It is good to locate the best electric tariff company in Singapore. There are several companies out there where you can get electricity, but not all of them can serve you well. It is good to take time and compare the several companies available out there before you decide on the best. Apart from the cost of the electricity, it is also essential to consider a company that has a good reputation. Some companies are known to offer the best services. They are the most ideal if you can locate them. Electricity supply is an issue you should take seriously. There are some places where you would like to get a consistent supply. Check out reviews that other people offer about the companies before you can decide to sign up for a given electricity supply company. A company that has a good reputation for offering top-quality services will assure you the best experience. Here are some of the factors to take into consideration so that you can locate the best electric tariff company:
Compare plans
The different companies available out there have separate electric tariffs. Some electric tariff plans are affordable. They may require you to sign up for an extended period, but they are very effective in your everyday life. Take into account your electric needs, and it will be easy to get the best deals. If you can locate the best company, it will be easy for you to enjoy great deals. People looking forward to realizing value for money prefer comparing the tariffs before deciding on the best. You can always work with different companies, and you will locate the best for your everyday use.
Offers and promotions
Some companies are known to offer great offers and promotions from time to time. You can hire them, and they will play a significant role in assuring you the best deals. Ensure you take time to compare the several companies available out there, and it will be easy for you to get the best deals. When you work with the best company, it will be easy for you to get the best deals. The companies are known to save you money if you can take advantage of the great deals.
Reliability of the electricity supply company
The best company to sign a contract for your electricity supply in Singapore should have a reliable electricity supply. It will be easy to know more about the reliability of a given company if you can check out the reviews that other people offer. A company that is known to offer excellent services will attract positive reviews from the customers.
Customer support
There are times when you would like to get assistance regarding your electric tariff. In such a case, you need to call the company and get to know more about their services. A company that has a good reputation for offering top-quality services will always assure you great deals. Take time to check out the time taken to respond to queries. Remember you will not like to be stranded as you get electricity from a given company.
The Open Electricity Market (OEM) has allowed households to switch from SP Group to other retailers to trim their electricity bills. While this has been a fantastic ride so far, it would be even better if households can make the switch with certainty on the following:
Knowing the unit rate to be paid across the entire duration of the contract
Enjoying the highest saving rate across the type of plans available
With so many fixed rate plans being offered in the market, consumers actually need to look no further than Senoko Energy LifePower24 Fixed Rate Plan to get the most bang for their buck. It offers one of the highest cost savings for a fixed price 24-month contract.
Senoko Energy LifePower24 Fixed Rate Plan
Senoko Energy LifePower24 Fixed Rate Plan is a 24-month fixed price contract where consumers pay only 17.78₵/kWh (price includes GST) instead of SP Group’s current regulated tariff of 24.39₵/kWh. This extremely low unit price is fixed for the entire duration of the contract. Furthermore, additional savings are thrown in as well:
$60 bill rebate;
Up to $50 one-time cash rebate for recurring payments made at Senoko Energy’s partner banks;
Up to 5% monthly bill rebate for recurring payments made with OCBC, Standard Chartered or UOB. Find out more about their bank partners here.
With such a low unit rate fixed across the duration of the entire contract, coupled with the excellent freebies thrown in, this makes Senoko Energy LifePower24 Fixed Rate Plan one of the lowest cost 24 months fixed rate plan in the market.
Highest savings amongst OEM Retailers for HDB 3/4/5 rooms, Condos and Landed properties
To illustrate why Senoko Energy LifePower24 Fixed Rate Plan is the lowest in town, let’s make a comparison across OEM retailers offering 24-month fixed rate plans based on SP’s average household electrical consumption.
Click on image to enlarge
Rates above are accurate as of 22nd May 2019.
Comparison are based on 24-month fixed rate plans with bill rebates factored, applied on national consumption patterns by dwelling types. Bank rebates are not yet included.
