Best Electricity Plans Singapore (2026) — Compare OEM Rates
Looking for the best electricity plans Singapore has to offer in 2026? You're in the right place, lah! With the Open Electricity Market (OEM) in full swing, you can ditch the default SP Group tariff and grab a cheaper retailer plan that could shave 10%–25% off your monthly power bill. We've compared the top OEM retailers — Geneco, Senoko, Keppel, Tuas Power and more — so you can lock in a shiok deal today. Don't miss out!
TL;DR — Key Takeaways
- The regulated SP tariff for Q4 2026 sits around 29–30 cents/kWh (before GST). Good OEM plans beat it by 10%–25%.
- Fixed-price plans (lock your rate for 6–24 months) are best for peace of mind. Expect 24–27 cents/kWh in 2026.
- Discount-off-tariff plans give you ~20%–24% off the prevailing SP rate — great if you think tariffs will fall.
- A typical 4-room HDB flat using ~480 kWh/month can save S$180–S$360 a year by switching.
- Switching is free, takes ~5 minutes online, and there's no change to your wiring or power supply.
What Is the Open Electricity Market?
The Open Electricity Market (OEM) lets every household in Singapore choose who sells them electricity. Since nationwide rollout in 2019, you've been free to buy power from a licensed retailer instead of paying the regulated SP Group tariff. The power is exactly the same — only the price and contract change.
Here's the best part: your electricity supply never gets cut when you switch. SP Group still owns the grid, reads your meter, and restores supply during outages. The retailer just handles billing and pricing. So there's zero risk to switching — only savings to grab!
Definitive fact: As of 2026, there are around nine licensed OEM retailers serving residential customers in Singapore, including Geneco (Seraya Energy), Senoko Energy, Keppel Electric, Tuas Power, PacificLight and Sembcorp Power.
Best Electricity Plans Singapore 2026 (Ranked)
Which electricity plan is cheapest in Singapore right now? For most households, a 12-month fixed-price plan between 24 and 27 cents/kWh offers the best balance of savings and certainty. Below is our quick comparison of popular 2026 fixed-price offers (indicative rates, before GST — always check the retailer's live pricing before you sign).
| Retailer | Plan Type | Indicative Rate | Contract |
|---|---|---|---|
| Geneco | Fixed Price | ~24.5¢/kWh | 12 / 24 mths |
| Senoko Energy | Fixed Price | ~25.0¢/kWh | 6 / 12 / 24 mths |
| Keppel Electric | Fixed Price | ~25.5¢/kWh | 12 / 24 mths |
| Tuas Power | Discount-Off-Tariff | ~22% off SP | 12 / 24 mths |
| PacificLight | Fixed Price | ~26.0¢/kWh | 12 mths |
Rates move with the wholesale gas market, so these numbers shift month to month. That's exactly why staying alert pays off — WhyNotDeals scans hundreds of Singapore merchants daily — bookmark us and never miss a deal. When a retailer drops a limited-time sign-up promo (think free months or cashback), we'll flag it fast!
Fixed Price vs Discount-Off-Tariff: Which Electricity Plan Wins?
A fixed-price plan locks your rate per kWh for the whole contract, no matter how tariffs move. A discount-off-tariff plan gives you a set percentage off the prevailing SP regulated tariff each quarter. For most risk-averse households, fixed price is the safer grab.
Go fixed-price if you want budget certainty and you believe energy prices might rise. You'll sleep easy knowing your rate won't jump mid-year. In 2026, fixed deals around 24–27 cents/kWh are comfortably below the ~29–30 cent SP tariff.
Go discount-off-tariff if you reckon tariffs will drop and you want to ride them down. A 22% discount on a 29.5-cent tariff works out to roughly 23 cents/kWh — but if the tariff spikes, your rate follows it up. It's a calculated bet, so grab it only if you're comfortable with the swing.
Definitive statement: Over the past three years, fixed-price plans have on average saved Singapore households more than discount-off-tariff plans during periods of high and volatile gas prices — because they cap your downside.
How to Save Even More on Your Bill
Switching retailers is the big win, but you can stack more savings on top. A 4-room HDB flat averages around 480 kWh a month; trimming usage by 10% is roughly S$14/month back in your pocket. Here's how to squeeze your bill:
- Set aircon to 25°C and clean the filter monthly — aircon is often 30%–50% of a Singapore home's bill.
- Pay by credit card with cashback. Cards like the Citi Cash Back and HSBC Advance can earn 1.5%–8% on utility bills (check the latest T&Cs — some exclude GIRO utilities).
- Watch for sign-up promos: free first-month rebates, S$20–S$50 welcome credits, or referral vouchers.
- Swap to LED bulbs and 5-tick energy-rated appliances during the big online sales.
Appliance upgrades are cheapest during mega sales. Time your buys with our Lazada 9.9 Mega Sale 2026 guide or the June 2026 Sales Calendar to grab a 5-tick fridge or inverter aircon at a steal.
Heading overseas to escape the heat and your aircon bill? Sort your connectivity first with our best travel eSIM for Singapore travellers guide, and if you want a quick cross-border makan trip, the best day trips from Singapore round-up has you covered. Planning a family outing instead? Keep the kids learning for free with QuizKin adaptive quizzes, and if you want authentic local dessert without the aircon bill, treat yourself to Ah Ma QQ Bowl handmade sweet potato balls. Shiok!
Planning a themed day out? You can book attractions like Singapore attractions on Klook and save on entry tickets too.
How Do You Switch Electricity Retailers? (Step-by-Step)
Switching takes about five minutes online and is completely free. You'll keep the same meter and the same reliable supply — only your bill changes. Here's the lobang:
- Grab your latest SP bill — you'll need your account number and average monthly usage (kWh).
- Compare plans using the SP Price Comparison tool and the retailers' own sites. Match the plan to your usage pattern.
- Sign up online. Have NRIC and payment details ready. Some plans need a small security deposit (often waived with GIRO).
- Wait for the switch — it typically takes effect within one to two meter-reading cycles (about a month).
- Set a calendar reminder near your contract end date so you can re-compare and avoid rolling onto a pricier rate. Don't miss it!
One tip: check the early termination fee before you sign — it's usually a per-kWh or per-remaining-month charge. If a cheaper plan appears mid-contract, do the math before you jump.
Frequently Asked Questions
Will my power supply be disrupted if I switch?
No. SP Group continues to deliver electricity through the national grid and restore any outages. Switching retailers only changes who bills you and at what price — supply reliability is identical.
How much can a typical household save?
A 4-room HDB flat using ~480 kWh/month can save roughly S$15–S$30 a month, or S$180–S$360 a year, by moving from the SP tariff to a competitive fixed-price OEM plan.
Is a fixed or discount plan better in 2026?
For most households wanting certainty, a 12-month fixed-price plan around 24–27 cents/kWh is the safest value. Discount-off-tariff suits those who expect tariffs to fall and can stomach the variability.
Can I still use GIRO or credit card to pay?
Yes. Most OEM retailers support GIRO and credit card. Pairing a cashback card with your utility bill can claw back an extra 1.5%–8% — just confirm utilities qualify under your card's T&Cs.
Sources & References
Rates and promotions are indicative and change frequently. Always confirm current pricing and terms directly with the retailer before signing up.