Cheapest Electricity Retailers in Singapore 2021

Which Energy Provider Offers The Cheapest Electricity Price Plans In Singapore?

|Posted by | Lifestyle, Save Money
Tags: , , , ,
best electricity plan

Is your home powered by one of the cheapest electricity price plans in Singapore at the moment? Find out if it’s time to make the switch.

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

Households in Singapore no longer just have one default option — SP Services — when it comes to powering their home. Since the liberalisation of the Open Electricity Market (OEM), consumers are free to take their pick from 11 energy providers in the Open Electricity Market. 

While switching from SP Services to one of the other energy providers isn’t compulsory, it is always nice to have options, especially when those options help lower your electricity bills. 

Below, we share more about the different energy providers in Singapore, their unique features, and the one offering the cheapest electricity plans.

Electricity provider comparison

Energy ProviderUnique Feature 
GenecoPrice match guarantee
SP ServicesDefault reliable electricity provider
Keppel Electric Peak/off-peak price plan available
Tuas PowerFree 12-month insurance protection
Sembcorp PowerAll electricity plans are green
Diamond ElectricNo early termination charges
Pacific LightMost diverse plan types  
SunseapCustomisable green electricity plans 
Best Electricity SupplyUpfront cash rebate plan available
Ohm EnergyThree-month trial plan 
Senoko EnergyAll electricity plans include renewable solar energy
Union PowerElectricity group buy offers bulk incentives


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 that comes with Price Match Guarantee

At 22.00¢ per kWh (including GST), the price you see is the price you pay. There are no monthly fees and no transmission loss charges. If you chance upon a lower price than what Geneco is offering for such a trial plan within seven working days of signing up, Geneco will refund you the difference for the contract period. T&Cs apply. 

Want something more sustainable? Simply add on Power Eco. Select Carbon Credits (CC) or Renewable Energy Certificates (REC) and determine the percentage level you’re comfortable with. The costs associated with Power Eco will be added on to your Base Price Plan thereafter. We like how easy it is to customise your very own green add-on according to your own terms! 

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 price plans the Open Electricity Market energy providers offer regardless of whether they are fixed price plans, discount off regulated tariff price plans or peak/non-peak price plans. 

For those who are wondering, the current electricity tariff for 1 October 2021 to 31 December 2021 is set at 25.80¢ per kWh (including GST). 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.

Keppel Electric

Are you a night owl? Do you work through the night? Does your family blast the air-conditioner throughout the night? If your answer is yes, consider the 24-month peak/off-peak KNIGHT plan that Keppel Electric offers. 

At the time of writing, the off-peak fixed rate that applies from 11pm to 7am is 19.12¢ per kWh (including GST), while the peak fixed rate that applies from 7am to 11pm is 24.85¢ per kWh (including GST). 

The energy provider also offers an assortment of discount off regulated tariff plans and fixed rate plans. 

Be sure to use their Electricity Plan Calculator to calculate your potential savings and to find the electricity plan that best suits your budget and lifestyle!

Tuas Power

One of the best perks about getting Tuas Power to power your home is the free 12-month insurance protection thrown in when you sign up or renew your electricity plan with the energy provider. This is valid if your electricity plan has a contract duration of 12 months and above. 

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

Tuas Power offers 12- and 24-month discount off regulated tariff and fixed price plans, as well as 18- and 36-month fixed price plans and a 6-month discount off regulated tariff price plan. Customers of Tuas Power will continue receiving the same SP Services bill but at lower rates

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 per month to customers on fixed price plans, discount off regulated tariff plans and no-contract 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

That’s not all. Sembcorp Power also offers complimentary 12-month home protection insurance for new customers who sign up for their electricity plans, excluding those who go for Sembcorp Power’s no-contract plan. T&Cs apply.

Back to top

Diamond Electric

Diamond Electric’s electricity plan doesn’t come with monthly service fees, security deposit or even early termination charges. You even get to enjoy complimentary personal accident insurance coverage of up to S$20,000 by AIA.  

