If you’re a resident or business owner in Singapore, you have the option to choose your electricity retailer. The Open Electricity Market (OEM) was launched in 2018 to liberalize the electricity market in Singapore and provide consumers with more choices and competitive prices. Under the OEM, you can choose from a range of electricity retailers, each with their own price plans and packages.
Popular electricity retailers in Singapore include Keppel Electric, Geneco, and iSwitch. These retailers offer a variety of plans, including fixed-rate plans, discount off regulated tariff plans, and non-standard plans with promotions. When choosing a retailer, it’s important to compare price plans and consider factors such as contract duration, early termination fees, and additional charges.
Switching to a new electricity retailer is a simple process and can be done online. Once you’ve chosen your new retailer and plan, they will handle the switch for you. Your electricity supply will not be disrupted during the switch, and you will continue to receive your bill from SP Group. Understanding your electricity bill and the charges involved is important to ensure that you’re getting the best deal for your electricity consumption.
Key Takeaways
- The Open Electricity Market (OEM) provides consumers in Singapore with more choices and competitive prices for their electricity.
- Popular electricity retailers in Singapore include Keppel Electric, Geneco, and iSwitch.
- Switching to a new electricity retailer is a simple process, and understanding your electricity bill and charges is important for getting the best deal.
Understanding the Open Electricity Market (OEM)
If you’re living in Singapore, you have the freedom to choose your electricity retailer through the Open Electricity Market (OEM). It is an initiative by the Energy Market Authority (EMA) to liberalize the electricity market and provide consumers with more options and flexibility in choosing their electricity plans.
Origins of OEM
The OEM was launched in 2018, and since then, it has helped many households and businesses in Singapore save on their electricity bills. Before OEM, Singapore’s electricity market was monopolized by the SP Group, which was the only electricity retailer in the country. With OEM, you can now choose from a variety of electricity retailers, each with its own pricing plans, promotions, and benefits.
Benefits of Switching Providers
Switching to a new electricity retailer can help you save on your electricity bills. With OEM, you have the freedom to choose from a variety of pricing plans that best suits your electricity needs. Some retailers offer fixed-rate plans, while others offer discount plans, so you can choose the one that works best for you.
Moreover, OEM provides you with the flexibility to switch retailers if you’re not satisfied with your current electricity plan. You can switch retailers without any additional costs or penalties, making it easy for you to find the best plan that works for you.
In conclusion, the Open Electricity Market is an excellent opportunity for consumers in Singapore to take control of their electricity bills and choose the best plan that meets their needs. With the freedom to switch retailers, you can save money and enjoy the flexibility of choosing the plan that works best for you.
Popular Electricity Retailers in Singapore
If you’re looking for an electricity retailer in Singapore, you’re in luck! There are many popular options to choose from. Here are some of the most well-known electricity retailers in Singapore that you should consider:
Geneco
Geneco is one of the most popular electricity retailers in Singapore. They offer a range of plans to suit different needs and budgets, including fixed rate plans and discount plans. Geneco is known for their competitive pricing and excellent customer service.
Keppel Electric
Keppel Electric is another popular choice for electricity in Singapore. They offer a variety of plans, including fixed rate plans and discount plans. Keppel Electric is known for their reliable service and competitive pricing.
Sembcorp Power
Sembcorp Power is one of the largest electricity retailers in Singapore. They offer a range of plans to suit different needs and budgets, including fixed rate plans and discount plans. Sembcorp Power is known for their excellent customer service and competitive pricing.
PacificLight
PacificLight is a popular choice for electricity in Singapore. They offer a range of plans, including fixed rate plans and discount plans. PacificLight is known for their competitive pricing and reliable service.
Union Power
Union Power is a well-known electricity retailer in Singapore. They offer a variety of plans, including fixed rate plans and discount plans. Union Power is known for their excellent customer service and competitive pricing.
Sunseap
Sunseap is a popular choice for electricity in Singapore. They offer a range of plans to suit different needs and budgets, including fixed rate plans and discount plans. Sunseap is known for their competitive pricing and excellent customer service.
Tuas Power
Tuas Power is a reliable electricity retailer in Singapore. They offer a variety of plans, including fixed rate plans and discount plans. Tuas Power is known for their competitive pricing and excellent customer service.
