Which Electricity Retailer Offers The Cheapest Electricity Price Plans In Singapore?

Denise Bay

Denise Bay

Last updated 02 January, 2024

Every spending situation is unique. SingSaver assembles the 'Best For' list, so you can decide what’s best for you.


As electricity tariff continues climbing, one can’t help but wonder if their home’s powered by one of the cheapest electricity price plans in Singapore. Find out if it’s time to make the switch. 

The regulated electricity tariff set by SP Group for 1 January – 31 March 2024 has risen, and now stands at 32.58 cents per kWh (incl. GST), from the previous quarter of 31 cents per kWh (incl. GST).

As of the time of writing, consumers are free to take their pick from a total of eight energy providers in the OEM.  

Below, we share more about the different energy providers in Singapore and their unique features. We also pit the OEM retailers against each other to find the ones offering the cheapest electricity plans. 

To ensure accuracy, we will be using a 4-room HDB flat as a sample for comparison.


This article was last updated on 3 January 2024. Figures are taken from Open Electricity Market.


Electricity provider comparison

Energy Provider Unique Feature 
Geneco Price match guarantee
SP Services Default reliable electricity provider
Keppel Electric  Free Microgreen Kit with ecoGreen Plan
Tuas Power Free 12-month insurance protection
Sembcorp Power All electricity plans are greener
PacificLight Most diverse plan types  
Sunseap Solar energy-powered plans 
Senoko Energy All electricity plans include renewable solar energy
Union Power No security deposit and registration fee when  you switch to this provider 

#1: Geneco

Want a taste of having your home powered by an Open Electricity Market retailer? Consider Geneco’s aptly named Give Us A Try 6-month trial electricity plan. 

There are no monthly fees and no transmission loss charges. The Get It Fixed 24 plan also comes with a Price Match Guarantee. If you chance upon a lower price within seven working days of signing up, Geneco will refund you the difference for the contract period. T&Cs apply.

Geneco offers 12- and 24-month fixed-price plans. Their prices are as follows:

Electricity plan
Price
Promotion
Get It Fixed 24 (24 months)
29.79¢/kWh including GST (S$110.13 estimated monthly bill)
Promo code: GOLDEN88
Get S$60 bill rebate + S$28 eCapita Voucher
Get It Fixed (12 months)
29.79¢/kWh including GST (S$110.13 estimated monthly bill)
Promo code: GOLDEN20
Get S$10 bill rebate + S$10 eCapita Voucher
Give Us a Try (6 months)
30.16¢/kWh including GST
(S$111.49 estimated monthly bill)

N/A

Want something more sustainable? Simply add on Power Eco. Select your preferred percentage of Renewable Energy Certificates (REC). The costs associated with Power Eco will be added to your Base Price Plan after that.

Customising your own green add-on according to your terms has never been easier!  


#2: SP Services

SP Services is the default energy provider for households in Singapore. If you don’t make the switch to an Open Electricity Market retailer, your home will be powered by SP Services. 

SP Services sets the electricity tariff every quarter to reflect the actual cost of electricity. This tariff affects the Open Electricity Market energy providers' price plans regardless of whether they are fixed price plans, discount off regulated tariff price plans, or peak/non-peak price plans. 

Your electricity bill depends on how much electricity your household consumes. SP Services doesn’t have any special price plans for consumers to choose from.

The current electricity tariff stands at 32.58 cents/kWh including GST.

To help cope with the rising costs, we definitely recommend checking out some credit cards that earn rebates (cashback, miles, or rewards points) on your electricity bills.


Read more:

Credit Cards That Supercharge Your Savings on The Open Electricity Market
Best Credit Cards For Paying Utility Bills in Singapore


#3: Keppel Electric 

Keppel Electric has four electricity plans that you can choose from, two of which allow you to reduce your carbon footprint. 

Whether you prefer to lock in your fixed rate for 24 months or 12 months, the two electricity plans are priced the same. 

