Singapore electricity consumers have now more options for electricity plans with the Open Electricity Market (OEM) initiative. It’s been active for some time so if you’re still paying your bills to SP (Singapore Power), it’s time to switch to one of the 5 best electricity providers in Singapore.

What are the advantages of the OEM?

With the opening up of the electricity market in the country, consumers can enjoy the following benefits:

• More electricity plan options

While SP Group offers a fixed, quarterly tariff rate, retailers on the other hand allow you to choose from two electricity plan types. You can choose from whom to buy electricity and how you want to buy it. With OEM, you can potentially save a lot on electricity consumption.

• Better prices and innovations

Selling the same product means retailers have to provide great prices and better services than their competition. You will greatly benefit from the competition with more perks and offerings like referral cashback, free months of electricity, and more.

• More conscious energy consumption

You as a consumer will be more aware of how much energy you are using. You can take stock of the areas where there are electricity wastages such as appliances and gadgets. By being conscious of your consumption, you are not only saving money but the environment as well.

How do you pick the right electricity provider?

Having to choose between 12 electricity retailers can be overwhelming. It can lead to some analysis paralysis. To get you started, here are 3 steps to choosing the right electricity retailer.

Step 1. Pick a plan. Would you like a discount on the regulated tariff or a fixed-rate plan?

Step 2. Decide the contract duration. Do you want a 6-month term or a 3-year one?

Step 3. Compare retailer prices. Would you prefer the cheapest price per KWH or a huge tariff discount?

Who are the 5 best electricity providers in Singapore?

We have assessed the top 5 electricity providers in Singapore based on the pricing, flexibility, reliability, and being environment-friendly.

1. Geneco (by Seraya Energy Pte Ltd)

Seraya Energy’s Geneco offers renewable, clean energy to Singapore households. A fixed price for 6 months is only $0.1672 per kWh. If you want to bring clean energy into your home for a cheaper price, then choose Geneco.

2. iSwitch Pte Ltd.

EMA-licensed electricity retailer iSwitch provides you more choices to manage your energy costs. They have a suite of price plans that provides different flexibility levels. With iSwitch you are ensured to use only Green Certified Electricity in your home at the cheapest cost: a 6-month plan at $0.1670 per kWh and 3 years contract at $0.1787 per kWh.

3. Keppel Electric Pte Ltd.

Keppel Electric is the country’s first homegrown electricity retailer. Backed with 21 years of experience in supplying power to Singapore’s electricity grid, they are a reliable power provider to you. They offer a lower rate for night consumption on some plans for only 16.69¢ per kWh. If you pick the “Save while Sleeping” Plan for 24 months, not only do you get a 35% tariff discount, you can also get multiple rebates and promotions.

4. Sembcorp Power Pte Ltd.

Sembcorp Power is recognised for its contribution to making Jurong Island one of the world’s leading energy hubs. They have powered small to large businesses in Singapore for more than 15 years. They provide one of the most flexible plans, a no-contract plan for $0.1745 per kWh. Sembcorp Power offers you renewable energy produced by solar energy for your environment-conscious household.

5. PacificLight Energy Pte Ltd.

With a power plant that operates round the clock, PacificLight can offer you uninterrupted power use. They offer the cheapest overall plan and discounted plan. They also have a no-contract plan at $0.1686 per kWh. The company’s 12-month plans can save you 25.10% on the regulated tariff. Like iSwitch and Sembcorp Power, PacificLight gives you an option to buy from renewable energy sources like solar energy.

Conclusion

The OEM has allowed you to choose your electricity service provider according to your needs and budget so take advantage of it. Our list of the 5 best electricity providers in Singapore will help you pick quickly and confidently. Be it clean energy or the most flexibility, you can surely find the one most suitable for you.