Senoko Energy
Senoko Energy is a well-known electricity retailer in Singapore. They offer a range of plans, including fixed rate plans and discount plans. Senoko Energy is known for their excellent customer service and competitive pricing.
iSwitch
iSwitch is a popular choice for electricity in Singapore. They offer a variety of plans, including fixed rate plans and discount plans. iSwitch is known for their competitive pricing and excellent customer service.
Ohm Energy
Ohm Energy is a reliable electricity retailer in Singapore. They offer a range of plans, including fixed rate plans and discount plans. Ohm Energy is known for their excellent customer service and competitive pricing.
These are just a few of the most popular electricity retailers in Singapore. Each retailer has its own unique features and benefits, so be sure to do your research and choose the one that best suits your needs.
Comparing Electricity Price Plans
When it comes to choosing an electricity retailer in Singapore, comparing price plans is essential. There are various electricity plans available, and choosing the right one can help you save money on your bills.
Fixed Price Plans
Fixed price plans are a popular choice for those who want to know exactly what they will be paying for their electricity. With fixed price plans, the electricity rate remains the same throughout the contract period, which can be for 12, 24, or 36 months.
Some of the best fixed price plans in Singapore include the “Get It Fixed 24” plan by Geneco and the “FIXED12” plan by Keppel Electric. These plans offer competitive rates and long contract periods, making them an attractive option for many households.
Discount Off Regulated Tariff Plans
Discount off regulated tariff plans offer a percentage discount off the prevailing regulated tariff. The regulated tariff is set by the Energy Market Authority (EMA) and is reviewed quarterly. This means that the electricity rate for these plans can vary throughout the year.
Some of the best discount off regulated tariff plans in Singapore include the “Ohm Discount” plan by Ohm Energy and the “Discount Off Tariff” plan by Tuas Power. These plans offer discounts of up to 20% off the regulated tariff, making them a great option for those who want to save money on their bills.
Peak and Off-Peak Plans
Peak and off-peak plans offer different rates for electricity usage during peak and off-peak hours. Peak hours are typically during the day when electricity demand is high, while off-peak hours are usually at night when demand is lower.
Some of the best peak and off-peak plans in Singapore include the “Smart Saver” plan by iSwitch and the “Off-Peak Discount” plan by PacificLight Energy. These plans offer different rates for peak and off-peak hours, allowing you to save money on your bills by using electricity during off-peak hours.
In conclusion, comparing electricity price plans in Singapore is crucial to finding the right plan for your household. Whether you prefer fixed price plans, discount off regulated tariff plans, or peak and off-peak plans, there is an electricity plan out there that can help you save money on your bills.
Promotions and Savings
If you’re looking to save money on your electricity bill, there are plenty of promotions and savings available from various electricity retailers in Singapore. Here are some of the best ways to save money on your electricity bill:
Promo Codes and Discounts
Many electricity retailers offer promo codes and discounts that can help you save money on your monthly bill. For example, Geneco is currently offering up to $160 in rebates with their Jolly Savings promotion. Other retailers like Sembcorp Power and Keppel Electric offer similar promotions with varying discounts and rebates. Keep an eye out for these promotions and use them to your advantage to save money.
Cashback and Credit Card Deals
Some electricity retailers also offer cashback deals and credit card promotions that can help you save money. For example, if you use a credit card from HSBC, you can get up to $50 in additional rebates from select electricity retailers like Geneco and Keppel Electric. Additionally, some retailers like Senoko Energy offer cashback on your monthly electricity bill if you pay with a specific credit card. Be sure to check with your electricity retailer to see if they offer any cashback or credit card deals.
Rebates and Incentives
Finally, many electricity retailers offer rebates and incentives for customers who switch to their services. For example, PacificLight is currently offering a $50 bill rebate for new customers who sign up for their electricity plan. Other retailers like Union Power offer similar incentives for new customers. If you’re thinking about switching to a new electricity retailer, be sure to check if they offer any rebates or incentives for new customers.
Overall, there are plenty of ways to save money on your electricity bill in Singapore. Whether you’re looking for promo codes and discounts, cashback and credit card deals, or rebates and incentives, there are plenty of options available to help you save money. Be sure to check with your electricity retailer to see what promotions and savings they offer and take advantage of them to save money on your monthly bill.
Switching to a New Electricity Retailer
If you’re looking to switch to a new electricity retailer in Singapore, you’re in luck! The Open Electricity Market (OEM) was launched in 2018, giving consumers the option to choose from a variety of electricity retailers instead of being tied to the default provider, SP Group.
