Like most folks in Singapore, I am considering my options when selecting one of my first electricity provider.
The electricity market has been open and privatised now. So we now have distributors and resellers, rather than just SP Services (Singapore Power Services) Government authority selling electricity to homes in Singapore.
The main benefits that seems to be apparent with working within this privatised market is that the resellers can buy electricity at bulk from SP Services and other distributors. So they can offer a much lower rate than if you just stayed with SP Services and essentially did nothing. Doing nothing and not moving/ selecting an electricity provider is perfectly fine by the way.
You will find that most electricity resellers are now essentially marketing and fighting for your business. You may see them in your local mall, supermarket, community spaces, etc.
Privatisation always brings about the natural market forces and the need for electricity resellers to stand out, differentiate in order to pull in a number of customers to sustain their business. With the goal of making profits, that is, making some money.
So I was exploring options and looking for my personal situation for a short 12 month option. As I want to see how the market plays out and I generally use electricity in the same way during the daytime and nighttime (as there are offpeak and peak pricing options available with some providers out there).
This is important to note, as the assumptions and decisions made were based around this.
As 22% off this rate is 0.2439/kWh - 22% = 0.190242/ kWh.
This means, that when I saw rates of $0.1798/kWh for most providers around the market (from 0.1753/ kWh to up to say $0.1865/kWh ranges), then it is still cheaper than that regulated tariff rates after the promoted discounts.
The main reason I decided to choose Pacific Light Electricity is:
The electricity market has been open and privatised now. So we now have distributors and resellers, rather than just SP Services (Singapore Power Services) Government authority selling electricity to homes in Singapore.
The main benefits that seems to be apparent with working within this privatised market is that the resellers can buy electricity at bulk from SP Services and other distributors. So they can offer a much lower rate than if you just stayed with SP Services and essentially did nothing. Doing nothing and not moving/ selecting an electricity provider is perfectly fine by the way.
You will find that most electricity resellers are now essentially marketing and fighting for your business. You may see them in your local mall, supermarket, community spaces, etc.
Privatisation always brings about the natural market forces and the need for electricity resellers to stand out, differentiate in order to pull in a number of customers to sustain their business. With the goal of making profits, that is, making some money.
So I was exploring options and looking for my personal situation for a short 12 month option. As I want to see how the market plays out and I generally use electricity in the same way during the daytime and nighttime (as there are offpeak and peak pricing options available with some providers out there).
Regulated tariff at the time of writing
At the time of writing this, Regulated tariff in Q2 2019 = 0.2439/kWh.This is important to note, as the assumptions and decisions made were based around this.
As 22% off this rate is 0.2439/kWh - 22% = 0.190242/ kWh.
This means, that when I saw rates of $0.1798/kWh for most providers around the market (from 0.1753/ kWh to up to say $0.1865/kWh ranges), then it is still cheaper than that regulated tariff rates after the promoted discounts.
Pacific Light Electricity Singapore review
My review and insights here is around Pacific Light Electricity Singapore.The main reason I decided to choose Pacific Light Electricity is:
- No exit fees
- $0.1798/KWH year round for 12 months
- No need to monitor the fluctuations! Even though the regulated tariff might fall below this $0.1865/kWh price on some months, this is a risk you’re more than willing to take. You’ll have peace of mind paying this fixed rate all year.
- No hidden charge
- Carbon Tax and Transmission Loss Factor absorbed
- Enjoy Security Deposit waiver when pay by recurring card payment (VISA/Mastercard /AMEX)
- The fixed rate, where you will pay $0.1865/kWh (including GST) (Excl. GST - $0.1743/kWh)
As a customer that went through the online sign up process, there are also these applicable fees to take note of.
- Other charges (only if applicable)
- Price plan change fee: $53.50 (clause 7.2c in T&C)
- Historical billing information request: $21.40 (clause 8.4 in T&C)
- Reprint and mailing of hardcopy bills - $2.14 per bill (clause 8.4 in T&C)
- Debt recovery charge of 20% of total outstanding amount will apply if the final bill is not paid by the invoice due date. (Only applicable to Easy Peasy home plan)
My only surprise here is the "price plan change fee" as I would have really expected them to want to have customers change plans with them freely, but I get they do not need to encourage/ make that financially easier to do. So naturally, I will need to think twice once my renewal for my electricity of 12 months comes up.
Other things to note:
- Auto renewal clauses will be in most, if not all electricity contracts. They are legally required to give you warning before it renews. If you miss it, I hear that your renewal terms and rates may not always be as favourable as when you first signed up. E.g. it may be only 5% off the regulated tariff rather than 22% off the regulated tariff.
I hope that helps with at least understanding one option for your electricity review and selection !
Oh, optional as well. They have a referral program in place. The details they shared with me via email is the following. I'm going to leave it to you to decide if you want to use it, as it just looks like something you put into the form when signing up.
Oh, optional as well. They have a referral program in place. The details they shared with me via email is the following. I'm going to leave it to you to decide if you want to use it, as it just looks like something you put into the form when signing up.
- Recommend us to your loved ones with your referral code S17CXFNBKN.
- You’ll get $32.10 reward and your friend will get $21.40 rebate off the electricity bill!
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