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

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 October – 31 December 2023 has risen, and now stands at 31 cents per kWh (incl. GST), from the previous quarter of 29.98 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.

• Electricity provider comparison 
  - Geneco
  - SP Services
  - Keppel Electric
  - Tuas Power
  - Sembcorp Power
  - PacificLight
  - Senoko Energy
  - Union Power
• Cheapest no-contract electricity plans
• Cheapest fixed-price electricity plans
• Cheapest discount off regulated tariff electricity plans
• Which energy provider should I choose? 
• Best cashback credit cards for paying electricity bills
• To switch or not to switch?

This article was last updated on 1 December 2023. Figures are taken from Open Electricity Market.

Electricity provider comparison

#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:

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 31 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): 29.52¢/kWh including GST (S$112.71 estimated monthly bill)

• FIXED12 (12 months): 29.52¢/kWh including GST (S$112.71 estimated monthly bill)

• ecoGreen24 (24 months): 38.52¢/kWh including GST (S$147.74 estimated monthly bill)

• ecoGreen12 (12 months): 38.52¢/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. 

For a limited time only, Keppel Electric is running bill rebate promotions with Citibank credit cards. Receive either up to S$30 bill rebate when you sign up for a Citi credit card using the promo code <CITI30> or up to S$40 bill rebate on ecoGreen plans when you sign up for a plan using the promo code <CITI40>.

Find out more on their promotions page 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

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Cashback Online Bill Payment Spending: 1.60 %

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Citi PremierMiles Card open_in_new

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#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): 29.30¢/kWh including GST 
• PowerFix 24 (24 months): 29.52¢/kWh including GST 
• PowerFix 18 (18 months): 29.52¢/kWh including GST 
• PowerFix 12 (12 months): 29.70¢/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. More card details can be found at the end of the article.

#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): 29.70¢/kWh including GST
• Sunshine Plan (12 months): 41.34¢/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.

#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): 29.52¢/kWh including GST
• LifePower12 (12 months): 29.80¢/kWh including GST
• LifeGreen24 (24 months): 30.02¢/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): 48.60¢/kWh including GST (S$149.94 estimated monthly bill)

Cheapest no-contract electricity plans

Cheapest fixed-price electricity plans

6-month contract

12-month contract

24-month contract

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 29.98¢ 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! 

#2: UOB One Card 

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.

#3: OCBC 365 Credit Card

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.

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.

Source: 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!

Read these next: 
Fixed Price Electricity Plans Can Save Your Bills – Here’s How
Credit Cards That Supercharge Your Savings On Open Electricity Market
Best Credit Cards for Paying Utility Bills in Singapore
Open Electricity Market (OEM) Singapore: Complete Guide For 2023
Top Credit Card Promotions And Deals On SingSaver