Compare 8 Best Electricity Price Plans: Open Electricity Market (2023)

The Open Electricity Market (OEM) initiative has been in full swing for a few years already; if you’ve been too lazy to switch providers, remember: you can’t procrastinate forever. This is your sign to choose your preferred electricity retailer in Singapore. Don’t scoff at the few bucks you could shave off your utility bills. After all, it’s these dollars that really add up over time. 

If you’ve done zero research, consider reading our Moneysmart Ultimate Guide to Cheapest Electricity in Singapore:

  • Beginner’s guide to the Open Electricity Market in Singapore

  • 5 Most common questions about switching from Singapore Powers (SP) to electricity retailer

  • Compare 9 Best Electricity Price Plans in Singapore

  • All Green and Solar Electricity in Singapore

  • A list of hidden costs to look out for when choosing electricity retailers

Or watch our video explainer: How Much Will You Save If You Switched From SP Services?

Open Electricity Market (OEM) and electricity retailers in Singapore

The OEM is a turning point in Singapore history. Up until 1 Nov 2018, electricity was provided by SP (Singapore Power) and all we had to do was pay our bills.

But now, there are many electricity retailers with published prices offering 2 standard pricing models… that means more than 20 electricity packages to compare. Naturally, there’s some analysis paralysis…

Contents

  1. How to choose an electricity retailer?

  2. Cheapest electricity plans

  3. “Discount off regulated tariff” electricity plans

  4. Non-standard electricity plans & promotions 

  5. How are electricity bills calculated by retailers?

  6. Best cashback credit cards for electricity bill payments

1. Getting started: 3 steps to picking an electricity retailer

Step 1: Decide if you want a fixed rate plan or discount off the regulated tariff. Some retailers have non-standard plans as well.

Step 2: Decide how long you want your contract to be—it can be as short as 6 months to as long as 3 years.

Step 3: Finally, compare the prices and choose your preferred power soulmate.

Before your eyes start twitching and your brain starts short-circuiting, we’re here to play cupid with a comprehensive comparison of all the current retailers.

There’s an official OEM comparison tool which lets you easily estimate your electricity bills and compare providers. You just need to input your type of residence, average consumption, and preference for pricing models (fixed or discount off regulated tariff).

Using that calculator, let’s find out what are the cheapest retailers for a 4-room HDB flat with an assumed average consumption of 360 kWh / month.

2. Cheapest electricity retailers for fixed price plans

For these price plans, you pay a fixed price (calculated per kWh) for the duration of your contract. The fixed rate is not affected by SP’s electricity tariff, and is applied to your total electricity consumption (regardless of what time you use it).

Short-term contracts historically used to offer the cheapest prices — possibly to encourage you to give these electricity retailers a try. (The Geneco plan is literally called “Give Us A Try”.) However, these trial plans are no longer the cheapest. Instead, the cheapest electricity prices these days come from the 24-month plans. If you’re new to the OEM, these 6-month plans will help mitigate any commitment issues or fear that you might have.

Electricity Retailer

6 Months Fixed Price Plan

Price (per kWh)

Geneco

Give Us A Try

$0.293

Sunseap

One 6 Months

$0.4212

Union Power

Union Saver 6

$0.486

If you don’t want the hassle of possibly having to switch out half a year later, a 12-month contract will get you the next cheapest rates.

Electricity Retailer

12 Months Fixed Price Plan

Price (per kWh)

Geneco

Get It Fixed 12

$0.2898

Keppel Electric

Fixed12

$0.2898

Senoko

LifePower12

$0.2898

Pacific Light

Savvy Saver 12

$0.2898

Sunny Side-Up 12m (Green Plan)

$0.2930

Sembcorp Power

12 Months Fixed Price Home

$0.2946

Tuas Power

PowerFIX 12

$0.2952

Below are the longest 24-month electricity plan contracts which will give you the cheapest electricity prices:

Electricity Retailer

24 Months Fixed Price Plan

Price (per kWh)

Geneco

Get It Fixed 24

$0.2898

Keppel Electric

Fixed24

$0.2898

Pacific Light

Savvy Saver 24

$0.2898

Senoko

LifePower24

$0.2898

Senoko

GreenLife 24

$0.2944

Tuas Power

PowerFIX 24

$0.2952

Note that conventionally fixed electricity plans listed above change much more often than other type of electricity plans (see below), and the cheapest electricity retailers and plans rotate frequently as well.

