Have you ever wondered and asked yourself, why is there so many roadshows from electricity retailers and people approaching you asking you whether have you changed your electricity plan? And should you be changing into new electricity plans?
The progressive rollout of OEM (Open Electricity Market) has started on 1 November 2018. By May 2019, all OEM will be rolled out to the whole of Singapore.
Ever wondered how much electricity is consumed by 1 household? The different household property has different electricity usage. Here is a table graph.
Now you have got a clear cut on how much electricity is being consumed by each and individual household, now let us move to the price charge for different household property (inclusive of GST)
This is how much each household has to pay on their average electricity usage depending on their property type.
Now let us move to the 13 OEM (Open Electricity Market) in Singapore. Here are the 13 of them.
- Best Electricity Supply
- Environmental Solutions (Asia) Pte Ltd
- Keppel Electric
- Ohm Energy (Use OHMREF72238D to save $20)
- PacificLight Energy
- Sembcorp Power
- Senoko Energy Supply
- Geneco by Seraya Energy
- Sunseap Energy Group
- Tuas Power Supply
- Union Power Ptd Ltd
- Diamond Electric
Graph comparing the same electricity plans they offer to the household but charge much cheaper price with OEM Retailers
- Peak and Off Peak Plan
- Pays more for electricity during the peak period. Pays lesser for electricity during the off-peak period.
1) Cheapest Electricity Retailers on Fixed Rate Plan
The SP Regulated Tariff is Rate at $0.2552/kWh, so all the fixed Electricity Retailers are cheaper than the Regulated Tariff
- Ohm Energy and Sembcorp Power provide No Contract plans at $0.1739/kWh and $0.1755/kWh respectively.
- Geneco has the cheapest 6 months plan at $0.1763/kWh iSwitch is the most economical when it comes to the 1-year and 2-years plan at $0.1762/kWh and $0.1755/kWh respectively.
- Geneco is the cheapest for 3 years contract at $0.1788/kWh.
Fixed Price Graph Plan
- Pay a fixed rate throughout your contract
2) Cheapest Electricity Retailers on Discount Off Regulated Tariff Plans
- Diamond Electric offers a No-contract plan with 20% discount off tariff.
- For short-term 6 months contract, Ohm Energy is the cheapest with 25% off. Ohm Energy is also the cheapest for the 1-year contract with 25% discount off tariff.
- For 2 year contract, Environmental Solution is the cheapest with 23.00% off. Environmental Solution also offers a 3-year plan at 23.40% off.
The Regulated Tariff Graph Plan
- Enjoy percentage off the Regulated Tariff (updated quarterly), throughout your contract
3) Cheapest Electricity Retailers on (Peak and off-peak) plans
- Geneco has an interesting peak and off-peak plan where electricity on Sunday is FREE.
- Should a consumer chooses to go with Peak and Off-peak plan, they may need to install a smart meter to track their electricity consumption every half an hour.
- The meter installation fee costs $40 (before GST).
Peak and Off Peak Graph Plan
- Pays more for electricity during the peak period.
- Pays lesser for electricity during the off-peak period.
Why can electricity retailers charge lower for electricity than SP Group?
- Most Singaporeans are probably wondering why is it possible for cheaper electricity and yet, SP Group has been overcharging us for so many years.
To summarise this, it is because the introduction of retailers into the OEM (Open Electricity Market) allows the retail arm of power generators or independent retailers which buy electricity in bulk from power generation companies into the market.
You also can look up on their reviews before you make and a decision to change to a Private Electricity Retailer to save more money! https://seedly.sg/reviews/electricity-market click on the link.
As always, do ping us directly for any feedback, and we’ll be happy to hear what you have in mind.
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