How to Switch
Switching to a new electricity retailer is a simple process that can be done entirely online. First, shop around and check out the price plans that retailers have to offer. You can compare their standard price plans using our Price Comparison Tool to find one that best meets your needs. Once you’ve found a plan that you like, simply sign up with the retailer of your choice. They will work directly with SP Group to make the switch for you.
Choosing the Best Plan for Your Needs
When choosing the best plan for your needs, there are a few things to consider. First, think about your electricity usage habits. Do you use a lot of electricity during peak hours, or do you tend to use it more during off-peak hours? This will help you determine whether a fixed or variable rate plan is best for you.
Next, consider whether you want a plan that is environmentally friendly. Some retailers offer plans that use renewable energy sources, while others do not. If you’re interested in reducing your carbon footprint, look for a plan that uses green energy.
Finally, make sure to read the fine print before signing up for a plan. Look for any hidden fees or charges that may not be immediately apparent. You’ll also want to check the length of the contract and whether there are any penalties for early termination.
By following these steps, you can easily switch to a new electricity retailer and choose the best plan for your needs. So why wait? Start shopping around today and take control of your electricity supply!
Sustainable and Green Energy Options
Are you looking for sustainable and green energy options in Singapore? Look no further than the electricity retailers who offer renewable energy plans. These plans are designed to help you reduce your carbon footprint and support the use of renewable energy sources in Singapore.
Renewable Energy Plans
One of the most popular renewable energy plans in Singapore is the Sunshine Plan offered by Geneco. This plan provides you with 100% renewable energy and is certified by the Singapore Green Building Council. With this plan, you can enjoy the benefits of renewable energy without having to install solar panels on your own.
Another popular plan is the Sunny Side-Up plan offered by PacificLight. This plan offers 100% renewable energy and is certified by the Energy Market Authority. It is also one of the cheapest green energy plans available in Singapore.
Solar Energy Initiatives
If you are interested in solar energy, there are several initiatives available in Singapore. One of these is the Power Eco plan offered by Sembcorp. This plan allows you to support the use of solar energy by purchasing Renewable Energy Certificates (RECs). These certificates represent the environmental benefits of solar energy and can be purchased in addition to your regular electricity plan.
Another initiative is the solar energy plan offered by Sunseap. This plan allows you to install solar panels on your own and sell any excess energy back to the grid. This is a great way to reduce your carbon footprint and save money on your electricity bill.
By choosing a renewable energy plan or participating in a solar energy initiative, you can help support the use of green energy in Singapore. Not only will you be doing your part for the environment, but you may also be able to save money on your electricity bill.
Understanding Your Electricity Bill
As a consumer of electricity in Singapore, it’s important to understand your electricity bill to manage your electricity usage and expenses. Your electricity bill consists of various components that contribute to the total amount you pay each month.
Components of Your Bill
Your electricity bill consists of two main components: the electricity tariff and the transmission loss factor. The electricity tariff is the cost of the electricity you consume, while the transmission loss factor is the cost of delivering the electricity to your home.
In addition to these two main components, your bill may also include other charges such as the Goods and Services Tax (GST), carbon tax, and any outstanding payments from previous months.
To help you understand your bill, most electricity retailers provide an itemized breakdown of the charges on your bill. This breakdown will show you exactly how much you are paying for each component of your bill.
Understanding Tariff Rates
The electricity tariff rate varies depending on your electricity usage. The more electricity you consume, the higher your tariff rate will be. This is because the electricity tariff is charged on a tiered basis, with higher rates applied to higher levels of consumption.
To manage your electricity usage and expenses, it’s important to be aware of the tariff rates and how they apply to your consumption. You can find more information about the current tariff rates on the SP Group website.
By understanding the components of your electricity bill and the tariff rates, you can better manage your electricity usage and expenses.
Electricity Retailers for Business Customers
If you are a business owner in Singapore, you have the option to choose from a range of licensed electricity retailers to power your operations. These retailers offer tailored solutions that cater to the unique energy needs of businesses of all sizes.
Tailored Solutions for Businesses
Electricity retailers in Singapore offer a range of plans and packages that are tailored to meet the specific needs of businesses. For example, if your business is located in Tuas, you can choose a plan that is designed to meet the unique energy requirements of the industrial area.
