My Sweet Retirement Switches to Open Electricity Retailer

I am glad that the area that I am staying in is finally eligible to switch over to the open electricity market where I can choose my electricity retailer. There are currently two standard price plans which are the Fixed Price Plan and Discount Off the Regulated Tariff Plan. For the Fixed Price Plan, you pay a fixed rate throughout the contract period of either 6, 12 or 24 months. For the Discount Off the Regulated Tariff Plan, the rate you pay will change as the regulated tariff is adjusted every three months (quarterly). You get a fixed discount off the regulated tariff whether it goes up or down.

I preferred the fixed price plan for a more predictable electricity bill moving forward. Not trusting other websites that tells you which retailer offers the cheapest electricity per KWh, I did my own research. I visited the retailer’s website and compiled the information below. As you can see, iSwitch offers the cheapest electricity per kWh but there is a service charge of $5.297 per month. This means you end up paying $63.56 per year for services charges!

The rates offered by Geneco, Keppel Electric and Sembcorp are similar at 17.78 cents per kWh w/GST for a two year contract. If you didn’t know, Geneco partners with Singtel while Keppel Electric partners with M1. The telcos do offer some perks if you sign up with their partners and you may wish to check out the Telco’s website for more information.

For me, I have chosen to sign up with Sembcorp as my home internet is with Starhub. I have gotten $20 NTUC vouchers by signing up at their roadshow.

Have you switched?

Retailer per kWh w/ GST

(24 Months)

Monthly Service Charges
Geneco 17.78 cents No
Keppel Electric 17.78 cents No
iSwitch 17.55 cents Yes
Sunseap 17.98 cents No
Best Electricity Supply 18.90 cents No
OHM 18.95 cents No
Sembcorp 17.78 cents No