The cheapest electricity retailer in Singapore is not a single name. It depends on how much power you use, when you use it, and how long you want to lock a rate. As of October 2026, most 24-month fixed plans cost 29.00 cents per kWh, 2.16 cents under the regulated SP tariff of 31.16 cents per kWh (with GST) for 1 October to 31 December 2026. If you can shift heavy use like laundry, water heating and EV charging to overnight, an off-peak plan as low as 20.05 cents after 11pm can save more, but only if enough of your usage actually moves. If you use little power, the honest answer is to stay on the regulated tariff and not bother. This guide gives the 2026 rates, the break-even maths against the tariff, and the contract traps that quietly erase the savings.
Most comparison articles rank retailers by the lowest sticker rate. That is the wrong starting point, because the cheapest plan for a heavy aircon user home all day is not the cheapest plan for a couple out until 9pm. The honest first question is your monthly consumption in kWh and when most of it happens. Pull up three or four recent SP bills, find the kWh figure, and average it. The benchmark to beat is the regulated tariff SP Group charges by default: for 1 October to 31 December 2026 it is 31.16 cents per kWh including 9 percent GST (28.59 cents before GST). A retailer plan only makes sense if it lands meaningfully below that for your usage.
Three usage shapes cover most households. Normal usage with a wish for predictability: a 24-month fixed plan at 29.00 cents is the simplest win, saving several dollars a month. Controllable heavy loads you can run overnight: an off-peak plan can beat everything. Very low usage, or you move often and hate lock-ins: a no-contract plan or just staying on the regulated tariff is rational. Work out which one you are before reading a retailer's marketing. The personal budget calculator shows how much a utility line moves your monthly spending.
Since the Open Electricity Market opened nationwide in 2019, every household can buy electricity from a licensed retailer instead of paying SP Group's regulated tariff. The physical supply is identical no matter who you sign with, because the power flows through the same national grid that SP Group operates and maintains. Switching changes who bills you and at what rate, not the reliability of your supply. You keep the same meter, switching is free with no disruption, and if a retailer ever stops operating, SP Group steps in so your lights stay on.
The Energy Market Authority regulates the market and runs an official price comparison tool on the Open Electricity Market website, the neutral place to check current standard plans side by side before you commit.
Six retailers actively serve residential households in 2026: Geneco (the consumer brand of Seraya Energy), Keppel Electric, PacificLight Energy, Sembcorp Power, Senoko Energy and Tuas Power. The market consolidated after the 2021-2022 global energy price spike, when several smaller retailers exited and some stopped taking new residential sign-ups, so the field is smaller than at its peak.
EMA gives a household three places to buy power, and most comparison guides only mention the first two. The default is SP Group's regulated tariff, which every household can buy at; EMA's 4 MWh monthly limit applies only to non-residential consumers. The second is a retailer plan from one of the six licensed retailers, a fixed rate, a discount off the tariff, an off-peak structure or a 100 percent renewable plan. The third, which rarely belongs on a household's shortlist, is buying at the Wholesale Electricity Price directly through SP Group.
The wholesale option charges the half-hourly market price, which swings with live demand and generation. It can land below the tariff in calm periods and far above it when the grid is tight, and EMA itself warns that wholesale buyers can pay significantly more than people on the tariff or a retail contract. A Temporary Price Cap acts as a circuit breaker during extreme volatility, but it caps the damage rather than removing it. For a normal home that wants a predictable bill, this is the option to skip; it suits only consumers who can actively manage usage against live prices and stomach a bad month.
So the realistic choice for almost every household sits between the regulated tariff and a retailer plan. The rest of this guide compares those two, because the wholesale route trades the certainty you are usually switching to get for a gamble most homes should not take.
Update, 13 October 2026: the regulated tariff for October to December 2026 is 31.16 cents per kWh with GST, up from the 29.72 cents this guide used for April to June, though down from 34.78 cents in July to September. The regulated tariff is the rate SP Group charges if you do nothing. EMA reviews it every quarter, based on the average fuel cost over the first two and a half months of the preceding quarter, so it tracks global gas prices with a lag. For 1 October to 31 December 2026 the household tariff is 28.59 cents per kWh before GST, or 31.16 cents including 9 percent GST, a drop of 3.32 cents (10.4 percent) from the previous quarter's 31.91 cents before GST.
