Which retailer offers the best plan?
It depends on the length and type of contract you sign with the electricity retailer. There are currently three types of plans: (1) Fixed discount off regulated tariff offered by SP Group; (2) Fixed price and (3) Peak and off-peak plan which charges different prices on peak and off-peak hours.
It’s easy to compare fixed-price or fixed-discount plans. You can make effortless comparisons using this website: https://compare.openelectricitymarket.sg/#/priceCompare
Fixed Price Plans: The longer the contract period, the cheaper the plan
For fixed price plans, a 24-month contract is more cost-effective than one with a shorter duration. The cheapest offer is iSwitch’s “’Chope’ The Rate 2 Years” plan at 16.27 cents per kWh. The current electricity tariff is 22.15 cents per kWh.
Discount Off Regulated Tariff Plans: Take out your past bills and do the calculation!
Comparing discount plans requires some calculations.
In terms of discounts, Best Electricity’s “BEST Home Saver” 24-month plan offers the highest discount at 23% off regulated tariff.
Best Electricity’s “BEST Home Saver Upfront” plan and Senoko’s “LifeEnergy 24” are attractive too.
Best Electricity’s “BEST Home Saver Upfront” plan offers upfront cash rebates while still charging prevailing SP regulated tariff every month.
Senoko’s “LifeEnergy 24” offers 5% discount, on top of a 3-month electricity bill waiver and the benefit of converting every S$1 nett paid to 1 LinkPoint.
Case study: Tony lives in an HDB flat with his family of 4. His family uses air conditioner only at night, incurring 271 kWh of electrical usage or S$56 per month.
Best Electricity’s “BEST Home Saver” 24-month plan with a 23% discount will save his family about $56*0.23*24 or $309.12 in 2 years.
Best Electricity’s “BEST Home Saver Upfront” plan will save his family on average 271*$1.07 or $289.97.
Senoko’s “LifeEnergy 24” with 5% discount and 3 months’ bill waiver will save his family on average $56*3+$56*0.05*24 or $235.2.
A quick calculation shows that if Tony considers money saved through discounts, Best Electricity’s “BEST Home Saver” 24-month plan is a better deal.
Peak and Off-Peak Plan: Consider This If You Use Electricity More Intensively During Off-Peak Hours
Keppel Electric’s “Fixed+24” offers the cheapest off-peak price at 15.38 cents per kWh (Off-peak hours: 11pm to 7am). It is a good option if you use electricity often during this period.
Its peak rate is 18.8 cents per kWh from 7am to 11pm.
If your electricity usage is split between the peak and off-peak hours, the average price would be (15.38+18.8)/2 or 17.09 cents per kWh.
Check Out Additional Promotion at The Booths
Other than discounts, many electricity retailers also provide additional gifts such as free iPad upon signup. Remember to check out these great deals at their booths before signing up!