Last updated: February 2024
Navigate the current of Singapore's electricity market with ease! Our comprehensive guide illuminates the landscape of electricity prices in the Lion City, empowering you to make informed decisions. Whether you're a homeowner, tenant, or business operator, understanding the factors that influence your electricity bill is crucial. Stay plugged in as we dissect tariffs, compare providers, and offer insights on how to optimize your energy consumption for cost-effective living.
Without further ado, let us get started!
Key Takeaways:
- Understanding Electricity Costs: Singapore's electricity prices are influenced by global energy prices, as the country imports over 95% of its energy needs.
- Monthly Electricity Expenses: The average monthly electricity bill in Singapore varies by residence size, with electricity making up about half of the total utilities cost.
- Government Assistance: The Singapore government provides U-Save subsidies to help lower-income households with their electricity bills.
- Electricity Tariff Fluctuations: Electricity tariffs have risen due to global market conditions, but the government does not subsidize electricity, focusing instead on regulation and market competition.
- Choosing Electricity Providers: Consumers can choose from a range of providers in the Open Electricity Market (OEM), with competitive rates and various contract lengths.
- Measures for 2023: The EMA is extending support schemes and introducing measures to enhance energy security and resilience until March 31, 2023.
- Commercial Electricity Rates: Businesses can compare electricity rates in the open market, with prices varying based on business size and usage.
- Living in Singapore: Despite higher electricity costs, Singapore offers a high quality of life, and the price increases are justified by the current global and economic climate.
How much does electricity cost in Singapore per month?
Average Cost of Monthly Singapore Power (SP) Bills - Singapore Electricity Price
To begin, let us go through how much electricity will most likely cost you in Singapore on a monthly basis.
If you are unfamiliar, Singapore Power (SP) supplies the majority of essential utilities for consumers, including power, gas, and water.
Furthermore, according to our research, the typical SP bill was largely made up of power bills; electricity accounted for around half of an average SP bill, while water services accounted for the remaining 40%, and gas services cost the least, accounting for only 10% of an average bill.
As a result, the average cost of SP bills varies by residence size; so, we've prepared a breakdown of an average monthly SP bill by residence size:
| Residential Type | Average Electricity Consumption (kWh) |
Utility Bill Average (SGD) - with gas |
Utility Bill Average (SGD) - without gas |
|---|---|---|---|
| HDB 1 - room | 150 | $77.18 | $67.69 |
| HDB 2 - rooms | 199 | $89.63 | $80.46 |
| HDB 3 - rooms | 276 | $112.11 | $99.66 |
| HDB 4 - rooms | 380 | $131.31 | $116.20 |
| HDB 5 - rooms | 445 | $136.79 | $120.56 |
| HBD Executive | 543 | $153.21 | $135.88 |
| Apartment | 576 | $156.19 | $135.03 |
| Terrace | 865 | $252.25 | $227.31 |
| Semi-Detached | 1,174 | $324.20 | $295.56 |
| Bungalow | 2,403 | $650.18 | $597.47 |
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Is Singapore electricity cheap?
Is electricity in Singapore cheap? - Singapore Electricity Price
Singapore's tariffs are neither the highest nor the lowest; this is due to several reasons.
Singapore, on the other hand, is a country with no natural resources; we import about 95% of our energy needs, for which we pay global prices.
Since September 2021, the world has been facing an energy crunch arising from unexpected strong demand for energy and a number of supply disruptions.
Singapore is not spared from the global energy crunch and changing market landscape.
As a result, our electricity prices have been impacted.
Thus, Singapore does not subsidize electricity prices as this benefits those who use more electricity.
This is not sustainable in the long run given that our fuel is imported and subject to global pricing.
Instead, we seek to keep electricity prices fair and reasonable through regulation and market competition.
Thus, the Government supports lower-income households through quarterly U-save rebates.
Related: Is Singapore a Cheap Place?
Why is the electricity bill so high in Singapore?
Why is the electricity bill so high in Singapore? - Singapore Electricity Price
Since July 2021, Singapore's electricity rates have risen in step with growing global energy costs, owing in part to the reopening of economies, which has resulted in a boom in demand from both Asia and Europe, as well as a supply issue from production nations.
Over the same time period, Singapore Power's regulated tariff for families increased by 8.8%, or 2.06 cents per kWh.