The tariff has four parts: the energy cost paid to generation companies at 22.18 cents per kWh, network costs paid to SP Group at 6.10 cents, a Market Support Services Fee of 0.23 cents, and a Market Administration and Power System Operation fee of 0.08 cents. Only the energy cost swings much quarter to quarter; the rest is broadly stable.
Direction matters. Gas prices pushed the tariff up sharply for July to September 2026 before it eased in October. SP Group's 30 September release says global fuel prices have risen since September, so the January to March 2027 tariff is expected to go up if they stay high. A fixed plan shields you from increases for as long as it runs. The flip side is real: if fuel prices fall, you stay locked while the tariff drops below your rate. Treat a fixed plan as buying budget certainty, not a bet you will win.
| Component | Rate (cents/kWh, before GST) |
|---|---|
| Energy cost (to generation companies) | 22.18 |
| Network cost (to SP Group) | 6.10 |
| Market Support Services Fee | 0.23 |
| Market Admin & Power System Operation Fee | 0.08 |
| Total before GST | 28.59 |
| Total with 9% GST | 31.16 |
Retailers package electricity in a handful of structures. Understanding them beats memorising any single rate, because rates change every quarter while the structures stay the same.
A fixed price plan charges one flat rate per kWh for the whole contract. EMA's standard price plans run 6, 12 or 24 months, and their rate cannot change during the contract, with no recurring charges on top. A 36-month or other non-standard plan may include recurring fees, and its rate may change under the contract's terms, so read those terms before you sign. Your rate holds whichever way the regulated tariff moves. That cuts both ways: if the tariff falls below your rate, you keep paying the locked rate until the contract ends.
A discount-off-the-regulated-tariff plan gives you a fixed percentage or cents discount off the prevailing tariff. If the tariff is 31.16 cents and your discount is 3 percent, you pay about 30.2 cents this quarter, and your rate floats with the tariff each quarter. This suits you if you think tariffs will fall and want to ride them down while still beating the default rate. It carries more uncertainty than a fixed plan.
A time-of-use, or off-peak, plan charges a low rate during off-peak hours (commonly 11pm to 7am, or 9pm to 9am) and a much higher rate during peak hours. As of October 2026, off-peak rates run from 20.05 to 27.90 cents per kWh, but peak rates of 32.50 to 39.90 cents all sit above the regulated tariff. These only save money if you genuinely shift a large share of usage into the cheap window. For most households, peak hours are when you are home cooking, watching TV and running the aircon, so the maths often goes the wrong way unless you are deliberate.
Two variants sit alongside these. A tiered plan charges a high rate on the first block of kWh each month and a lower rate above it, which only pays off for heavy users who clear the early tiers. A green or 100 percent renewable plan matches your usage with renewable energy certificates; it is a values choice, not a savings one, and usually prices above the equivalent standard fixed plan rather than below it, so treat the premium as what you pay for the carbon claim. Pick the structure first, then the retailer.
Update, 13 October 2026: most 24-month fixed plans now cost 29.00 cents per kWh, up from about 28.8 cents in June, while the tariff they are measured against is 31.16 cents, above June's 29.72 cents but down from 34.78 cents in July to September. The table below shows the rates each retailer publishes on its own plans page, as of October 2026. Rates change every quarter and vary with sign-up promotions, so confirm the exact figure on the retailer's site or EMA's price comparison tool before you sign. Standard price plans are all-inclusive with no recurring charges; some non-standard or no-contract plans add a daily or monthly charge, noted where it applies.
The pattern is clear. The longer you lock in, the lower the per-kWh rate: 12-month plans run 30.50 to 31.15 cents, most 24-month plans 29.00 cents and most 36-month plans 28.90 cents. Geneco's 6-month Give Us A Try, at 31.00 cents, sits just 0.16 cent under the tariff. Differences between the major retailers on comparable plans are small, often a fraction of a cent. Tuas Power is the exception, with its 24 and 36-month plans about 1.7 to 1.9 cents above the others. So once you have picked your plan type, choose on retailer rating, billing experience and any sign-up perk rather than chasing the last 0.1 cent.
