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

Denise Bay
Last updated Apr 06, 2022
best electricity plan

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. 

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

Did you know that Singapore’s electricity tariff has risen for the fifth consecutive quarter? With the latest electricity price hike, the regulated electricity tariff set by SP Group for 1 April 2022 to 30 June 2022 now stands at 29.90¢ per kWh (including GST). The increase is largely due to higher energy cost stemming from grossly higher global oil and gas prices exacerbated by the Ukraine conflict.

That being said, the rise in electricity prices in Singapore isn’t restricted to households and businesses that are subscribed to SP Services. Open Electricity Market (OEM) retailers are affected, too. This is why OEM electricity plans had their prices adjusted upwards, to the dismay of consumers like you and me. 

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. 

Electricity provider comparison

Energy ProviderUnique Feature 
GenecoPrice match guarantee
SP ServicesDefault reliable electricity provider
Keppel Electric Free Microgreen Kit with ecoGreen Plan
Tuas PowerFree 12-month insurance protection
Sembcorp PowerAll electricity plans are greener
Pacific LightMost diverse plan types  
SunseapSolar energy powered plans 
Senoko EnergyAll electricity plans include renewable solar energy
Union PowerNo 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 that comes with Price Match Guarantee

At 27.10¢ 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 your preferred percentage of Renewable Energy Certificates (REC). The costs associated with Power Eco will be added on to your Base Price Plan after that. We like how easy it is to customise your own green add-on according to your terms!  

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#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. 

For those wondering, the current electricity tariff for 1 April 2022 to 30 June 2022 is set at 29.90¢ 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.

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#3 Keppel Electric 

Keppel Electric has a variety of 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. 

  • ecoGreen24 (24 months): 28.10¢/kWh including GST
  • ecoGreen12 (12 months): 28.10¢/kWh including GST

To encourage consumers to go green, Keppel Electric is throwing in a free Microgreen Kit as well as up to S$30 credit card rebate when you set up recurring payments with an eligible credit card.

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#4 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 for electricity plan with the energy provider anytime from now till 31 December 2022.

Underwritten by Singlife with 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 fixed price plans. Customers of Tuas Power will continue receiving the same SP Services bill but at lower rates.

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#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 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.

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#6 Pacific Light Energy

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

The most interesting electricity plan available at Pacific Light is the Stack It Up tiered usage price plan. As its name suggests, you’ll pay a different rate depending on the amount of electricity consumed: 

  • Stack 1 – First 300kWh at 27.22¢/kWh
  • Stack 2 – Usage between 301 to 600kWh at 27.02¢/kWh; and 
  • Stack 3 – Above 600kWh at 26.62¢/kWh

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#7 Sunseap 

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 solar-powered electricity plans: 

  • Sunseap-One (1% solar energy): 6-month contract at 41.73¢ per kWh (including GST) 
  • Sunseap-100 (100% solar energy): 6-month contract at 44.94¢ per kWh (including GST)

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#8 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 or a 12-month discount off regulated tariff 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. 

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#9 Union Power

Union Power offers a 6-month fixed price plan only, so take note if you happen to be someone who appreciates having choices. You don’t have to deal with security deposits, registration fees, or transmission loss factor costs when switching to Union Power. 

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Cheapest no contract electricity plans

Energy ProviderFixed Price (per kWh, incl. GST) 
Pacific Light Energy 28.60¢
Sembcorp Power27.22¢

Cheapest fixed-price electricity plans

6-month contract

Energy ProviderFixed Price (per kWh, incl. GST) 
Sembcorp Power27.10¢
Union Power48.15¢

12-month contract

Energy ProviderFixed Price (per kWh, incl. GST) 
Keppel Electric26.88¢
Senoko Energy27.00¢
Sembcorp Power27.10¢
Pacific Light Energy27.11¢
Tuas Power32.32¢

24-month contract

Energy ProviderFixed Price (per kWh, incl. GST) 
Senoko Energy26.80¢
Pacific Light Energy26.81¢
Keppel Electric26.88¢
Tuas Power32.32¢

Cheapest discount off regulated tariff electricity plans

12-month contract

Energy ProviderPercentage Discount 
Senoko Energy6.00%

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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 29.90¢ 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! 

SingSaver Exclusive Offer:

Receive S$250 Grab voucher when you apply and get approved for a UOB Credit Card. Be the first 200 new-to-UOB cardmembers and make a minimum spend of S$1,500 within 30 days. Valid till 30 June 2022. T&Cs apply.

#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.

SingSaver Exclusive Offer:

Receive S$250 Grab voucher when you apply and get approved for a UOB Credit Card. Be the first 200 new-to-UOB cardmembers and make a minimum spend of S$1,500 within 30 days. Valid till 30 June 2022. 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 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.

Welcome Gift: Receive S$150 cashback when you key in the promo code 150CASH upon application and make a minimum spend of S$800 within 60 days of card approval. Valid till 30 June 2022. T&Cs apply.

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

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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.

Case in point, the cheapest electricity price plan at the time of writing is Senoko Energy’s LifePower24 plan at 26.80¢/kWh (including GST). Just to reiterate, the current regulated SP electricity rate is 29.90¢/kWh (including GST). 

Let’s assume you live in an HDB 4-room flat and your monthly average electricity consumption is 350kWh. Switching to the LifePower24 plan means your electricity bill will be priced at S$93.80 monthly instead of S$104.65 if you stuck with SP Group. That’s an estimate of S$128.40 in savings a year!

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

Read these next
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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 2022
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.

Denise Bay April 6, 2022 70221