The price rise was significantly greater for those who re-contract with an open energy market (OEM) retailer.
For example, prices given by OEM merchants for a 1-year fixed pricing plan increased from 17 to 19 cents before July 2021 to 28.95 cents presently.
This equates to an approximately 50% rise for customers.
Our power bills are not subsidized because we are a city with no natural resources.
As a result, we must take additional steps to better control our energy bills.
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Will electricity prices go up in Singapore?
Will electricity prices go up this year in Singapore? - Singapore Electricity Price
Singapore's power costs have risen as a result of both rising global energy prices and tight supply circumstances.
International demand for natural gas increased more than predicted when global economies reopened following the impact of COVID-19.
Local supply was disrupted owing to pipeline gas problems from West Natuna and decreased gas landing pressure from South Sumatra.
Learn too: What is the average rent price in Singapore?
How is the electricity bill calculated in Singapore?
To determine how much energy you use, use the following calculation:
| 1000 = daily kilowatt-hour (kWh) usage (wattage hours utilized per day)1 kilowatt = 1,000 watts (kW) |
The annual consumption in kWh per year is obtained by multiplying this figure by the number of days the appliance is used each year.
Who has the cheapest electricity rates in Singapore?
Which is the cheapest electricity provider in Singapore? - Singapore Electricity Price
SP Group's regulated electricity tariff is presently 31.27 cents per kWh from 1st of Jan 2023 to 31st of March 2023 (including GST).
The increase is mostly due to higher energy expenses as a result of rising global oil and gas prices, which have been exacerbated by the Ukraine situation.
Consumers in Singapore can now choose from a total of eight energy providers through the OEM.
Below, we share more about the cheapest energy providers in Singapore and their unique features.
| Energy Retailer | Why we like it? | Fixed Price (per kWh, incl. GST) |
|---|---|---|
| PacificLight | They have more plans available | 29.68¢ + 50¢ daily charge |
| Energy Retailer | Why we like it? | Fixed Price (per kWh, incl. GST) |
|---|---|---|
| Geneco | Guaranteed price match | 29.80¢ |
| Sunseap | They offer solar-powered plans. | 41.73¢ |
| Union Power | When you switch to this provider, you will not be charged a security deposit or a registration fee. | 48.15¢ |
| Energy Retailer | Why we like it? | Fixed Price (per kWh, incl. GST) |
|---|---|---|
| Keppel Electric | If you acquire one of their plans, they will provide you with a free Microgreen Kit. | 29.88¢ |
| Senoko Energy | Renewable solar energy is included in all of their electricity plans. | 29.20¢ |
| Sembcorp Power | All of their electricity plans are more environmentally friendly. | 29.88¢ |
| PacificLight | They have more plans available | 29.80¢ |
| Geneco | Guaranteed price match | 29.20¢ |
| Energy Retailer | Why we like it? | Fixed Price (per kWh, incl. GST) |
|---|---|---|
| Geneco | Guaranteed price match | 28.80¢ |
| Senoko Energy | Renewable solar energy is included in all of their electricity plans. | 28.80¢ |
| PacificLight | They have more plans available | 29.68¢ |
| Keppel Electric | If you acquire one of their plans, they will provide you with a free Microgreen Kit. | 29.88¢ |
| Tuas Power | If you acquire one of their electrical plans, they will automatically provide you with a free 12-month insurance package. | 29.79¢ |
Overall, consider your preferences, budget, and home electricity use before settling on an energy provider's electricity plan.
Retailers in the OEM attempt to provide competitive rates based on SP Services' quarterly reviewed regulated electricity tariff.
Other things to think about? Credit card rebates, referral rebates,. promo codes and each retailer's unique value proposition.
Your electricity bills will be lower if you make the switch.
Will electricity prices go up in 2024?
Based on our research, the EMA will prolong the Temporary Electricity Contracting Support Scheme, as well as a number of additional measures, until March 31, 2023, in order to improve Singapore's energy security and resilience.
These steps include a backup liquefied natural gas plant, requiring generation firms to keep enough fuel on hand for electricity generation, and changing market regulations.
Sembcorp Power and Keppel Electric, on the other hand, will also continue to provide longer-term fixed pricing contracts to customers as a result of the recent extension.
How much does SP charge per kWh?