  • FIXED24 (24 months): 29.79¢/kWh including GST (S$112.71 estimated monthly bill)

  • FIXED12 (12 months): 29.79¢/kWh including GST (S$112.71 estimated monthly bill)

  • ecoGreen24 (24 months): 38.88¢/kWh including GST (S$147.74 estimated monthly bill)

  • ecoGreen12 (12 months): 38.88¢/kWh including GST (S$147.74 estimated monthly bill)

Note: The estimated monthly bills per electricity plan were calculated based on a 4-room HDB household. But if a range is given, the min-max values were then calculated based on 4-room and 5-room HDB households respectively.

Want to save more on your Keppel Electric plan? Then it's probably a good idea to whip out your Citi credit card if you have one. To further capitalise on their already low rates, charge your recurring electricity bill payments to your Citi credit card and receive a S$30 rebate (Promo code: CITI30) under their limited-time Switch & Save offer.

Alternatively, receive a free S$15 gift voucher and a S$40 rebate (Promo code: CITI40) when you reduce your carbon footprint with their EcoGreen Plan. Again, all you have to do is set up a recurring bill payment with your Citi credit card, apply the promo code, and you're good to go!

For more details, check out their promotions here.

Best Citibank Credit Cards to pay electricity bills with

These are our personal favourite Citi credit cards to earn cashback, miles, or rewards points:

  • Citi Cash Back+ Card: 1.6% unlimited cashback on all eligible spend, no min. spend and no cap
  • Citi Cash Back Card: 0.25% cashback on all other spend
  • Citi Rewards Card: 0.4 mpd on all other spend 
  • Citi PremierMiles Card: 1.2 mpd on local spend
  • Citi Prestige Card: 1.3 mpd on local spend

 

SingSaver's Exclusive Offer: Receive the following rewards when you sign up for a Citi Credit Card:

Citi PremierMiles_27May_Campaign_BLOGARTICLE_800x250

Citi PremierMiles Card: Receive a Dyson Supersonic (worth S$699) or an Apple iPad 10th Gen 10.9 wifi 64GB (worth S$529) or 15,600 KrisFlyer Miles or S$450 eCapitaVoucher or S$300 Cash upon activating and spending a minimum of S$500 within 30 days of card approval. Valid until 2 June 2024. T&Cs apply.

Citi_CC_KV2_BLOGARTICLE_800x250

Other Citi Credit Cards: Receive a Dyson Supersonic (worth S$699) or Apple iPad 10th Gen 10.9 wifi 64GB (worth S$529) or Sony Portable Theatre System HT-AX7 (worth S$759) or S$450 eCapitaVoucher or S$300 cash via PayNow upon activating and spending a minimum of S$500 within 30 days of card approval. Valid until 2 June 2024. T&Cs apply.

Pay_To_Upgrade_Rewards_Campaign_BLOGARTICLE_800x250-1

Plus, upgrade your rewards when you top up S$999 for an Apple MacBook Air 13” (M3 chip) 256GB (worth S$1,599) or an Apple iPhone 15 Pro 128GB (worth S$1,664.25). Alternatively, top up S$1,488 for a Samsung Galaxy S24 Ultra Titanium Gray 12+512GB 5G (worth S$2,128). Valid till 2 June 2024. T&Cs apply.


#4: Tuas Power  

Underwritten by Singlife, you can choose to be covered with (i) home insurance, or (ii) utilities relief insurance. T&Cs apply. 

Tuas Power offers 12, 18 and 24-month fixed price plans. Customers of Tuas Power will continue receiving the same SP Services bill but at lower rates.

  • PowerFix 36 (36 months): 29.57¢/kWh including GST 
  • PowerFix 24 (24 months): 29.79¢/kWh including GST 
  • PowerFix 18 (18 months): 29.79¢/kWh including GST 
  • PowerFix 12 (12 months): 29.98¢/kWh including GST

💡 Pro-tip: Remember to charge your electricity bill (no pun intended) to a POSB Everyday Card to score an extra 1% cashback.

POSB_everyday_card_front_RGB_1920x1080_20190723

DBS/POSB Credit Card Welcome Gift: Receive up to S$388 cashback or 85,000 miles when you apply for select DBS credit cards and fulfil the relevant promotion criteria. T&Cs apply.


