Before you make the switch to buy electricity from a retailer, here's what you need to consider as a business consumer.
Click on each step in the infographic to find out more.
Shop around and check out the price plans that retailers have to offer. You can compare their standard price plans using our Price Comparison Tool to find one that best meets your needs.
There are 2 standard price plans that you can choose from:
Fixed Price Plan
Pay a constant rate (e.g. 20 cents/kWh) for electricity throughout your contract duration. However, the rate may be higher or lower than the regulated tariff during the contract duration as the regulated tariff is reviewed every quarter. This plan is suitable for consumers who prefer certainty over price and bill size.
Here's how the tariff has changed over the last 3 years. The tariff is reviewed every quarter, and is regulated by the Energy Market Authority (EMA) to reflect the actual cost of producing and delivering electricity.
Discount Off the Regulated Tariff Plan
Enjoy a fixed discount off the prevailing regulated tariff (e.g. 5%) throughout your contract duration. This is suitable for consumers who do not mind that their electricity rate changes every quarter so long as it is lower than the regulated tariff. The regulated tariff is reviewed by SP Group quarterly, and approved by EMA.
Retailers may also offer incentives as well as bundled services and products as part of their standard price plans.
Retailers may also offer non-standard price plans, such as price plans which are indexed to the half-hourly Uniform Singapore Electricity Price or oil prices. Please approach to the retailers if you wish to find out more about these plans.
Contact your preferred retailer for details on the price plan that you are interested in. Ask for a Fact Sheet of the price plan.
Look out for contractual terms such as contract duration, payment terms, security deposit, early termination charges and auto-renewal clauses. Ask if there are any terms and conditions associated with bundled services or products. Read through your contract, and ask your retailer to explain the terms and conditions if you do not understand them.
Business consumers who wish to switch to a retailer will need to install an advanced meter (also known as a smart meter). The advanced meter will allow you to measure your electricity consumption every half-hour. A meter installation fee of $40 (before GST) may apply.
Read through the contractual terms before signing the contract.
You will need to prepare relevant documents to show that you are authorised to contract with your retailer on your company's behalf. Your retailer will submit these documents to SP Group to make the switch.
Your contract can only start after your advanced meter is installed by SP Group, which typically takes up to 1 month.