The open electricity market in Singapore launched in November 2018. This means that Singapore households can choose the provider that will provide them with the lowest electricity costs. There are 13 electricity providers in Singapore who offer a range of plans, and choosing the right one can mean cost savings each month. To choose the best residential electricity price plan in Singapore, you must know what factors to consider.
Before choosing an electricity plan, consumers must consider their budget, preferences, and usage patterns. If the electricity plan offered by a particular provider is more expensive than the one offered by another provider, they may wish to switch to a different provider. Some OEM retailers offer promo codes and rebates to lure consumers to switch.
A fixed price plan offers consumers a certain amount of security as their electric bills will be stable for 36 months. These plans are good for consumers who are concerned about the cost of rising electricity prices. However, some consumers may prefer a plan that uses a regulated tariff. Whatever option you choose, be sure to choose a competitive rate and a retailer without unnecessary fees.
A new initiative by the Electricity Market Authority has made it possible for Singapore consumers to choose a better residential electricity price plan. This initiative is designed to liberalize the power market and encourage innovation. Once the open market is fully operational, Singapore households will be able to switch from Singapore Power Group to another electricity provider of their choice. This means that you can choose which electricity retailer suits your needs the best.
Another way to compare the prices offered by different electricity retailers is by using a comparison tool. The official OEM comparison tool allows users to estimate their monthly electricity bills by inputting details such as their preferred type of residence, average consumption, and preferred pricing model. For example, if you own a 4-room HDB flat and consume 360 kWh per month, an official OEM comparison tool will display the best retailers in the area.
When choosing the electricity retailer, you can use a credit card that offers a rebate. This way, you will be able to receive 3% rebate on your recurring bills. Additionally, you will receive an extra 1% rebate on your SP bill if you are using the UOB One Card.