#5: Sembcorp Power

Keen on living greener without breaking the bank? Sembcorp Power’s electricity plans will be right up your alley. All their electricity plans are green, no matter which one you pick. The energy provider promises that 50kWh of Green Energy will be supplied monthly to customers on their fixed-price plans.

For a 100% Green Energy Plan that’s powered by solar panels and validated through the retirement of local Renewable Energy Certificates (RECs), opt for the Sunshine Plan.

Unlike other OEM retailers, Sembcorp Power only offers 12-month fixed-price plans. They are as follows:

  • Fixed Price (12 months): 29.98¢/kWh including GST 
  • Sunshine Plan (12 months): 41.73¢/kWh including GST

💡 Pro-tip: Sembcorp's referral programme offers a S$20 rebate voucher for each successful referral to your friends or family. In turn, this can help offset your next electricity bill.

Credit card holders also enjoy various bill rebates and cashback when payment is made with the right credit card. Check out their promotion page to learn more.

And read our own credit card promotions page to find more electrifying deals. 🤟⚡


#6: PacificLight

Apart from its user-friendly, easy-to-navigate website, PacificLight has a wide range of electricity plans available, including Sunny Side-Up (fixed green price plan) and no-contract, fixed price plans.

Electricity plan
Price
Sunny Side-Up (12 months)
30.40¢/kWh including GST
Savvy Saver (12 months)
30.07¢/kWh including GST 
Savvy Saver (24 months)
29.79¢/kWh including GST
Savvy Saver (36 months)
28.95¢/kWh including GST
Save While Sleeping (24 months)
20.05¢/kWh including GST (11pm - 7am) + 37.34¢/kWh including GST (7am - 11pm)
Stack It Up (24 months)
27.08¢/kWh including GST
Classic (60 months)
31.30¢/kWh including GST 
Easy Peasy (No-contract)
28.06¢/kWh including GST + 55¢ daily charge
9 to 9 (No-contract)
16.95¢/kWh including GST (9pm - 9am) & 39.57¢/kWh including GST (9am - 9pm)

S$1.01/day charge

#7: Senoko Energy 

All of Senoko Energy’s electricity plans include at least 3% renewable solar energy. Whether you’re looking for a 12- or 24-month fixed-price electricity plan, you’re bound to find something that suits your family’s needs.

If you’re environmentally conscious, consider Senoko Energy’s 100% carbon-neutral LifeGreen24 electricity plan. 

While you’re at it, check out Senoko Smart Rewards for a suite of privileges, discounts and offers from partners to make your money go further. There are also ongoing promotions that you can take advantage of!

  • LifePower24 (24 months): 29.79¢/kWh including GST
  • LifePower12 (12 months): 30.07¢/kWh including GST
  • LifeGreen24 (24 months): 30.30¢/kWh including GST

#8: Union Power

Union Power offers a 6-month fixed-price plan only. When switching to Union Power, you don’t have to deal with security deposits, registration fees, or transmission loss factor costs. 

  • Union Saver 6 (6 months): Please email them directly for updated rates.

Cheapest no-contract electricity plans

Energy Provider Fixed Price (per kWh, incl. GST) 
PacificLight Easy Peasy
28.06¢/kWh including GST + 55¢ daily charge

Cheapest fixed-price electricity plans

6-month contract

Energy Provider Fixed Price (per kWh, incl. GST) 
Geneco 30.16¢

12-month contract

Energy Provider
Fixed Price (per kWh, incl. GST) 
Geneco
Keppel Electric
29.79¢

24-month contract

Energy Provider Fixed Price (per kWh, incl. GST) 
PacificLight 27.08¢ including GST 

Cheapest discount off regulated tariff electricity plans

There are no such plans at the moment.

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Which energy provider should I choose? 

Consider your preference, budget and household electricity consumption before deciding which energy provider’s electricity plan you might want to go for. Spend some time reading about what to watch out for when choosing an energy provider

Other things worth considering? Credit card rebates, referral rebates, promo codes and each retailer’s unique value proposition. 

Your electricity bills will be lower if you make the switch — Open Electricity Market retailers strive to offer competitive rates based on SP Services’ quarterly reviewed regulated electricity tariff. 

