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The current electricity tariff (electricity price) set by SP Group from October to December 2024 has decreased from the previous quarter. SP Electricity tariff price is currently 31.72 cents /kWh.
Generally when it comes to a increase in electricity prices, according to SP Group, it's mainly due to higher energy costs driven by: higher energy costs paid to electricity generation companies, higher network costs paid to SP PowerAssets, higher market support services fee paid to SP Services, and higher market administration and power system operation fees.
That being said, the increase in electricity prices in Singapore is also seen and felt across all electricity plans and providers in Singapore. With a lower electricity tariff, Open Electricity Market (OEM) retailers can also afford to lower their electricity plan prices, which will benefit paying consumers like you and me.
6 Cheapest Electricity Plans in Singapore
As of the time of writing, Singaporeans (and citizens) are free to take their pick from a total of 9 electricity companies in the OEM. For simplicity's sake, we've only picked out fixed price plans here to compare. As of November 2024, the 6 cheapest electricity plans in Singapore share the same price They are namely: Geneco's Get it Fixed 24, Tuas Power's Power Fix 24, Pacific Light's Savvy Saver 24, and Senoko LifePower 24.
| Electricity Plan | Price | Electricity Bill per month |
|---|---|---|
| Geneco Get it Fixed 24 Months | 28.87 cents/kWh | $109.93 |
| Geneco Get it Fixed 12 Months | 28.87 cents/kWh | $109.93 |
| Tuas Power Fix 24 Months | 28.87 cents/kWh | $109.93 |
| Tuas Power Fix 12 Months | 28.87 cents/kWh | $109.93 |
| PacificLight Savvy Saver 24 Months | 28.87 cents/kWh | $109.93 |
| Senoko LifePower 24 Months | 28.87 cents/kWh | $109.93 |
*Electricity bill based on HDB 4-room average consumption
There are currently no discount off tariff electricity plans available. Anyway, these plans may wound up being too confusing and high maintenance for the regular Singapore folk, too.
Prices are quite uniform and competitive this quarter. If you're switching over from SP to a new electricity company, you will want to be looking at which company offers you the most attractive referral or new customer promotions.
Geneco
Geneco prides itself on its 'price match guarantee'. If you chance upon a lower price than what Geneco is offering for such a trial plan within seven working days of signing up, Geneco will refund you the difference for the contract period. As always, read the terms and conditions.
Geneco typically offers 12- and 24-month fixed-price plans. Their prices are as follows:
- Get It Fixed 24 Months: 28.87 cents /kWh including GST
- Get It Fixed 12 Months: 28.87 cents/kWh including GST
Want to take part in greener or sustainable electricity? Add on the ala carte 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.
Visit Geneco for more information.
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.
- FIXED 12 Months: 29.68 cents /kWh with GST
- FIXED 24 Months: 28.88 cents /kWh with GST
- ecoGreen 12 Months: 41.97 cents /kWh with GST
- ecoGreen 24 Months: 41.41 cents /kWh with GST
Visit Keppel Electric for more information.
Tuas Power
One of the best perks about getting Tuas Power to power your home is the free 12-month insurance protection thrown in when you sign up for an electricity plan. Underwritten by Singlife, you can choose to be covered with home insurance, dengue aid, or utilities relief insurance. But be sure to do your own due diligence and read the terms and conditions.
Tuas Power offers 12, 18, 24, and 36-month fixed price plans. Customers of Tuas Power will continue receiving the same SP Services bill but at lower rates.
- PowerFix 36 months: 28.87 cents /kWh including GST
- PowerFix 24 months: 28.87 cents /kWh including GST
- PowerFix 18 months: 29.63 cents /kWh including GST
- PowerFix 12 months: 29.68 cents /kWh including GST
Visit Tuas Power for more information.
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 that’s powered by solar panels and validated through the retirement of local Renewable Energy Certificates (RECs), opt for the Sunshine Plan.
