 7am) 37.34¢/kWh including GST (7am - 11pm) |
Cheapest discount off regulated tariff electricity plans
There are no such plans at the moment.
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).
about_the_author
SingSaver Team
At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.