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3. Cheapest electricity retailers for “discount off regulated tariff” price plans

For this type of plan, you get a fixed discount off SP’s electricity rate, which is currently $0.2743 per kWh (1 April to 30 June 2023).

You pay a floating rate, subject to the tariff’s quarterly fluctuations. In other words, your bill will always be X% cheaper than if you opted for SP.

Let’s do a price comparison based on a 4-room HDB flat with an assumed average consumption of 360 kWh/month.

If you’re with SP, your bill would have been…$98.75 per month.

Electricity Retailer

Discount Off Tariff Plan

Discount

Bill

Senoko

LiveSave6

2%

$96.78

As you can see, “discount off tariff” electricity plans are not offered by many electricity retailers right now.

4. Other non-standard price plans – “peak & off-peak”, free gifts & more promotions

In addition to the standard plans, some retailers offer non-standard packages to cater to different profiles of users so be sure to check their official websites when picking a plan.

A popular one is the “peak and off-peak” pricing, which splits the day into 2 time slots—day and night—charging different rates for it. So, if you can use most of your electricity during off-peak hours, you can enjoy cheaper prices.

Other non-standard plans include handing out cash rebates (usually calculated based on the average of a few months), free gifts (like iPads!), and discounted prices when bundled with other products.

The retailers were reasonably aggressive with their prices and promotions a few years back. However, those promo codes and freebies have since waned.

But we’d say that it doesn’t really matter. The cheaper prices are already enough incentive for you to make the switch from SP.

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5. What is Transmission Loss Factor?

When the Open Electricity Market first launched, it was really difficult to find out which electricity plan is really the cheapest because some of them were complicated by this troublesome thing called Transmission Loss Factor.

When power is delivered to your home, a certain percentage of it is “lost”, and different retailers dealt with this loss in different ways. Some factored the loss into their rates, while others left it as a surprise for their customers.

However, since November 2018, most retailers have standardised their billing calculation remain competitive. This means that, for those of us not gifted in Maths, we no longer have to do complicated calculations to figure out how much exactly electricity costs. Yay!

Still, these things are always subject to change, so be kiasu and please double-check your contract to make sure. If you’re not sure about how your preferred retailer calculates your consumption, please give them a call.

Just in case you’re curious, here are the published Transmission Loss Factors, which can be found on the OEM website.

Load

Transmission Loss Factors (from 1 April 2023)

230kV / 400kV

1.0

66kV

1.0

22kV

1.003404

6.6kV

1.008472

230V

1.016957

Singapore’s power is delivered at 230V, i.e. the TLF is 1.016957 currently. There are two forms of electricity billing: Either according to the meter, or loss-adjusted billing.

In general, billing according to the metered reading is more straightforward and cheaper than loss adjusted readings. No hidden charge. You just pay the X price multiplied by your consumption. For example, $0.2743  X 360 kWh = $98.75. That’s it, no need to think.

For loss-adjusted billing, you need to take the TLF and multiply by to your total consumption. So it would instead be: $0.2743 X 360 kWh X 1.016957 = $100.42. That’s about $1.67 more!

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6. Best cashback credit cards for paying your electricity bills

Most electricity retailers make it easy for you to set up a recurring charge to your credit card of choice… but bear in mind that not all credit cards will give you cash rebates for your electricity bills.

For example, some credit card terms and conditions put “recurring payments” and “bill payments” under their list of general exclusions. This can happen even if it’s supposedly a cashback card with no categories or restrictions.

To play it safe, we would recommend credit cards that explicitly mention electricity bills as one of their cashback categories. The following are good options:

If you want an all-purpose credit card, the UOB Absolute Cashback card is the one to go for. You can use it to pay your electricity bills, and also insurance premiums!

