Have you ever been shocked by an electric bill? If you’re like most people, you’d just acknowledge the number and pay it at the end of the month.
But it’s high time to get wiser and learn how to calculate your electric bill and understand more about which appliances are contributing to the bulk of your electricity payments.
Whether you are determined to stick to your monthly consumption budget or just curious about how to calculate your electricity bill, we have you covered!
Let’s dive in.
First, Calculate Your Electricity Consumption Using This Formula
You will first need to understand how to calculate the energy consumption of your appliance. Let’s use the example of an air-conditioner with a wattage of 2,500 that you use daily for 7 hours a day:
Daily consumption = (Wattage of your appliance) X (the number of hours used per day)
That means your air conditioner’s daily consumption = 2500 watts x 7 hours a day = 17,500 Wh (watts hour) or 17.5 kWh (kilowatts hour). In a month, your air conditioner’s electricity consumption will be 17.5 kWh x 30 days = 525 kWh.
Next, Multiply The Consumption By The Tariff Rate
In Singapore, the regulated tariff rate (as of 12th June 2020) is 24.63 cents per kWh. That means the monthly electricity cost of using your air conditioner = 525 kWh x 0.2463 $/kWh = $129.31
That’s quite a lot for just one appliance! To get the regulated tariff rate, just go here.
How To Use Your Meter Reading To Calculate Your Electric Bill
Now that we know how much each appliance can cost us, it’s time to learn how to read our meters and use the information to calculate our overall electric bill. But first, there are 2 main types of meters around that you should be aware of.
1) The Cumulative Meter
Most residential homes today use cumulative meters to track their electricity consumption. In Singapore, SP Group will send meter readers to your premises to record the electricity usage from these meters.
2) The AMI / Smart Meter
The AMI smart meter measures your electricity consumption at half-hourly intervals and will be replacing most of the cumulative meters across Singapore.
In addition, you will be able to view your half-hourly electricity usage on the SP Utilities App to understand in which part of the day your household might be consuming the most energy. While this might look complicated, all you need to do is to note down the current meter reading on the start of a month and take another reading in a month’s time. You will then subtract last month’s reading from your current reading. You will have to do as the meter reading doesn’t reset to zero and is cumulative. Here’s a formula to help you out:
Your currently month’s electricity cost = (Current meter reading – Meter reading reported from last month’s bill) x (The electricity tariff)
What About Other Additional Charges?
Depending on your electricity retailer, there could be other charges beyond the electricity tariff you will need to take note of.
- Transmission loss factor
- Carbon tax
- Administrative charges
Some retailers have additional charges while others like iSwitch have waived certain charges like the transmission loss charges on certain plans.
What If You Feel Your Electricity Bill Seems Rather High?
1) Understand That Your Billing Is Estimated
Because meter readers from SP take readings every 2 months, the consumption will be estimated on a month where the readings are not taken. That means, your bill might reflect a higher or lower number due to over-estimation or under-estimation. But there is no need to worry, adjustments will be made on the following actual meter reading month.
2) Be Proactive & Submit Your Own Meter Reading
To be billed accurately every single month on your actual consumption you submit your meter readings through 3 avenues to SP:
- Submit via their SP Utilities App: You can do 3 days before and up to 5pm on your scheduled meter reading date.
- Submit via Whatsapp: Simply submit a photo of the meter’s number and reading to SP at +65 8482 8636.
- Via the SP Utilities Portal
3) Practice Energy Saving Habits
From buying energy-efficient appliances to practising good refrigerator habits, here are 14 electricity saving tips you need to know to help lower your bill!
Save More On Your Electricity Bill With iSwitch
If you are still buying electricity from SP Group, it’s high time to switch to an electricity retailer like iSwitch and enjoy savings of up to 30% off your electricity bill!
We are one of Singapore’s top preferred electricity retailer and the largest independent green electricity retailer in the nation.
Learn more about how we can help here.
And if you are ready to switch and save, check out our price plans here to sign-up online today!