Molly Ayala
As of 2025, residents of Singapore can choose between 6 and 8 electricity retailers, each offering about 2 standard pricing models. The electricity tariff is regulated by the EMA and is reviewed quarterly. The SP Group offers a non-standard price plan where customers can buy electricity directly from the wholesale electricity market. The wholesale electricity price (WEP) varies every half hour, depending on Singapore's wholesale electricity market's demand and supply situation. There are many pricing models to choose from, such as fixed-price plans, discount off regulated tariff price plans, or peak/non-peak price plans. To save more, one can take advantage of referral codes, credit card promotions, rebates, and promo codes.
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What You'll Learn
Fixed-price plans
Most retailers in Singapore offer 12 or 24-month fixed-price contracts, providing stability and eliminating the need to switch providers frequently. Some retailers also offer unique contract lengths, such as 6, 18, or 36-month plans, and a few even provide no-contract options.
When considering a fixed-price plan, it's important to remember that these rates tend to change more frequently than other types of plans, so it's worth checking the OEM comparison tool to identify the cheapest retailer before switching. Additionally, while the prices among retailers are quite similar, the real differences lie in rebate amounts and additional perks, so be sure to weigh these factors carefully when making your decision.
- Sembcorp Power: They offer 12-month fixed-price plans, including the Sunshine Plan, which is a 100% Green Energy Plan powered by solar panels and validated through Renewable Energy Certificates (RECs). Their fixed price plan is 29.68¢/kWh, including GST, and they also have a referral programme that offers a $20 rebate voucher for successful referrals.
- Geneco: They offer 12 and 24-month fixed-price plans called 'Get It Fixed' plans, with prices at 28.87 cents/kWh, including GST. Geneco also has a 'price match guarantee', where they will refund the difference if you find a lower price within seven working days of signing up.
- Senoko Energy: They offer various promotions and rebates for new customers, including referral rebates and promo codes for bill discounts. Their LifeSteady plan provides a fixed discount of 1.64¢/kWh off the SP tariff, ensuring you always pay less than the regulated tariff.
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OEM comparison tools
In Singapore, the Open Electricity Market OEM initiative was introduced by the Energy Market Authority (EMA) in 2017 to liberalise and encourage innovation in the power industry. Since 2019, all households in Singapore have been able to switch from the Singapore Power (SP) Group to their preferred electricity provider.
There are currently six to nine electricity retailers in Singapore, each offering about two standard pricing models. The SP Group offers a non-standard price plan where customers can buy electricity directly from the wholesale electricity market. This plan has no lock-in period or contract, allowing customers to switch back to the SP-regulated tariff plan or sign up for an OEM plan without penalty. However, the wholesale electricity price (WEP) varies every half hour depending on Singapore's wholesale electricity market's demand and supply.
To help residents compare the different electricity retailers and pricing models, there is an official OEM comparison tool. This tool allows users to estimate their electricity bills and compare providers by inputting their type of residence, average consumption, and preference for pricing models.
Using this tool, residents can find the most affordable retailer for their needs, as most providers offer similar rates. The main differences lie in the rebate amounts and additional perks. For example, Geneco offers a S$20 rebate under their limited-time Get It Fixed 12 or Get It Fixed 24 plan with the Power Eco Add-on offer for customers who charge their recurring electricity bill payments to their Citi credit card. Senoko Energy offers a $20 referral bill rebate for new customers, and an additional 3% cashback on electricity bills with the OCBC365 Card. Sembcorp Power has a referral programme that offers a S$20 rebate voucher for each successful referral, and credit card holders can enjoy various bill rebates and cashback.
When choosing an electricity retailer, it is important to consider factors beyond just the price, such as credit card rebates, referral and promo codes, and each retailer's unique value proposition. Residents should also be aware of additional charges such as administrative fees, auto-renewal clauses, early termination fees, and carbon taxes.
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Credit card rebates
First, it's important to note that not all electricity providers in Singapore accept credit card payments directly. As a result, you may need to use a platform like CardUp to charge your electricity bill to your credit card and earn rebates. However, CardUp transactions may be subject to credit card merchant exclusions, so be sure to check the terms and conditions.
Now, let's take a look at some of the best credit cards for earning rebates on your electricity bills in Singapore:
POSB Everyday Card
The POSB Everyday Card offers a 3% rebate on recurring utility bills from SP Group, Geneco, Union Power, Tuas Power, and a 2% rebate on Keppel Electric, Senoko Energy, and Sembcorp Power. There is no minimum monthly spend required to earn the rebate, but it is capped at POSB Daily$3 per calendar month for your electricity bill.