UOB logo
UOB logo

Online Promo

FLASH DEAL

UOB Absolute Cashback Card

1.7%

Min. Spend per month

$0

Spend Exclusions

No

Online Promo:

Get S$350 worth of Grab Vouchers when you successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 for 2 consecutive months from card approval date. T&Cs apply.

Valid until 31 May 2023

Apply Now

More Details

Cash Back Features

  • 1.7% limitless cashback on everything, including groceries, insurance, school fees, wallet top-ups, healthcare, Utilities & Telco Bills and Rental

See all card details 

Consolidate your bills on a UOB One card and hit the minimum spend of $500, $1,000 or $2,000 every month to get a flat quarterly rebate of 3.33%.

UOB logo
UOB logo

Online Promo

FLASH DEAL

UOB One Card

Cashback on Utility Bills

Up to 3.3%

Cashback on Telco Bills

Up to 3.3%

Min Spend per Month

S$500

Online Promo:

Get up to 15% Cashback and S$350 worth of Grab Vouchers when you successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 for 2 consecutive months from card approval date. T&Cs apply!

Valid until 31 May 2023

Apply Now

More Details

Bill Payment Features

  • Up to 3.33% on all retail spend (based on S$500, S$1,000 or S$2,000)

See all card details 

Meet the OCBC 365 credit card‘s minimum spend of $800 a month and get 3% cashback on your recurring electricity bills.

OCBC logo
OCBC logo

Online Promo

High Spend on Dining

OCBC 365 Credit Card

Cashback on Utility Bills

3%

Cashback on Telco Bills

3%

Min Spend per Month

S$800

Online Promo:

Apply and spend S$500 within 30 days from card approval to get a Samsonite Polygon Spinner 28" Luggage (worth S$640) OR spend S$1,000 for 2 consecutive months within 60 days from card approval to receive S$250 Cashback. T&Cs apply.

Valid until 30 Jun 2023

Apply Now

More Details

Bill Payment Features

  • 3% cashback on recurring bills from StarHub, Singtel, M1, MyRepublic, CirclesLife, etc...

  • 3% cashback on recurring elecitrcity bills from Sembcorp Power, Senoko Energy and Keppel Electric, etc...

  • Rebates capped at S$80/month

  • 2 years annual fee waiver of S$194.40/year

See all card details 

The POSB Everyday Card gets you 2-3% rebate on your electricity bills from selected providers: Geneco, Sembcorp, Union Power, Tuas Power, Keppel Electric, Senoko (and yes, SP Group too) with no minimum spending requirement.

POSB logo
POSB logo

Online Promo

Earn Cash Rebates that Never Expire

POSB Everyday Card

Cash rebates on utilities and telecommunication payments

Up to 3%

Cash Rebate on selected Telco bills

1%

Min Spend per Month

S$800

Online Promo:

Welcome Gift: Get S$150 Cashback when you apply with promo code 150CASH and make the min. spend of S$800 within 60 days of card approval. T&Cs apply.

Valid until 30 Jun 2023

Apply Now

More Details

Bill Payment Features

  • Utilities - Merchants : iSwitch, Keppel Electric, Senoko Energy (2% Cash Rebates with No min. spend required)

  • Utilities - Merchants : SP Group^, Geneco, Sembcorp Power, Union Power, Best Electricity*, Ohm Energy*, Tuas Power* (3% Cash Rebates with No min. spend required)

  • Telecommunications - Merchants : Singtel, Singtel GOMO, Starhub, Starhub giga, M1, MyRepublic, Circles.Life (3% Cash Rebates with Min. spend S$800 per calendar month)

See all card details 

If your electricity provider accepts American Express, consider the UOB Absolute Cashback Card for a fuss-free 1.7% rebate, again with no minimum spend requirement.

Still hesitant to make the switch from SP Group to another electricity retailer? Read this!

The post Compare 8 Best Electricity Price Plans: Open Electricity Market (2023) appeared first on the MoneySmart blog.

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