If you’re looking to switch to another OEM electricity retailer further down the road, remember to give them at least 30 days of advance notice to avoid any unnecessary termination charges! 

For those seeking discounts and options, Diamond Electric isn’t the best for you. Its electricity price right now is the same as SP Services’ regulated tariff at 25.80¢ per kWh (including GST).

Pacific Light

Apart from its very user-friendly, easy-to-navigate website, Pacific Light has an incredibly wide range of electricity plans available, including Sunny Side-Up (fixed green price plan), off peak/peak plan, no-contract plan, fixed price plans, discount off regulated tariff plans, tiered usage price plan and more. 

The most interesting electricity plans available at Pacific Light include: 


Sunseap offers a range of customisable green electricity plans that let you decide how environmentally-friendly you want your energy consumption to be. Its electricity plans do not come with transmission loss charges and security deposit. 

Here’s a quick breakdown of Sunseap’s electricity plans: 

  • Sunseap-One (1% solar energy): 6- or 12-month contract at 25.69¢ per kWh (including GST) for both options
  • Sunseap-100 (100% solar energy): 12-month contract at $0.2580/kWh (including GST)

In general, most OEM electricity retailers offer bill rebates to customers who set up recurring payments with their partner banks’ credit cards. What sets Sunseap apart from the crowd is that it extends this bill rebates perk to NTUC Members

Back to top

Best Electricity Supply

The best thing that Best Electricity Supply has to offer is its BEST Home Saver Upfront plan that lets you enjoy up to 5% upfront cash rebates. The next best option available, in my opinion, is the BEST Home Saver discount off regulated tariff plan that lets you enjoy 1% off the regulated tariff. Not impressive by any means, but still better than nothing. 

Be careful of its BEST Home Free and BEST Home Fixed electricity plans — at 27.16¢ per kWh (including GST) and 27.01¢ per kWh (including GST) respectively, it doesn’t make sense that their electricity prices are higher than SP Services’ regulated tariff at 25.80¢ per kWh (including GST)!

Ohm Energy

Not sure whether to make the switch or not? Ohm Energy offers a three-month trial plan for its Fixed Ohm and Ohm Discount electricity plans. You may use this time to determine if Ohm Energy is the right fit for you. 

Ohm Energy also offers a variety of no-contract electricity plans that you can consider, such as Market Ohm (wholesale electricity rates year-round with small monthly fee) and Simply Ohm (an all-inclusive electricity rate with a small monthly fee). With no-contract electricity plans, you can terminate your electricity plan any time you want without incurring any charges.

Senoko Energy

All of Senoko Energy’s electricity plans include at least 3% renewable solar energy. Regardless of whether you’re looking for a 12- ,24-, 36- month discount off regulated tariff or fixed price electricity plan, you’re bound to find something that suits your family’s needs. 

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

If you want to track your energy usage as accurately as possible, consider the LifeSmart24 electricity plan that comes with free Advanced Meter and installation. The meter will measure your electricity consumption every 30 minutes.

While you’re at it, check out Senoko Smart Rewards rewards programme for its suite of privileges, discounts and offers from partners. Don’t miss out on the monthly GrabFood, Lazada and Redmart e-vouchers giveaway, too!

In case you’re curious, Senoko Energy offers a S$30 referral bill rebate while most OEM retailers offer S$20 at the time of writing.

Union Power

Union Power offers a 6-month discount off regulated tariff and fixed price plan only, so take note if you’re looking for more choices from this OEM retailer. You don’t have to deal with security deposit, registration fee, or transmission loss factor costs when switching to Union Power though. 

It also offers Electricity Group Buy, which is exactly as it sounds— group buy for electricity consumption. To enjoy bulk discounts, you’ll need to first gather a minimum of 30 people.