Standard Chartered Simply Cash Credit Card
The Standard Chartered Simply Cash Credit Card offers a 1.5% rebate on all your utility expenditures, with no minimum spend or restriction on the power service provider. This card also offers generous discounts on dining, travel, hotel bookings, and entertainment.
OCBC 365 Credit Card
The OCBC 365 Credit Card offers a 3% cashback on Senoko Energy electricity bills. Additionally, new cardholders can get a Xiaomi Robot Vacuum or other rewards with a minimum spend within 30 days of card approval. However, this card may have a lower cashback rate compared to others.
UOB One Card
The UOB One Card offers one of the highest utility rebates at 3.33%, but it comes with a high spending requirement. To earn the rebate, you must spend a minimum of S$2,000 per month for three consecutive months. The rebate is also only given out quarterly.
Citi Credit Card
If you have a Citi credit card and a Geneco Electric plan, you can receive a S$20 rebate under their limited-time Get It Fixed 12 or Get It Fixed 24 plan with the Power Eco Add-on offer. Additionally, new cardholders can receive up to S$450 or a Dyson product when they spend a minimum of S$500 within 30 days of card approval.
Remember to consider your budget, electricity consumption, and the terms and conditions of each credit card before making a decision.
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Referral rebates
When it comes to choosing an electricity provider in Singapore, there are various factors to consider, including your preference, budget, and household electricity consumption. One way to save money on your electricity bills is to take advantage of referral rebates offered by some energy providers.
Senoko Energy
Senoko Energy offers a S$20 referral bill rebate for new customers, which will be credited to their first bill. You can earn a S$20 bill rebate for yourself and an extra S$20 rebate for your friend when they switch to Senoko Energy using your referral code. Additionally, you can stack on a referral code with a promo code to get up to S$160 in bill rebates. For example, applying the promo code "MBKK140" will give you a S$140 bill rebate on any 24-month electricity plan, while "MBKK20" will give you a S$20 bill rebate on any 12-month plan.
Sembcorp Power
Sembcorp Power has a referral programme that offers a S$20 rebate voucher for each successful referral to your friends or family. This rebate can help offset your next electricity bill.
Geneco Electric
Geneco Electric offers a S$20 rebate under their limited-time Get It Fixed 12 or Get It Fixed 24 plan with the Power Eco Add-on offer when you charge your recurring electricity bill payments to your Citi credit card.
Tuas Power Supply
Tuas Power Supply offers endless referral rebates, giving you a S$20 referral rebate with each successful sign-up. You can share your referral code and get rewarded when someone signs up using your code.
By utilising these referral rebates, you can significantly reduce your electricity costs and make your energy plan more affordable. Remember to read the terms and conditions for each provider to fully understand the conditions and limitations of their referral rebate programmes.
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Promo codes
When it comes to choosing the cheapest electricity provider in Singapore, there are several factors to consider, such as your preference, budget, and household electricity consumption before deciding, and various promotions offered by different retailers.
Sembcorp Power has a referral programme that offers a $20 rebate voucher for each successful referral. This can be used to offset your next electricity bill.
Geneco offers a unique 'price match guarantee' where they will refund you the difference if you find a lower price for a similar plan within seven working days of signing up.
Tuas Power Supply also offers $20 referral rebates for each successful sign-up, and up to 4.33% cashback on your Singapore Power Utilities bills.
It is important to note that these promotions and codes may have expiration dates or be applicable only to new customers, so be sure to read the terms and conditions carefully. Additionally, some promotions may be limited to a certain number of redemptions per month.
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Frequently asked questions
The cheapest electricity plan in Singapore depends on your preference, budget, and household electricity consumption. It is recommended to use the official OEM comparison tool to compare prices. Some retailers to consider are Sembcorp Power, PacificLight, and Senoko Energy.
SP Services is the default energy provider for households in Singapore. SP Services sets the electricity tariff every quarter, which affects the Open Electricity Market energy providers' price plans.
You can save money on your electricity bill by switching to an Open Electricity Market retailer, taking advantage of credit card rebates and promotions, and referring friends and family to your energy provider. Additionally, consider your usage patterns and whether a fixed-rate plan or a discount off tariff plan would be more cost-effective.
