What Has Changed With The Regulated Tariff?
The electricity tariff constantly changes depending on global oil market conditions – Compared to the previous quarter
(1st October – 31st December 2020), the electricity tariff for Q4 2020 (1st January – 31st March 2021)
has decreased by 0.67 cents per kWh from 22.93 to 22.21 cents per kWh (inc. GST).
Singapore’s Regulated Electricity Tariff
How The Regulated Tariff Affects Your Electric Bill?
And Why Switching To iSwitch Helps You Save!
You Have Yet To Switch To An Electricity Retailer
That means you’re buying your electricity straight from SP Services. The regulated tariff is the price of electricity you will be paying on your usage.
You Have Switched To A Retailer & Picked A Fixed Price Plan
You will be paying the fixed price set by the retailer for the duration of your contract. That means no matter how high or low the regulated tariff becomes, you will be paying a fixed rate until your contract ends.
You Have Switched To A Retailer & Choose The Discount-Off-Tariff Plan
You will be enjoying a fixed discount rate off the regulated tariff. That means no matter how the tariff rises or falls, you will be enjoying guaranteed savings.
Understanding The SP Regulated Tariff
4 Components You Should Know
The SP tariff is made up of four key components that determine the cost of electricity in Singapore as well as what you are paying on your monthly electric bill.
1. Energy Fuel Cost
This component is adjusted quarterly to reflect changes in the cost of fuel and power generation. The fuel cost is the cost of imported natural gas, which is tied to oil prices by commercial contracts. The cost of power generation covers mainly the costs of operating the power stations, such as the manpower and maintenance costs, as well as the capital cost of the stations.
2. Grid Network Charge
This fee is reviewed annually. This is to recover the cost of transporting electricity through the power grid.
3. Market Support Services Fee
This fee is reviewed annually. This is to recover the costs of billing and meter reading, data management, retail market systems as well as for market development initiatives.
4. Market Administration & PSO Fee
This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system. Paid to the Energy Market Company and Power System Operator.
Save On Your Electric Bill With Our Price Plans
Select one of our signature price plan and start saving today.
Check out our price plan page to calculate your estimated savings vs SP Tariff.
“Chope” the Rate –
Fixed Price Plan
Save Up To 27% Off
The Regulated Tariff
Our fixed price plan allows you to lock-in a discounted rate compared to the current electricity tariff. No matter how high or low the tariff changes, you will only be paying the fixed-price rate.
This plan is ideal for you if budgeting is important and you want to have certainty about how much you’ll need to pay every month.
Super Saver Discount –
Discount Off Tariff Plan
Guaranteed Savings Of 18% Off
The Regulated Tariff Every Month
Our discount of tariff plan allows you to save a significant percentage of the prevailing regulated tariff. While your electricity bill will fluctuate up or down, depending on how the tariff moves, you will enjoy savings of the regulated tariff.
This plan is ideal for you if convenience is more important for you while enjoying guaranteed savings.
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Learn More About The Electricity Tariff & How To Save.
Q1. Am I paying the regulated tariff on my home electricity bill?
If you haven’t switched to an electricity retailer, you are default buying your electricity from SP Services and paying the regulated tariff rate.
Q2. How do I switch to iSwitch and enjoy monthly savings of my electric bill?
Switching is easy. All you need is to head to our page here, select the right price plan and fill in the online form with your details.
All you need is your NRIC and SP Account number. If you haven’t set up your SP utilities account yet, you’ll need to do so first in order to switch to a retailer. Here’s a handy guide to help you set up your SP utility account.
Q3. Which plan (fixed price or Discount off tariff) should I select for my household?
It will depend on your lifestyle. If budgeting is important to you and having a predictable bill is key, then the fixed price plans might be ideal for you. If you value convenience and want guaranteed savings, then the discount-off-tariff plan is suitable for you. Learn more about our price plans here.
Q4. How much can I save on my electricity bill if I switch?
Calculating your savings is simple. Check out the iSwitch savings calculator, to estimate how much you can save based on your dwelling type or monthly usage here.
Q5. Can I use my U-save rebates on my electricity bill?
Q6. Are there any additional electricity charges I should be aware of?
Yes, there are 7 additional charges you should take note of.
1. Transmission Loss Factor (TLF) Charge
In Singapore, electric power is delivered at 230V to consumers and during the transportation of electricity through the power grid to our homes and offices, a small percentage of the energy is lost. This percentage loss is known as the Transmission Loss Factor (TLF). The TLF effective 01 April 2020 for a load of 230V is 1.025599. You can view the latest TLF on the Open Electricity Market’s website.
Some electricity retailers, such as iSwitch, absorb the TLF charge for their customers. Hence, depending on the electricity retailer, consumers are billed either on metered readings or loss adjusted readings. If the retailer bills based on metered readings, consumers will just pay for the power usage that is recorded by their meter and the TLF will be borne by the retailer. However, if the retailer bills based on loss adjusted readings, the TLF will be factored in and the electricity bill will be calculated as such:
Electricity Usage = Metered Reading x TLF x Electricity Rate
2. Carbon Tax Charge
Singapore signed the Paris Agreement on climate change and as such, since January 2019, every electricity consumer in Singapore is subject to a carbon tax for their energy use. As power generation companies are liable for a $5 tax for every tonne of emissions and since they primarily burn natural gas for power generation, this tax is passed down to everyday consumers. As a reference, the carbon tax charge takes effect for every unit of electricity (in kWh) consumed from 1st January 2019 onwards.
Carbon Tax Charge = Electricity Consumed* x GEF-OM** x Carbon Tax Rate
Some electricity retailers, such as iSwitch, absorb the carbon tax for their residential customers.
3. Early Termination Fee
Retailers may enact a penalty if you break the contract – mostly in the form of an early termination fee. For example, at iSwitch, a cancellation within 3 days from the date of application will incur a $100 cancellation fee. If the contract is cancelled after the initial 3 days, an early termination charge will apply, and this varies depending on the number of months left in the contract.
4. Security Deposit
Before the OEM, all consumers paid SP Group a security deposit in order to power up their homes back then. The same applies to electricity retailers too. The security deposit is refundable when an account is terminated and is primarily imposed to ensure any outstanding amount on a final bill will be settled. Any remaining amount will be refunded upon settling the final bill. Learn more about the security deposit here.
5. Advanced Meter Installation Fee
A meter reading is essential for the estimation of electricity usage and there are two types of meters available. The first type is the cumulative meter, which is what the majority of households in Singapore use. Meter readings are read manually by inspectors that head down to the premises once every two months.
The second type is the advanced meter that measures electricity consumption every 30 minutes, allowing consumers to be regularly updated with their electricity consumption. The advanced meter will require an installation fee of $40 (excluding GST).
6. Relocation Fee
Whether you are looking to move abroad or relocating to another premise, there might be a relocation charge depending on the electricity retailer. With iSwitch, when relocating within Singapore, if you provide valid documents and re-apply with iSwitch, there will be a small flat fee charged but don’t worry, the fee will be refunded to you once your new house contract is active. For more information click here.
7. Paper Billing Fee
Even though billing is now mostly performed online through digital statements that can be accessed from a retailer’s online portal or sent via email, consumers can still opt for paper bills. However, depending on the electricity retailer, there may be a nominal fee charged. With iSwitch, if you wish to have a hard copy of the bill you can manage all your bills from the iSwitch Self Service Portal or you can opt for paper billing at a flat fee of $1.07 (inc. GST)/bill.
OIL MARKET UPDATES
Read the latest updates on the oil market and how it affects your electricity bill!
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1. Select A Price Plan
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2. Enter Your Details
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3. Switch And Save
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