Moreover, if you are looking for the best electricity rates, you can compare the prices offered by different retailers and choose the one that best suits your budget. Many retailers offer fixed-rate plans that allow businesses to lock in their electricity rates for a specific period, providing them with greater certainty and stability in their energy costs.
Energy Resources and Management
Electricity retailers in Singapore also offer a range of energy resources and management tools that can help businesses optimize their energy usage and reduce their carbon footprint. For example, many retailers offer sustainable energy solutions such as solar power, which can help businesses reduce their reliance on traditional fossil fuels and lower their energy costs in the long run.
In addition, many retailers offer energy management tools that allow businesses to monitor and manage their energy usage in real-time, giving them greater control over their energy costs. These tools can help businesses identify areas where they can reduce their energy consumption and implement energy-efficient solutions that can help them save money and reduce their environmental impact.
In conclusion, if you are a business owner in Singapore, choosing the right electricity retailer can help you save money, reduce your environmental impact, and optimize your energy usage. Take the time to explore the different options available to you, compare prices and features, and choose the retailer that best meets your business needs.
Additional Considerations When Choosing a Retailer
When choosing an electricity retailer in Singapore, there are additional factors to consider beyond just the plan rates. These factors can include customer service and support, price match guarantees, and contract flexibility. Here are some things to keep in mind when evaluating retailers:
Customer Service and Support
When you have a question or concern about your electricity plan, you want to be able to get in touch with your retailer quickly and easily. Look for retailers that offer multiple ways to contact customer service, such as phone, email, and live chat. You may also want to check online reviews and ratings to see how other customers have experienced the retailer’s customer service.
Price Match Guarantees
Some retailers offer price match guarantees, which means that if you find a lower rate for the same plan elsewhere, the retailer will match the rate. This can be a valuable feature if you’re looking to get the lowest rate possible. However, be sure to read the fine print to understand the terms and conditions of the price match guarantee.
Contract Flexibility
You may want to consider the flexibility of a retailer’s contract terms before signing up for a plan. Some retailers offer fixed-term contracts, which means that you’re locked into a specific rate and plan for a set amount of time. Other retailers offer more flexible plans that allow you to switch plans or providers without penalty. If you’re unsure about your future plans, a more flexible plan may be a better fit for you.
Overall, when choosing an electricity retailer in Singapore, it’s important to consider all of your options and evaluate them based on your specific needs and preferences. By taking the time to research and compare retailers, you can find a plan that offers the best combination of rates, customer service, and contract flexibility for you.
Frequently Asked Questions
How can I find the best electricity retailer deals in Singapore?
To find the best electricity retailer deals in Singapore, you can use online comparison tools like PowerSelect. These tools help you compare different electricity plans from various retailers based on your consumption habits. You can also check out the EMA website for a list of licensed electricity retailers and their price plans.
What are the top-rated electricity suppliers for homes and businesses?
There are more than 30 licensed electricity retailers in Singapore, each with its own set of price plans and contractual terms. Some of the top-rated electricity suppliers for homes and businesses include Senoko Energy, Keppel Electric, and Geneco. However, the best supplier for you will depend on your individual consumption habits and preferences.
Are there any new electricity retailers entering the Singapore market?
Yes, there are new electricity retailers entering the Singapore market. One of the latest entrants is Hyflux Energy, which offers a range of electricity plans for both homes and businesses. However, it is important to note that not all new entrants may be licensed by the Energy Market Authority (EMA).
What should I consider when comparing electricity retailer rates?
When comparing electricity retailer rates, you should consider the price per kWh, whether the plan is fixed or variable, the contract duration, and any additional fees or charges. You should also check if there are any promotional offers or discounts available, and whether there are any early termination fees if you decide to switch plans before the contract ends.
Can I get the same billing experience with any retailer as with SP Group?
No, you may not get the same billing experience with every retailer as with SP Group. Some retailers may offer online billing or electronic billing, while others may send paper bills. You should check with the retailer to see what billing options they offer and whether there are any fees or charges for these services.
What options do I have if my current electricity retailer is exiting the market?
If your current electricity retailer is exiting the market, you have several options. You can switch to another licensed retailer, switch back to SP Group, or choose to buy electricity at the regulated tariff. You should also check if there are any early termination fees or other charges associated with switching to a new retailer.