Open Electricity Market Full Launch: Pay Less With iSwitch!

Open Electricity Market Full Launch: Pay Less With iSwitch!

Have friends living in Jurong bragging about saving on their electric bill month after month?

Don’t worry! Very soon, from this November onwards, you will be able to lock in guaranteed savings on your electric bill too, no matter which part of Singapore that you stay in!

Since 2001, Singapore’s Energy Market Authority has been deregulating the electricity market in phases and since April of this year, residents in Jurong could choose between the different electricity retailers for the best plan in the market that suits their household.

That means locking in guaranteed savings for the last few months and also enjoying incredible perks such as cash vouchers and iPads!

Ok maybe you might have missed out on this but rest assured, your time to benefit is coming. In fact, with the electricity tariff rising by 2.1% in the October to December period this year, switching from SP to a retailer will be your best bet to lock in savings before any potential increase in 2019!

Wondering when it would be your turn? We have you covered!

The Open Electricity Market Roll-Out Phases

Image credit to the Open Electricity Market

Zone 1: West & North-West Singapore (1st November 2018)

Postal Codes starting with 58 – 78

Zone 2: North-East Singapore (1st January 2019)

Postal Codes starting with 53 – 57, 79 – 80 and 82 – 83

Zone 3: East Singapore (1st March 2019)

Postal Codes starting with 34 – 52 and 81

Zone 4: Central & South Singapore (1st May 2019)

Postal Codes starting with 01 – 33

So if you are staying in Bukit Panjang or Yishun, you will be available to switch to a retailer come 1st November this year, while if you stay in Pasir Ris, the wait is a little longer till March 2019.

But besides the obvious cost savings and perks waiting for you, are there more reasons to switch to a retailer?

3 Big Reasons Why You Need To Switch

1. Don’t Leave Money On The Table

If you haven’t switched to a retailer yet, you are paying the full tariff price for your electricity supply. Through a combination of deals in the fuel markets and electricity futures markets, electricity retailers are able to secure electricity supply at a lower price and pass on these cost savings to you!

2. Your Household Needs Are Different

Your household needs are probably going to be different compared to that of your neighbours. From the need to stick to a strict budget to constantly travelling overseas, retailers give you the flexibility to choose the best plan that suits your unique lifestyle.

3. Electricity Prices Might Continue To Increase

For over the last 6 months, electricity prices have been rising mainly due to the increase in oil prices as well. Retailers will give you the option to lock in your electricity supply at a fixed price, allowing you to pay the same rate for the period of the contract no matter how high the tariff rises.

The 2 Electricity Plans You Must Know

Now before you switch to any retailer, you need to know the 2 main type of plans you can select or you won’t be able to maximise your savings!

The Fixed Price Plan

Sticking to a strict budget and looking to secure a price that never moves no matter how high electricity prices might get? Then look no further, the fixed price plan is for you!

This plan allows you to pay for your electricity use at a fixed pre-agreed pricing for the entire duration of your contract. You will not have any bill shocks from your electricity price rate – any increase in your monthly bill just means you are using more electricity lor!

The Discount Off Tariff Plan

Also known as the DOT plan, this allows you to buy electricity in a hassle-free manner. There won’t be a need for you to monitor the oil markets to ‘Chope’ a good long-term pricing and most of us also don’t have the time!

While you will be subjected to the effects of a falling and rising oil price, the DOT plan will allow you to enjoy a guaranteed discount off the tariff rate!

Shiok right!

At iSwitch Energy, we have helped over 2,000 households in Jurong save on their electric bill month after month and we want to do the same for you.

So head over to our website and check out our residential plans (Discount Off Tariff & Fixed Price included) here

Our friendly team looks forward to helping you switch & save!