*Note: All prices mentioned are based on the current regulated tariff of 32.58¢ per kWh (including GST).

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Best cashback credit cards for paying electricity bills

#1: UOB Absolute Cashback Card 

If you want to earn 1.7% cashback the easy way on literally everything you spend on — including electricity bills and insurance premiums — whip out the UOB Absolute Cashback Card. There’s no minimum spend requirement and no cap on how much you can earn. 

The only thing you need to take note of? It’s an American Express card, and not every merchant accepts American Express. So definitely check with your electricity provider if it accepts American Express payments! 

UOB Absolute Cashback Card Welcome Offer: Get S$350 Cash Credit as one of the first 200 new-to-UOB credit cardmember and make a min. spend of S$1,000 per month for 2 consecutive months from card approval date. Valid till 30 June 2024. T&Cs apply.

Also, get up to 10% cashback (equivalent to S$100) on the first S$1,000 spend within 30 days from card approval date. Valid till 30 June 2024. T&Cs apply.

UOB Credit Card Welcome Offer: Receive S$350 Cash Credit or up to 50,000 miles when you apply for select UOB credit cards and fulfil the minimum spending requirements. Valid till 30 June 2024. T&Cs apply.


#2: UOB One Card 

UOB_ONE-1

If you want to maximise your cashback earnings from your electricity bills, consider consolidating your bills on your UOB One Card to hit the minimum spend of S$500, S$1,000 or S$2,000 every month to get a flat quarterly rebate of S$50, S$100, S$200 respectively. This will translate into a monthly rebate of 3.33%. 

You can also enjoy an extra 1% rebate on your SP bills when you qualify for your quarterly cash rebate.

UOB Credit Card Welcome Offer: Receive S$350 Cash Credit or up to 50,000 miles when you apply for select UOB credit cards and fulfil the minimum spending requirements. Valid till 30 June 2024. T&Cs apply.


#3: OCBC 365 Credit Card

OCBC365

The OCBC 365 Credit Card is another cashback credit card that you can consolidate your monthly expenses on to earn a decent 3% cashback on your electricity and telco bills.

Suppose you can hit the minimum monthly spend of S$800. In that case, you’ll get to enjoy 3% cashback on your recurring electricity bills from OEM retailers like Geneco, Sembcorp Power, Keppel Electric and Senoko Energy, and 3% cashback on your recurring telco bills from StarHub, Singtel, M1, MyRepublic and CirclesLife. This card has a cashback cap of S$80 per calendar month — not shabby at all, in our opinion.


#4: POSB Everyday Card

An enhanced perk, the POSB Everyday Card earns you 3% rebate on recurring utility bills from SP Group, Geneco, Sembcorp Power, Union Power, Tuas Power and 2% rebate on Keppel Electric and Senoko Energy. 

The big plus about this card? No minimum monthly spend is required to earn rebates on your utility bills. But take note, the cash rebate is capped at POSB Daily$3 per calendar month for your electricity bill. 

That's not all. You can also earn a 3% rebate on telco bills from M1, Singtel, Singtel GOMO, StarHub, StarHub giga, MyRepublic and Circles.Life as long as you spend a minimum of S$800 on retail transactions within the calendar month. Remember that your telco bill's cashback cap is set at POSB Daily$3 per calendar month.

DBS/POSB Credit Card Welcome Gift: Receive up to S$388 cashback or 85,000 miles when you apply for select DBS credit cards and fulfil the relevant promotion criteria. T&Cs apply.


To switch or not to switch?

It is entirely up to you! Switching to an OEM retailer can help you save money if you pick the right electricity plan. Sure, change can be difficult, but most retailers have processes in place to ensure a seamless transition to their respective plans.

Quarterly Household Electricity TariffSource: SP Group

If you do match the switch, remember to charge it to a cashback credit card, rewards credit card, or miles credit card to reap even greater savings!

 

While Denise has a thing for travel, K-dramas, 0% sugar bbt (with boba!), Japanese cuisine and flat white, her curious nature means all sorts of random tabs are open on her phone 24/7. She doesn’t like to pay full price for anything, too.

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Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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