Unlike other electricity retailers, Sembcorp Power only offers 12-month fixed price plans. They are as follows:
- Fixed Price 12 months: 29.68 cents/ kWh with GST
- Sunshine Plan 12 months: 42.31 cents /kWh with GST
Sembcorp's referral programme offers a $20 rebate voucher for each successful referral to your friends or family. In turn, this can help offset your next electricity bill.
Visit Sembcorp for more information.
PacificLight
Apart from its user-friendly, easy-to-navigate website, PacificLight has the largest range of 9 electricity plans available in Singapore, including Sunny Side-Up (fixed green electricity plan), and no-contract fixed price plans. Here's a summary of all of Pacific Light's electricity plans.
If you were to look closely, the Easy Peasy is actually a pretty good deal at this point in time.
| Pacific Light Electricity Plans | Prices | Contract |
|---|---|---|
| 9 to 9 | 9pm - 9am: 16.68 cents/kWh, 9am - 9pm: 39.14 cents/kWh. Add daily $1.01 charge | No contract |
| Easy Peasy | 27.80 cents/kWh. Add daily 55 cents charge | No contract |
| Savvy Saver 12 Months | 29.68 cents/kWh | 12 months |
| Savvy Saver 24 Months | 28.87 cents/kWh | 24 months |
| Savvy Saver 36 Months | 28.44 cents/kWh | 36 months |
| Sunny Side-Up | 30.01 cents/kWh | 12 months |
| Stack it Up | First 300kWh: 29.62 cents/kWh. Between 301 to 600kWh: 27.34 cents/kWh. Above 600kWh: 26.54 cents/kWh | 24 months |
| Save While Sleeping | 11pm - 7am: 20.00 cents/kWh. 7am - 11pm: 36.50 cents/kWh | 24 months |
| Classic 60 | 3% off monthly bill. Add 5% discount for prompt payment | 60 months |
You also have the option to earn KrisFlyer miles from PacificLight's electricity plans.
The most interesting electricity plan available at PacificLight is the Stack It Up tiered usage price plan. As its name suggests, you’ll pay a different rate depending on the amount of electricity consumed:
- Stack 1 - First 300kWh at $0.3016/kWh
- Stack 2 - Usage between 301 to 600kWh at $0.2788/kWh
- Stack 3 - Above 600kWh at $0.2708/kWh
The Stack It Up plan might be useful if your household consumes a ton of electricity every month.
Visit PacificLight for more information.
EDP (former Sunseap)
Now called EDP Renewables APAC, the former Sunseap offered a range of customisable green electricity plans that allowed you to decide how environmentally friendly you want your energy consumption to be. Its electricity plans do not come with transmission loss charges and security deposits.
Currently, there are no Sunseap home electricity plans available.
Here’s a quick breakdown of Sunseap’s solar-powered electricity plans that they offered previously in 2023.
- Sunseap-One (6 months): 42.12¢ per kWh including GST ($129.95 estimated monthly bill)
- Sunseap-100 (6 months): 45.36¢ per kWh including GST ($139.95 estimated monthly bill)
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!
- LifeSavvy 24 Months: 7am - 11pm at 36.95 cents/kWh with GST, 11pm - 7am at 20.05 cents/kWh with GST
- LifePower 36 Months: 28.87 cents /kWh with GST
- LifePower 12 Months: 29.68 cents /kWh with GST
- LifeGreen 24 Months: 29.75 cents /kWh with GST
Visit Senoko Energy for more information.
Union Power
Back in 2023, Union Power offered a 6-month fixed-price plan only. You don’t have to deal with security deposits, registration fees, or transmission loss factor costs when switching to Union Power.
Currently, Union Power is not offering any home electricity plans. Here is a look at their 6 month electricity plan from 2023.
- Union Saver 6 (6 months): 48.60¢/kWh including GST (S$149.94 estimated monthly bill)
Visit Union Power for more information.
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.
Visit SP Services for more information.
Which electricity retailer should I choose?
| Electricity Retailers | Best for... |
|---|---|
| Geneco | Low price matching |
| SP Services | Singapore's national electricity provider |
| Keppel Electric | Green electricity plans |
| Tuas Power | POSB Everyday Card 3% rebate |
| 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 |
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.
Part of this article was first published in SingSaver.