With the launch of the open electricity market in Singapore, home and business owners are now able to choose who they want as their electricity provider. Instead of just having Singapore Power as the only option, you can pick from different electricity companies including iSwitch, Sembcorp Power and more. If you’re wondering how changing retailers will benefit you or which electricity supplier to use, here’s some useful information. And we look at what two retailers have to offer.
Buying electricity in Singapore
In the past
You may have been scratching your head as to why your electric bills have fluctuated across the months. For many years, Singapore Power had been the sole electricity provider on the island, offering electricity at a regulated tariff set by the Energy Market Authority (EMA). This tariff was revised every quarter based on global market conditions such as the cost of natural gas to generate electricity.
The opening of the electricity market is good news for those who want a little more flexibility and choice. Each retailer will have three main types of price plans:
- If you prefer not have get varying bill amounts over the months, you can get a fixed price plan where you pay a specific rate throughout your contract. Do note, however, that this figure may be higher or lower than the regulated tariff (due to revisions).
- The discounted regulated tariff plan, meanwhile, can snag you some savings in certain months, while staying below the regulated tariff.
- As for non-standard plans, these vary across companies. They often have specific terms and conditions such as recurring fees, contract duration and renewal clauses.
Take note that some companies may charge additional fees such as early termination fees, security deposits and monthly charges for their plans so be sure to check before signing up. Also, there’s no final cut-off date for making the switch and, of course, you can always choose to stick with your existing regulated tariff with the SP Group.
Is everyone able to change electricity providers?
The new arrangement has gradually been introduced to homes and businesses across Singapore since 1 November 2018, according to postal codes. Before researching the plans, you should find out if your zone is already included. Also, if you’re renting your home, whether or not you’re able to change your electricity retailer will depend on your tenancy agreement with your landlord, so it’s important to check.
Serving both commercial and residential properties, iSwitch offers a variety of flexible electricity plans in the open market. Signing up with them is easy – you can do it online or at one of their roadshows. All plans signed up online are green certified (offset carbon emissions). As a consumer, you’ll have access to a self-service portal and mobile app and can pay in various ways, including by GIRO, credit card or at an AXS machine. There are no registration fees, no paperwork and your electricity supply will remain the same.
Plans on offer
For residential consumers, there are two main plans to choose from: Chope the Rate offers a lower fixed rate at $0.1755/kWh (accurate as of January 2019), and Super Saver Discount offers 23% off the regulated tariff; also, for a limited time, there’s the iPromo-iPad plan which includes a complimentary iPad and you enjoy a 5% discount off regulated tariff. As for commercial consumers, all quotes are customised and given upon request from the company’s dedicated account managers.
Snag a deal!
Enjoy various complimentary add-ons, including one free air-con servicing, up to one year free personal accident protection, and rebates when using a POSB Everyday Card or UOB One Card. What’s more, from now until 30 June 2019, all sign-ups have a chance to win a year of free electricity.
Sembcorp is a familiar name to households across the island. Sembcorp Power provides electricity supply to over 25,000 residential customers and more than 1,000 businesses. The home-grown company is also one of the largest providers of renewable energy and water treatment solutions. With a strong commitment to sustainability, the company retires 50kWh worth of Renewables Energy Certificates (RECs) every month for each of its residential customers. By signing up a 24-month price plan with Sembcorp Power on their website or via their agents at roadshows, you’ll help avoid carbon dioxide emissions of over of 500kg at the end of your contract.
Plans on offer
Tired of constantly monitoring the quarterly adjusted regulated tariff? Choose the Fixed Price Plan (30% savings at $0.1798/kWh) to fix the rate for 24 months. Looking for guaranteed savings on the regulated tariff? Enjoy a fixed 22% discount off the regulated tariff with the 24-month Discount Off Tariff Price Plan. Or opt for the Sunshine Plan that provides green energy from solar panels from 7am to 7pm –help reduce over 1,000kg of carbon dioxide emissions (based on a 520kWh/month consumption). Constantly on the move? The No Contract Plan, at $0.1755/kWh plus a daily charge of $0.33 (about $9.90 for 30 days), allows you to enjoy savings against the regulated tariff while having the flexibility to terminate by providing 14 days’ notice.
Snag a deal!
All new sign-ups get a redemption booklet with discount vouchers worth up to $1000. Check them out on the Sembcorp website.
Check out more electricity retailers in Singapore now.