As seen in the above table, a comparable household staying in a 4-room HDB will enjoy 30.3% savings in electrical bills by switching from SP Group to Senoko Energy LifePower24 Fixed Rate Plan. The most important conclusion is that whether you are staying in a HDB 3-room or a condo apartment or even a landed house, Senoko Energy LifePower24 offers the highest savings rate amongst the OEM retailers compared. More importantly, Senoko Energy does not collect a security deposit when you make the switch.
Sign Up Now for up to $110 Bill Rebate
To milk the most out of this opportunity, consumers should quickly sign up for this limited-time promotion to enjoy up to $110 rebate. Hurry to lock in both the unit rate of your electricity bill and the greatest possible costs savings available in the market. Give your household the peace of mind and sign up with Senoko Energy LifePower24 Fixed Rate Plan now!
Legal Disclaimer: It is still important to exercise due diligence when choosing your retailer, so be sure to read the fact sheets and fine print.
With the first phase of the Open Electricity Market (OEM) rolled-out on 1st November, households with postal codes that begin from 58 – 78 now have the opportunity to switch electricity providers. This means that you can now choose plans from electricity retailers like iSwitch instead of getting your power supply from SP Group alone, very much like choosing a mobile phone plan.
However, with the many retailers that debuted with the launch of OEM, it may be very confusing to select the right plan for your household. To make things simpler for consumers, iSwitch will be promoting the two most popular price plans – Fixed Price Plan and Discount Off Regulated Tariff (DOT).
Fixed Price Plan – Paying a fixed rate for electricity throughout your contract term with your selected retailer.
DOT – Enjoying a fixed discount off the existing tariff during your contract term.
Why Choose iSwitch?
iSwitch offers a seamless switching process, and for those who wishes to switch to iSwitch, the application process can be easily done online. Simply select the plan of your choice, fill up all information needed in the application process and the iSwitch team will do the rest. This online sign up takes less than 2 minutes to complete!
iSwitch prides themselves in excellent customer service where they have a dedicated team for consumers to contact them through email, hotline and Facebook for those that happen to face any issues during application. Customer service is an important core in their business so you can set your mind at ease knowing you have a trusted retailer to rely on.
For those of you who wish to be play a part in environmental sustainability, this is for you! iSwitch is committed in carbon footprint reduction. Consumers who sign up through its website can proudly claim to use Green Certified Electricity at no additional cost. If you are wondering how they do that, iSwitch programme, ‘iSwitch2Green’, monitors your energy usage and calculates the amount of carbon emissions your household is responsible for. After doing so, they would then buy Carbon credits issued by United Nations certified projects on your behalf. In addition, iSwitch also goes green by offering only paperless billing where consumers are notified every month via email. For those who are keen to sign up with an environmentally friendly retailer that promotes green certified energy, iSwitch is one of the few to consider.
iSwitch Fixed/DOT Price Plans
iSwitch offers a comprehensive range of price plans with flexible contract periods, and if you are intending to make the switch, here are some price plans which may interest you:
Super Saver Discount (24 Months)
Enjoy 21% discount on your regulated tariff with the Super Saver Discount plan. This discount is limited to a 24 Months contract. Here is an example of how much you would save if you selected this option over a 24 Months period:
iPromo – iPad (36 Months)
iPromo – iPad is a time limited plan by iSwitch. The 1st 500 sign ups in Zone 1,2,3 and 4 get a complimentary iPad and 5% (exc. GST) Discount Off Regulated Tariff! If you have been eyeing for an iPad, you should consider this unique and time limited plan! As of now, the plan is still available for sign ups, so fastest fingers first!
‘Chope’ The Rate (24 Months)
A Fixed Rate plan offers a lower rate of $0.1720/kWh (exc. GST) / $0.18404/kWh (inc. GST) for 24 Months.
All plans that iSwitch offers require a 1-month bill equivalent security deposit. iSwitch absorbs transmission loss and also absorbs carbon tax!
For those who sign up with iSwitch online, your plan also comes with a free green certified electricity at no cost, a free air-condition servicing and a free AIA Personal Accident Protection plan. Those who make payment through POSB Everyday Card would also get a 1% rebate.