Against the 31.16 cent regulated tariff, a 29.00 cent fixed plan saves 2.16 cents per kWh. On a 4-room HDB flat using about 391 kWh a month, SP Group's average for October to December 2026, that is around S$8.40 a month, about S$101 a year, for a plan you can set and forget. The bigger savings sit in off-peak plans, but only for the right household, which the next section quantifies.
| Retailer | Plan | Term | Rate (cents/kWh) |
|---|---|---|---|
| Geneco | Give Us A Try (intro) | 6 months | 31.00 |
| Geneco / Senoko / PacificLight | Get It Fixed 12 / LifePower12 / Savvy Saver 12 | 12 months | 30.50 |
| Sembcorp Power | 12M Fixed Price Plan | 12 months | 31.00 |
| Keppel Electric / Tuas Power | FIXED12 / PowerFIX 12 | 12 months | 31.15 |
| Geneco | Get It Fixed 24 (first 1,000 sign-ups) | 24 months | 29.00 |
| Senoko / Keppel / PacificLight / Sembcorp | LifePower24 / FIXED24 / Savvy Saver 24 / 24M Fixed Price Plan | 24 months | 29.00 |
| Tuas Power | PowerFIX 24 | 24 months | 30.90 |
| Senoko / Keppel / PacificLight | LifePower36 / FIXED36 / Savvy Saver 36 | 36 months | 28.90 |
| Tuas Power | PowerFIX 36 | 36 months | 30.63 |
| Senoko Energy | LifeSteady24 / LifeSteady36 (1.64c off tariff) | 24-36 months | 29.52 (floats) |
| PacificLight | Classic 60 (3% off tariff, plus 5% off for paying on time) | 60 months | ~30.2 before the 5% (floats) |
| SP Group | Regulated tariff (default) | No contract | 31.16 (incl. GST) |
Off-peak plans give the biggest cut per kWh, but only on the usage that falls in the cheap window. As of October 2026, Senoko's LifeSavvy24 charges 20.05 cents per kWh from 11pm to 7am and 36.95 cents the rest of the day. PacificLight's no-contract 9 to 9 plan charges the same two rates split at 9pm and 9am, plus S$1.01 a day. PacificLight's Save While Sleeping 24 charges 23.00 cents from 11pm to 7am and 33.00 cents at other times. The catch is the peak rate, above the regulated tariff, so every kWh used during the day costs more than if you had never switched.
The break-even depends on what share of your usage falls in the cheap window. Aircon overnight, EV charging, water heating and laundry on a timer all count; daytime cooking and aircon do not. As a rough guide, an off-peak plan with an 11pm-7am window only beats a 29.00 cent fixed plan once roughly half or more of your total usage sits in the off-peak hours.
The table runs the numbers for a household using 400 kWh a month, comparing a 29.00 cent fixed plan against an off-peak plan at 20.05 cents off-peak and 36.95 cents peak. At a 30 percent off-peak share the off-peak plan is dearer; at 50 percent it roughly breaks even; at 70 percent it saves real money. Off-peak plans reward households that can move a large block of usage overnight, such as EV owners or shift workers, and quietly penalise everyone who signs up hoping to change their habits and then does not.
| Off-peak share of usage | Fixed plan (29.00c) | Off-peak plan | Cheaper option |
|---|---|---|---|
| 30% off-peak | S$116.00 | S$127.52 | Fixed plan |
| 50% off-peak | S$116.00 | S$114.00 | About even |
| 70% off-peak | S$116.00 | S$100.48 | Off-peak plan |
The savings on paper are only real if the contract terms do not claw them back. Read four things before you sign. The security deposit: some plans waive it, others charge one to two months of estimated usage upfront, often refundable at the end. The early termination charge: leaving a 24-month fixed plan early can cost a flat penalty or the balance of estimated consumption, wiping out a year of savings if you move house. The auto-renewal clause: many plans roll over at a higher prevailing rate unless you act. And sign-up perks: a one-off S$30 voucher is not worth a worse rate for two years.
