The price of electricity is increasing; people are looking for plans that can offer electricity at affordable prices.
If you live in Singapore, you may be wondering if it is feasible to locate an electrical supplier who would give you the best offers with competitive pricing each month.
Don’t worry, you have good news. You can possibly find the cheapest electricity plan with a suitable electricity retailer.
Know What Open Electricity Market (OEM) Is
People in Singapore had just one option for electricity prior to the introduction of the Open Electricity Market (OEM), and it was through Singapore Power (SP Group). The Energy Market Authority (EMA) launched the OEM project to liberalize and open up the electricity market to companies.
This helps people or consumers have better flexibility and more alternatives when purchasing power, with the ultimate objective of decreasing their electricity expenses every month.
It is available countrywide in zones to all consumers, mostly homes. Households can now choose their OEM retailer and select the best price plan suitable to their requirements. Conversely, they can stick with SP Group, the current supplier, if they so desire.
OEM-certified retailers offer more competitive pricing and unique offers to consumers, who can select from different price plans given by nine retailers to best meet their needs.
Types Of Electricity Plans Available
Knowing about the different electricity plans help you to choose the best one for you. When it comes to OEM electricity plans, there are generally the following types:
1. Fixed Price Plan
Fixed pricing plans require you to pay a predetermined amount for the length of the contract, regardless of tariff changes. You can opt for this if you desire to pay a fixed rate, even if Singapore Power rates fluctuate.
2. Discount Off Regulated Tariff Plan
Discount-off-regulated tariff plans provide you with a fixed discount on Singapore Power’s tariff. The price you pay fluctuates according to tariff fluctuations. If you are convinced that tariffs will fall or are unconcerned with slight price changes, this plan is ideal for you.
3. Non-Standard Cost Plan
Under the non-standard cost plan, one gets a unique pricing structure that might not suit the fixed price tariff categories. All these plans are a part of the loss-adjusted billing, where the lost electricity amount is taken into consideration at the time of transmission. Non-standard price plans are suitable for people having a particular electricity consumption pattern.
4. Peak Plans And Off-Peak Tariff
Both peak and off-peak tariffs provide different electricity consumption rates. At peak hours or during the daytime, the need for electricity is high. On the other hand, there is less need for electricity at night or during off-peak hours. It is crucial to remember that each electricity plan comes with its own set of benefits and challenges.
How Can You Save On Electricity Bills With OEM Plans?
This information is for those readers who use SP Group or who have already switched and are about to renew their contract.
You need to first log into a leading marketplace site to compare the existing OEM plans. The tool not only shows you the different plans and their prices, but it also provides you with an anticipated monthly payment based on your average consumption every month.
You can check the site for credit card discounts offered by different energy sellers. Pacific Light Energy offers up to S$90 + S$20 in rebates for DBS or POSB cardholders, while Tuas Power offers up to S$120 in rebates for the same credit cards.
There are also other seasonal offers, which include cashback and giveaways. If you want to move to the OEM, it is also a good idea to ask around for recommendations since you may receive up to S$20 in additional rebates for your referrer, as well as you, subject to the retailer you choose.
You can save not just on your utility bills. Most electricity retailers also collaborate with insurance, retail, and other organizations to give value-added services to their clients.
Overall, whether you transfer to an OEM store or stay with SP Group, selecting the optimal plan for your electricity needs is critical in an environment where costs fluctuate continuously.
Tips To Choose A Cheap Electricity Plan In Singapore
Are you a resident of Singapore who is tired of the expensive monthly bill? If yes, here’s the secret ingredient to save some serious money. Check out some amazing tips for choosing an electricity plan in Singapore:
A. Assess Your Electricity Consumption
Before opting for a plan, make sure to assess your electricity consumption. This is common for both residential houses and commercial sectors. Do not forget to have a look at your electricity bills and get an idea of your electricity usage. This helps you choose a plan that will perfectly suit your requirements.
B. Comparing Benefits And Features Of The Plan
All electricity plans have some advantages as well as their own distinctive features. While some plans come with rebates or discounts, others simply offer freebies or rewards programs. Again, make sure to choose the right plan for you.
C. Analyzing Pricing Models
Electricity retailers make use of various pricing models to identify your electricity payment. While some plans provide fixed rates, others have variable options. You can discuss your budget with the electricity provider beforehand and then only select the plans that fit your budget perfectly.
D. Opt For Renewable Energy Options
Do what most of the Singapore people are doing- opt for greener energy. Find a plan that provides renewable energy options because not only are they affordable but also better for the environment. Also, they reduce the carbon footprint, which is a healthier alternative for the environment.
The rates of commercial electricity in Singapore are typically higher as compared to residential rates. But that should not come in the way of saving your money. With this, we bring our article to an end. Thank you for reading it. Please share your thoughts in the comment box below.
With an adept skill of curating content on multiple genres, Mony has harnessed success as a Content Writer quickly. Find her sharing profound thoughts and opinions on business, finance and tech niches.