Multiple Payment Options
Payment for your iSwitch plans can be easily made with the multiple payment options they offer such as AXS kiosks, credit or debit cards, or even GIRO, whichever suit your needs.
To easily track your usage and bills, iSwitch allows its consumers to log in personally into their iSwitch accounts or the iSwitch Mobile App to check them on the go.
iSwitch Rewards
Besides enjoying cost savings from your plan, iSwitch also have a point rewards system where you can earn points to receive rebates on your bill. Some examples where you can earn points would be selecting GIRO as a payment method which would let you earn 25 points (equivalent to $2.50) or renewing your plan (100 points or $10). Referring a friend will instantly earn you SGD 50 rebate off your electricity bill (limited to the first 500 referrals).
iSwitch ‘Switch & Win’ Campaign
In conjunction with the nationwide roll-out of OEM, iSwitch has launched a campaign for those who sign up with iSwitch would stand a chance to walk away with 1 year of free electricity. For those who think this is only for those in Zone 1, do not be disheartened as ‘Switch & Win’ would be selecting a winner from all 4 zones, that means there would be 4 winners! All sign-ups made between 1st November 2018 to 30th June 2019 will automatically be in the running to qualify for this promotion, so switch and win today!
For more information about ‘Switch & Win’ campaign, click here.
iSwitch, Your Electricity Retailer
iSwitch aims to place their consumers in the forefront, by providing as many lifestyle perks as they can like those in their price plans. For those who are intending to change to an electricity retailer but do not have an opportunity to due to the different zones, do keep iSwitch in mind as they would not disappoint with its deals and savings. And for those who falls under Zone 1 and wish to join iSwitch now, you may head over to their website to check out the savings, promotions and plans that they are currently offering!
Currently, residential consumers (like you and I) can buy electricity only from SP Group. This will gradually change as the Energy Market Authority (EMA) sets its sights on further opening up of the electricity market. This will allow households to buy electricity from a retailer at a price plan that best meets their needs.
Since the soft launch of the Open Electricity Market (OEM) in April 2018, those staying in Jurong enjoy more choices and flexibility when it comes to buying electricity, thanks to more competitive pricing and innovative offers. It will roll out progressively in four geographical zones starting from 1 November 2018.
With different price plans available, choosing one that best suits your needs may come across as daunting. We are here to help you make an informed decision. This is no different from selecting a mobile phone plan from telcos where users are encouraged to pick a plan that best suit their needs.
What are the types of standard price plans?
First, let us take a look at the standard price plans available. At present, there are a total of 13 retailers offering over 60 standard price plans for residential consumers. These fall under one of the following 2 types:
Fixed Price – Consumer pays a fixed rate throughout the duration of the contract.
Discount Off the Regulated Tariff – Consumer enjoys a fixed discount off the regulated tariff throughout the duration of the contract.
How to go about choosing a price plan?
Now that you are aware of the types of standard price plans available, what should you keep in mind when choosing a plan? Here is a comparison of the 2 standard price plans offered by 13 electricity retailers.
Plans stated are accurate as of 8 November 2018 and are subject to change. For the latest price plans, please visit www.openelectricitymarket.sg or the retailers’ websites directly.
A. Fixed Price Plan
If you opt for a Fixed Price Plan, you will pay a constant rate per kilowatt hour for your electricity during the contract period.
The advantage of this price plan is that you are assured of the same rate every month throughout your contract with your retailer, i.e. more price certainty. Do note that the rate the retailer offers may be higher or lower than the regulated tariff which is reviewed every quarter.
As of 8 November 2018, Sunseap offers the best rate for 6-month contract, while SembCorp Power has the best rate for 1-year contract and both SembCorp Power and Geneco offers the best rate for 2-year contract.
B. Discount Off The Regulated Tariff Plan
If you are someone who does not want to think too much about price movements and wishes to pay less than the regulated tariff, a Discount Off the Regulated Tariff Plan may be the plan for you. Here, the rate will always be based on a fixed discount off the regulated tariff. The catch is, unlike the Fixed Price Plan, the rate may change each quarter during the contract duration.
