Electricity Provider Comparison: Best Plan to Choose in Singapore (2024)

With the relentless hot weather the past few months, it’s no wonder our electric bills are soaring. Many Singaporeans are feeling the heat literally and figuratively with sky-high electricity rates combined with stagnant wages.

Fortunately, the Open Electricity Market (OEM) has shaken things up, giving you the power to compare and choose your electricity retailer in Singapore. But with so many available, how do you pick the best provider and plan?

Before we get started, there are two things you have to first know:

1. Type of Electricity Plans

Would you like a fixed price plan or a discount off the regulated tariff plan?

Fixed price plans are more suitable for consumers who prefer a steady electricity rate throughout their contract. The electricity rate might be higher or lower than the regulated tariff in Singapore, which is reviewed every three months.

Meanwhile, discount off the regulated tariff plans give a fixed discount on the regulated rate, but the electricity rate changes when the regulated rate changes. These plans are better for consumers who don’t mind volatility in their electricity rates every three months. Take note the rates are not guaranteed to be lower than the regulated tariffs and may be higher on some months.

In addition, gone were the heydays of “Discount Off Regulated Tariff” electricity plans in 2024. All electrical providers in Singapore only offer fixed plans now.

2. Length of Contract

Next, decide on the period of your electric plan.

Do you prefer a shorter six-month contract or longer three-year contract with your electricity provider in Singapore?

For those who chose a contract with automatic renewal, it’s also important to take note that the retailer must offer a renewed electricity rate that is lower than the regulated tariff at the point of renewal.

Electricity Rate & Provider Comparison in Singapore

Let’s assume you use an average of 364kWh (national average consumption of electricity for a 4-room HDB flat, according to data from SP Group.

Here’s a comparison of the different electricity providers for a 36-month fixed price contract in Singapore.

Here’s a comparison of the different electricity providers for a 24-month fixed price contract in Singapore.

Prefer a shorter duration? Check out the different electricity providers for a 12-month fixed price contract in Singapore.

Current promotion offered by them (as of Oct 2024)

Important Factors to Consider Before Choosing An Electricity Provider in Singapore

Ultimately, it’s recommended not to simply go with the cheapest electricity plan.

Instead, do take the time to research the reputation of different electricity providers in Singapore. Consider factors like ease of communication, billing transparency, and their complaint resolution processes.

It’s also good to analyse your past bills to understand your monthly electricity consumption. Some retailers may offer plans with peak and off-peak pricing, which can be beneficial if you use most of your electricity during off-peak hours. For the environmentally-conscious, some retailers even have green electricity plans that source their power from renewable sources like solar or wind.

Many providers also offer attractive introductory promotions and cashback rebates to entice new customers. Factor these incentives into your decision, but prioritise plans with good long-term rates over short-term gains.

For more comparisons, check out this official OEM comparison tool which lets you easily estimate your electricity bills. Simply key in your type of residence, average electricity consumption, and the types of plan you prefer.

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