Open Electricity Market Singapore (The Guide To Switching)

Open Electricity Market Singapore (The Guide To Switching)

Since the 2018 launch of the Open Electricity Market, over 40% of households have switched from the SP Group to an electricity retailer. In fact, at iSwitch, we have helped our residential customers save over $20 million on their electricity bill!

With electricity tariffs constantly fluctuating and with awesome benefits at your fingertips, if you are still waiting on the sidelines, now is the time to lock in your savings for the months and years to come.

2 Big Reasons Why You Should Switch From SP Services To A Retailer

1. Enjoy Significant Discounts

While there might be various perks such as sign-up bonuses and lucky draw prizes, the main reason to switch is the significant monthly savings you can enjoy – we are talking about savings up to 30% off your electric bill!

2. Enjoy More Choices & Flexibility

If you are still with SP Services, you only can buy electricity at the regulated tariff price, but with the Open Electricity Market, you have more choices at your fingertips. 

Electricity retailers offer you not only contracts with different durations (12 months to 36 months), you can choose between fixed price plans that lock in a fixed rate for you or the discount off tariff plan that guarantees you a fixed percentage discount off the regulated tariff.

Now you are rather clear why to switch, let’s bring you through the process of switching to your electricity retailer.

Electricity

Your Guide To Switching To A Retailer In The Open Electricity Market

1) Understand Where Your Electricity Is Currently Coming From

Whether you are taking over a lease, just moved into your new home or already staying in an existing apartment, your electricity supply will be from SP Services.

That means you will need to set-up your SP Services utilities account first if you are setting up your utilities for the first time and pay the security deposit to get started.

Only once it is set-up then you can proceed and begin switching to a retailer like iSwitch.

2) Understand Your Options To Switch (Wholesale vs Retailer)

Singapore’s electricity market consists of the retail electricity market and the wholesale market and it is important to understand which is best for you.

The retail electricity market is where you buy electricity through a price plan that best suits you. This is the most direct and convenient way to purchase your electricity if you are a retail customer as well as many business owners.

The wholesale electricity market is another avenue to buy your electricity, but you will have to buy it at half-hourly wholesale prices which could make your purchase risky and uncertain.

3) Your Electricity Supply Will Not Be Affected When You Switch

One of the biggest worries you might have is if your electricity supply will be cut when you make the switch – don’t worry, it won’t! You will still enjoy an uninterrupted supply of electricity to your household, only the billing details will be changed from SP Services to iSwitch, only the paperwork will change. You will still enjoy the same reliability that you always had.

4) Understand The 2 Types Of Price Plans

Before you sign-up for the first plan with the best rewards, it’s best to understand the 2 different types of plans that most retailers offer.

The Discount Off Tariff Plan: In this plan, you will enjoy a fixed percentage discount off the regulated tariff. This will mean you will lock in guaranteed discounts no matter how high or low the tariff moves. This is an ideal plan if you want a hassle-free experience when it comes to your electricity consumption.

The Fixed Price Plan: This plan allows you to pay for your electricity at a fixed rate for the entire duration of the contract. This is great if budgeting is important for your household and controlling your expenditure can be accurately calculated. If preventing any bill shocks is important, this is the plan for you!

5) Key Things To Look Out For With Your Retailer

Now that you have a good idea of what to look out for, here are 4 additional things to identify if your electricity retailer possesses.

A. Online Payment Portals

Whether it is an app or an online platform, see if there is a more convenient way to pay your bills other than the traditional GIRO or AXS machines. After all, time is money! 

Not only that, a good online platform or mobile app allows you to check on your electricity usage and past bills so that you can better understand and manage your future energy usage.

B. Customer Support

From signing-up to navigating your bills, look for a retailer that has a strong and active customer support team that will guide you through any queries you might have.

C. Availability Of Green Plans

Let’s all do our part for the environment and you can chip in by opting for a retailer that provides carbon-neutral electricity!

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Ready To Switch? We Are Here To Help!

Signing up for your electricity plan doesn’t have to be difficult – with our friendly customer support specialists, we will help you through the process.

Just call us at +65 6955 9900 and we will be pleased to help you!

Want to learn more about our price plans? Discover more here!

 

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