Cost of living in Singapore is rising and it’s not just your neighbourhood chicken rice stall. Turning on your air-conditioner to beat a hot day now costs more than it did three months ago.

Electricity prices have been increasing steadily this year. Unfortunately, electricity tariffs are partly pegged to global oil prices, which in turn are tied to fluctuating market conditions, and thus are beyond our control.

The good news is that when the Open Electricity Market launches nationwide later this year, consumers can better guard against these rising electricity costs.

Households and small businesses will be able to enjoy more competitive pricing by switching from SP Group to electricity retailers such as Senoko Energy.

Choosing the best electricity plan for yourself

Under the Open Electricity Market, you will get to choose from a wide range of electricity plans and pick one that is tailored to your needs and preferences.

If you prefer certainty, lock in tariff rates with a fixed price plan, so you don’t have to worry about the cost of your electricity throughout the contract period.

Risk-averse? Consider a Discount Off Tariff (DOT) plan – this offers a guaranteed discount, so you get consistent savings despite fluctuations in regulated tariff rate. For instance, Senoko Energy’s DOT plans offer up to 17.25% discount on the current regulated tariff rate. The price plans are inclusive of the Transmission Loss Factor charge.

What else to consider?

Whether you want a short or long-term contract, you will be spoilt for choice with electricity plans in the market ranging from 6 to 36 months in contract period.

If you’re cautious and want the option of switching providers after a few months, choose a shorter contract. If you prefer a fuss-free experience and want to lock in a discount rate in the long run, a longer-term contract will save you some hassle.

To further stretch your dollar, look out for extra benefits – for example, Senoko Energy offers customers NTUC LinkPoints and credit card rebates that bring you the maximum everyday advantages besides meeting your energy needs.

But don’t get carried away with all the exciting discounts and benefits! Watch out for hidden costs such as security deposit fees and registration or admin charges. These may appear in fine print in a contract’s terms and conditions.

3 ways to save energy at home 

• Use energy-efficient appliances. Pay attention to the energy efficiency rating ticks on the energy label of your product model – the more ticks, the better! Investing in an energy-efficient 4-tick air conditioner can save you as much as S$420 more than a 1-tick air conditioner.

• Regularly service or clean appliances such as refrigerators, ovens and dryers so they run as efficiently as possible.

• Switch off appliances from the power socket when not in use. Electronic appliances on standby could account for 10% of the average household electricity bill.

Remember: there are ways to save more on your electricity bill! Simply manage the way you consume energy and pick an electricity plan that offers you great benefits.

Contributed by Stefano Boscaglia, Senior Vice President, SME and Consumer Sales, Senoko Energy.