Use the all-inclusive rate, not the headline number. A no-contract plan advertised at 27 cents but carrying a 55-cent daily charge is not 27 cents in practice. On 370 kWh a month, that daily charge adds about S$16.50, roughly 4.5 cents per kWh on top, taking the real rate to about 31.5 cents, above the 31.16-cent tariff. EMA's standard price plans bundle everything into one rate so they compare directly, which is why the official comparison tool is the cleanest place to check.
If you are switching mainly to save a few dollars, weigh whether the effort and lock-in are worth it. For a low-usage household the saving from a fixed plan might be under S$40 a year, which may not justify a two-year commitment. The discipline that protects the saving is the same as for any recurring cost: know your exit date, avoid auto-renewing into a worse rate, and only lock in a term you will see out. Money not lost to a bad renewal can sit in a high-yield savings account instead.
The switch itself is light. Pick a plan, sign up on the retailer's site with your SP account number and a recent bill, and the retailer tells SP Group to move you. For a household, the new contract can start as early as five business days after the retailer informs SP Group, with no technician visit and no break in supply. You keep the same meter; residential homes do not need a new advanced meter installed, unlike businesses, which can wait up to a month for one. Nothing about your physical connection changes.
Your safeguards are stronger than the marketing suggests. If a retailer exits the market, it cannot charge you an early termination fee, and your security deposit must be refunded no later than one month after your final bill is settled. SP Group becomes your fallback supplier if no other retailer picks you up, so the lights never go off. These protections are why switching carries little downside beyond the contract terms you agree to up front.
One thing does not change when you switch, and it matters in Singapore. If you live in an HDB flat and receive U-Save, you keep it whichever retailer you choose, covered in the next section. Before you sign, check the plan on EMA's official price comparison tool so you are comparing all-inclusive rates rather than headline numbers.
A switching worry that stops many HDB households is losing their U-Save rebate. You do not. EMA is explicit that you stay eligible for U-Save no matter which retailer you switch to, so the rebate is never a reason to stay on the SP tariff. U-Save is part of the permanent GST Voucher scheme and lands quarterly in January, April, July and October.
The mechanics are the same on a retailer plan as on the tariff. The rebate offsets your non-electricity charges first (water, gas and refuse collection), then whatever is left goes against your electricity. For the financial year covering April 2025 to January 2026, the full-year U-Save runs from S$440 for Executive and multi-generation flats up to S$760 for 1- and 2-room flats, with the January 2026 tranche alone between S$55 and S$95 depending on flat type. That offset often dwarfs the few dollars a month a fixed plan saves, which is the real argument for using both: take the rebate you already qualify for, and stack the cheapest sensible plan on top.
Treat U-Save as a separate line that lowers your total utilities bill rather than your per-kWh rate. It does not change which plan is cheapest, but it does change how much switching is worth bothering with for a low-usage flat where the plan saving alone is thin. It also sits alongside other government support such as CDC vouchers, which you can put toward everyday spending rather than the power bill.
| HDB flat type | January 2026 tranche | Full-year U-Save |
|---|---|---|
| 1- and 2-room | S$95 | S$760 |
| 3-room | S$85 | S$680 |
| 4-room | S$75 | S$600 |
| 5-room | S$65 | S$520 |
| Executive / multi-generation | S$55 | S$440 |
Switching retailers shaves cents off each unit. Using fewer units cuts the bill directly, and for most households the bigger savings are there. Air conditioning is the largest single load in a Singapore home, often 40 to 60 percent of the bill, so it is where attention pays off most. Tariffs also rise with inflation in fuel costs over time, which makes lowering consumption the more durable saving.
Set the aircon to 25 degrees rather than chasing 18, since each degree lower raises consumption, and clean the filters. When you replace appliances, buy higher tick-rating models: a 5-tick aircon or fridge can cost far less to run than a 3-tick one over its life, a difference of tens of dollars a month across a household. Use the energy labels and lifecycle cost figures, not just the sticker price.
Cheaper habits add up too: switch off standby loads, use LED lighting, run full washer loads, and air-dry where you can. Together they often save more than a plan switch, and unlike a contract they cost nothing. The cleanest order of operations is to cut your usage first, then switch to the cheapest plan for the lower usage you end up with.