Back to top

Cheapest fixed price electricity plans

6-month contract

Energy ProviderFixed Price (per kWh, incl. GST) 
Sembcorp Power23.20¢
Union Power25.73¢

12-month contract

Energy ProviderFixed Price (per kWh, incl. GST) 
Keppel Electric22.30¢
Pacific Light Energy22.50¢
Senoko Energy22.50¢
Sembcorp Power23.20¢

24-month contract

Energy ProviderFixed Price (per kWh, incl. GST) 
Pacific Light Energy22.50¢
Senoko Energy22.50¢
Sembcorp Power23.50¢

Back to top

Cheapest discount off regulated tariff electricity plans

6-month contract

Energy ProviderPercentage Discount 
Tuas Power Supply8.80%
Union Power1.00%

12-month contract

Energy ProviderPercentage Discount 
Pacific Light Energy13.80%
Senoko Energy11.00%
Tuas Power Supply8.80%

24-month contract

Energy ProviderPercentage Discount 
Keppel Electric12.80%
Senoko Energy11.00%
Pacific Light Energy10.00%
Tuas Power Supply8.80%

Cheapest off-peak/peak price electricity plans

Energy ProviderPercentage Discount/Fixed Price (per kWh, incl. GST) 
Pacific Light Energy24% off between 11pm – 7am8% off between 7am – 11pm
Keppel Electric19.12¢ between 11pm – 7am 24.85¢ between 7am – 11pm 

Which energy provider should I choose?

Consider your preference, budget and household electricity consumption pattern before deciding which energy provider’s electricity plan you might want to go for. Spend some time reading about the things 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. 

As it stands, your electricity bills tend to 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 25.80¢ per kWh (including GST).

Back to top

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! 

Welcome Offer: Receive S$1,299 worth of Singtel vouchers if you are among the first 15 new-to-UOB cardmembers to make a min. spend of S$1,500. Valid till 7 Oct 2021. T&Cs apply.

Get S$300 bonus cashback if you are among the subsequent 100 new-to-UOB cardmembers to make a min. spend of S$1,500. Valid till 31 Oct 2021. T&Cs apply.

#2 UOB One Card 

If you want to maximise your cashback earning 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$300 respectively. This will translate into a monthly rebate of 3.33%, 3.33% and 5% respectively. 

You can also enjoy an extra 1% rebate (up to 6% rebate) on your SP bills when you qualify for your quarterly cash rebate.

Welcome Offer: Receive S$1,299 worth of Singtel vouchers if you are among the first 15 new-to-UOB cardmembers to make a min. spend of S$1,500. Valid till 7 Oct 2021. T&Cs apply.

Get S$300 bonus cashback if you are among the subsequent 100 new-to-UOB cardmembers to make a min. spend of S$1,500. Valid till 31 Oct 2021. T&Cs apply.

#3 OCBC 365 Credit Card

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

If you can hit the minimum monthly spend of S$800, you’ll get to enjoy 3% cashback on your recurring electricity bills from OEM retailers like Geneco, Sembcorp Power 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

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

The big plus about this card? No minimum monthly spend required in order to earn rebate 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 at least S$800 in the eligible categories within the calendar month. Just remember that the cashback cap for your telco bill is set at POSB Daily$3 per calendar month.

Welcome Gift: Enjoy S$300 cashback when you key in the promo code OCTFLASH upon application. A minimum spend of S$300 must be made within 60 days of card approval. Valid till 18 Oct 2021. T&Cs apply.

If you’re not a new DBS/POSB credit cardmember, consider these promotions instead.

Read these next
How To Pull Off Wallet-Friendly, Greener Living From Your Home In 2021
Best Credit Cards for Paying Utility Bills in Singapore
Open Electricity Market (OEM) Singapore: Complete Guide For 2021
Cashback vs Miles vs Rewards: Which Is The Best Type Of Credit Card For You?
Top Credit Card Promotions And Deals On SingSaver

By Denise Bay
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.