The electricity tariff for households increased from 31 cents per kWh to 29.89 cents per kWh (without GST) and 32.58 cent per kWh (with GST) from 1 Jan - 31 Mar 24.
Meanwhile, the water tariff has increased to $1.21/ $1.52 per cubic meter (without GST) and $1.29/ $1.63 per cubic meter (with GST).
And, of course, the gas tariff decreased its fee per kWh to 23.15 cents per kWh (without GST) and 25.23 cents per kWh (including GST) effective 1 Jan - 31 Mar 24.
How much is Commercial Electricity Rates in Singapore?
Depending on your location, nature of business and the type of equipment that you are using, electricity prices vary.
With the retail electricity market in Singapore open to competition, you can find and compare the cheapest electricity rates in Singapore.
| Business size | Average annual usage (kWh) |
|---|---|
| Micro business | 5,000 - 15,000 |
| Small business | 15,000 - 25,000 |
| Medium business | 25,000 - 50,000 |
How can we save electricity at home?
There are many ways to save electricity at home and reduce your energy bills. Here are some tips to help you save electricity:
- Turn off lights and appliances when not in use: Turning off lights and appliances when you're not using them is a simple and effective way to save electricity. This includes turning off lights when you leave a room, and unplugging appliances when they're not in use.
- Use energy-efficient light bulbs: Energy-efficient light bulbs, such as LED bulbs, use less electricity than traditional incandescent bulbs and can last much longer.
- Adjust your aircon: Adjusting your aircon by just a few degrees can help you save electricity and reduce your energy bills. During hotter days, set your aircon to between 22 to 24 degrees.
- Use natural light: Using natural light instead of artificial light can help you save electricity and reduce your energy bills. Open curtains and blinds during the day to let in natural light, and consider installing skylights or solar tubes to increase natural light in your home.
- Use energy-efficient appliances: Energy-efficient appliances, such as refrigerators, washing machines, and dryers, use less electricity than older, less efficient models. When shopping for new appliances, look for models that are ENERGY STAR certified.
- Seal air leaks: Sealing air leaks around windows and doors can help you save electricity and reduce your energy bills by preventing hot or cold air from escaping your home.
- Use power strips: Using power strips can help you save electricity by allowing you to turn off multiple appliances and devices with a single switch.
Overall, there are many simple and effective ways to save electricity at home and reduce your energy bills. By making small changes to your daily habits and investing in energy-efficient appliances and technologies, you can save money and reduce your carbon footprint.
What uses the most electricity in a home?
The amount of electricity used by different appliances and devices in a home can vary depending on a number of factors, such as the size of the home, the number of people living in the home, and the specific appliances and devices being used. However, here are some of the appliances and devices that typically use the most electricity in a home:
- Heating and cooling systems: Heating and cooling systems, such as furnaces, air conditioners, and heat pumps, can use a significant amount of electricity, especially during periods of extreme heat or cold.
- Water heaters: Water heaters, especially electric water heaters, can use a significant amount of electricity to heat water for showers, baths, and other household uses.
- Refrigerators and freezers: Refrigerators and freezers are typically on all the time, so they can use a significant amount of electricity over time. Older models tend to use more electricity than newer, energy-efficient models.
- Lighting: Lighting can also use a significant amount of electricity, especially if you use a lot of incandescent bulbs. Switching to energy-efficient LED bulbs can help you save electricity and reduce your energy bills.
- Electronics: Electronics such as televisions, computers, and game consoles can use a significant amount of electricity, especially if they're left on all the time. Using power strips and turning off electronics when they're not in use can help you save electricity.
Overall, the appliances and devices that use the most electricity in a home are typically those that are used frequently or that require a lot of energy to operate. By being mindful of your energy use and investing in energy-efficient appliances and technologies, you can save money and reduce your carbon footprint.
Singapore Electricity Price
Now that you've reached the conclusion of this article, we can conclude that the people's assertion regarding Singapore's high power prices is rather accurate, given the several factors that we've discussed above.
However, given our current situation, especially the global market and our economy, the increase in SP bills are very justified.
Overall, we hope that we have addressed all of your concerns and piqued your interest in Singapore's power rates by presenting all of the facts and information gleaned through our study.
We want to see you having the time of your life here in Singapore and not worrying too much about your costs; you only live once, so make the most of it!
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