There is no single cheapest retailer; it depends on your usage. As of October 2026, most 24-month fixed plans cost 29.00 cents per kWh, under the 31.16 cent regulated tariff (with GST) for October to December 2026. If you can run heavy loads overnight, an off-peak plan from 20.05 cents off-peak can save more. Rates change quarterly, so check EMA's official price comparison tool before signing.
For a typical 4-room HDB household using about 391 kWh a month, a fixed plan at 29.00 cents saves about S$8.40 a month against the regulated tariff, about S$101 a year. Worth doing but small. The bigger savings come from off-peak plans if you can shift a large share of usage overnight, and from cutting consumption itself, mainly aircon. If you use very little, the saving may not justify a two-year lock-in.
For 1 October to 31 December 2026, the SP Group regulated household tariff is 28.59 cents per kWh before GST, or 31.16 cents including 9 percent GST, a 10.4 percent (3.32 cent) drop from the previous quarter. The tariff is reviewed every quarter based on fuel costs, and SP Group expects it to rise for January to March 2027 if the climb in fuel prices since September holds.
No. The supply is identical no matter which retailer you choose, because power flows through the same national grid that SP Group operates and maintains. You keep the same meter, switching is free, and there is no interruption. If a retailer stops operating, SP Group steps in so your supply continues. Only who bills you and at what rate changes.
Only if you genuinely move a large share of usage into the off-peak window, usually 11pm to 7am or 9pm to 9am. As of October 2026, off-peak rates run from 20.05 to 27.90 cents per kWh, but peak rates run from 32.50 to 39.90 cents, above the regulated tariff. As a rough guide you need around half or more of your usage in the cheap window to beat a 29.00 cent fixed plan. They suit EV owners and shift workers, and penalise people who sign up hoping to change habits and then do not.
Most fixed plans charge an early termination fee, either a flat penalty or the estimated balance of consumption for the remaining term. This can wipe out a year or more of savings, so it matters most if you might move house. Check the early termination charge, security deposit terms and auto-renewal clause before signing, and only commit to a term you will see out.
Cutting usage beats switching for most households, because air conditioning alone is often 40 to 60 percent of the bill. Set the aircon to about 25 degrees instead of 18, clean the filters, and choose 5-tick over 3-tick appliances when you replace them, since the running-cost gap can be tens of dollars a month. Switch off standby loads, use LEDs and run full laundry loads. An average 4-room HDB flat uses about 391 kWh a month, SP Group's figure for October to December 2026, or about S$122 on the regulated tariff.
Yes. EMA states you stay eligible for U-Save no matter which retailer you switch to, so the rebate is never a reason to stay on the SP tariff. It is part of the GST Voucher scheme and pays quarterly in January, April, July and October, offsetting your water, gas and refuse charges first, then electricity. For April 2025 to January 2026 the full-year U-Save runs from S$440 for Executive flats to S$760 for 1- and 2-room flats, often more than a fixed plan's annual saving.
For a household, the new contract can start as early as five business days after the retailer tells SP Group to make the switch. There is no technician visit, no new meter and no interruption to your supply, because you stay on the same grid and meter. You sign up on the retailer's site with your SP account number and a recent bill, and the retailer handles the rest. Businesses can wait up to a month for an advanced meter, but homes do not.
Buying at the Wholesale Electricity Price means paying SP Group the half-hourly market price, which rises and falls with live demand and generation. EMA warns that wholesale buyers can pay significantly more than people on the regulated tariff or a retail plan, and a Temporary Price Cap only limits the worst spikes. For a normal household that wants a predictable bill, skip it. It suits only consumers who actively manage usage against live prices and can absorb a bad month.
They are a values choice, not a savings one. A green plan matches your usage with renewable energy certificates and usually prices above the equivalent standard fixed plan, so you pay a premium for the carbon claim rather than saving money. The physical electricity reaching your home is identical either way. If lowering your bill is the goal, a standard fixed or off-peak plan is cheaper; choose green only if the certificate matters to you.
This is general financial information for Singapore, not personal financial advice. Figures change, so verify current rates against the official sources above before acting. See our full disclaimer.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).