As of 8 November 2018, Sunseap offers the best rate for 6-month contract, while Diamond Electric has the best 1-year contract and ES Power has the best rate for 2-year contract for a Discount Off the Regulated Tariff Price Plan.
As with making any comparisons for the best deal, it is important to read the fine print. Before you select a price plan, do consider these key areas:
The contract duration that you are willing to be locked in;
The amount of security deposit needed;
Whether there are any early contract termination charges and if so, how much;
The billing and payment arrangement offered by the retailers; and
Whether there are any bundled services or products or other additional perks offered, and to be aware of the terms and conditions associated with these perks.
The rates stated in the standard price plans should be inclusive of all charges for electricity consumption such as Transmission Loss Factor (a fee to account for network and transformer losses in the course of delivering electricity to consumers).
What else you should know when choosing a standard price plan?
While you may enjoy savings as a result of buying from a retailer, the amount you save could vary based on when you use electricity and how much electricity you eventually use. Of course, the type of standard price plan you choose plays a role as well.
Even after switching to a retailer, you can always switch back to buying electricity from SP Group at the regulated tariff. However, you might want to take note of any early termination charges levied by your retailer.
Finally, if you have any dispute with your electricity retailer (we hope not), you can always approach the Consumer Association of Singapore (CASE) for advice and assistance.
Note: This article has been updated on 8 November 2018 to reflect the 2 standard price plans (instead of 3) with the latest pricing, and the inclusion of 2 new added retailers ES Power and Union Power.
During summer and hot days, roll down the blinds to prevent extra heat from coming in and prevent your air conditioner from running more on energy. Do the opposite during the cold weather to keep your home naturally warm.
2. INVEST ON WINDOW FILM
If the blinds are still inferior with the Singapore heat, consider investing on window film or window tint. Believe it or not, window film eliminates as much as 90% of the heat and about 99% of the UV rays passing through your windows. As lesser heat is accumulated in your home, there is a great chance that you will use your Air Conditioner less (eventually lowering your electricity bills).
You can either have a professional install your window film or save more money by installing it yourself. Get a Korean Solar Film for only S$29.90 at Qoo10.
3. WISELY SELECT YOUR NEW APPLIANCES
As you shop for a new television, refrigerator, air-conditioner, or dryer, consider the ones that are energy-efficient. Energy efficient appliances can help you save several dollars each month on your water and electricity bill. These seemingly minute savings add up quickly to about hundreds or thousands per year.
To check if the appliance is energy-efficient, please refer to the Energy Label issued by the National Environment Agency.
4. LET YOUR DRYER REST
Instead of constantly putting your clothes in the dryer, hang them properly in a clothesline. The dryer can contribute to a major chunk of your energy bill because it feeds on a lot of energy. By letting your dryer rest, you can save about S$103 a year. That is if you regularly have 6 loads per week and take 20 minutes per load.
5. SLEEP IN A COOL ROOM
Like the dryer, the air conditioner eats up a lot of your energy bill. To lessen your Air Conditioner’s (AC) energy consumption, let it run for an hour before you go to sleep and switch to a fan after the room has cooled down. Alternatively, you can set the timer of your AC unit off at least 30 minutes earlier than usual.
6. UNPLUG THE POWER STRIPS
Power strips or otherwise known as power bar, extension block or trailer lead, can spike your electric costs even if you turn it off. Accounting for about 5-10% of your home’s energy bill, the best way to save from this is to unplug it completely. Unplugging your power strips can save you approximately S$70-330 per year.
7. SEND YOUR OWN METER READING
Once every 2 months, SP Services send someone to read the your electricity meter outside your home. This reading is usually estimated. So prevent overcharging by submitting the current meter reading to SP Services’ Whats App number: 8482 8636. You may also call 1800 2222 333 for other billing and meter reading inquiries.
Image Credits: pixabay.com (CC0 Public Domain)
Consuming energy efficiently will not only save you money but it can also contribute to saving our Mother Earth.
