Dear readers, the Singapore household electricity tariffs has increased to 29.89 cents per kWH (before GST) or 32.58 cents per kwH (including 9% GST) for 1 Jan 2024 to 31 Mar 2024, according to SP Group.
So, where can consumers buy cheaper electricity? I attached below some of these options:
(1) 29.57/29.79/29.98 cents per kWh (including GST)
Tuaspower for its 12/18/24 and 36 months plans, more details here
(2) 29.79 cents per kWh (including GST):
Keppel Electric for its Fixed 24 and Fixed 12 plans, more details here
Geneco for its Fixed 24 and Fixed 12 plans, more details here
SenokoEnergy for its LifePower24 plan, more details here
Pacific Light for its 2-year plan. PacificLight has an Easy Peasy plan that offers 28.06 cents per kwH (including 9% GST) and on a non-contract basis, but please note that there is a daily charge of 55 cents per day. PacificLight also has other plans, more details here.
(3) 29.98 cents per kWh (including GST):
Sembcorp for its 12-month Fixed price plans, more details here
From the above, the cheapest electricity retailer goes to Tuaspower for its 29.57 cents (including GST) per kWh for 3-year plan, which is about 0.7% lower than the 29.79 cents per kWh charges by a few electricity retailers. Consumers must note that signing up for the above rates must be committed to a 3-year contract with Tuaspower.
Notwithstanding the immediate savings by buying electricity from a retailer as versus on SP’s rates, if consumers believe that prices of SP’s electricity rates will only go higher in future, it will be good to secure lower retail electricity rates via a 2-year or 3-year contract.