Cheapest Electricity Plans in Singapore (October 2026): Three Retailers Tie at 28.90¢/kWh vs SP's 31.16¢, and Tuas Raises Its Rates

As at 17 October 2026, the cheapest fixed contract anyone can sign is a three-way tie at 28.90¢/kWh over 36 months between PacificLight Savvy Saver 36, Senoko LifePower36 and Keppel FIXED36. That is 7.3% below SP's 31.16¢ tariff and worth about $108 a year on 400 kWh a month. The perk decides between them: PacificLight's GETBACK36 pays $268 to the first 100 new sign-ups (to 31 December), Senoko gives a 2-piece Samsonite Oc2lite set worth $680 plus up to $50 with TBBCSB30B on a Trust card, and Keppel pays $100 with NEW100 plus $20 on a Maybank card. On 24 months, PacificLight, Senoko, Keppel, Geneco and Sembcorp all charge 29.00¢. The lowest fixed rate published anywhere is Keppel's FIXED24 Special at 28.50¢, but it is a referral-only Exclusive Friends Rate with no sign-up codes. Keppel's SURESAVE DOT, which we listed as the lowest rate on sale earlier in October at 12% off the tariff, is no longer offered. All figures include 9% GST.

Because of the daily charge, which is the fee you pay just for having the account open, regardless of how much electricity you use. PacificLight's three no-contract plans carry one: Easy Peasy and Easy Save both charge 55¢ a day, and 9 To 9 charges $1.01 a day. Over an average month that 55¢ is about $16.73. Spread across 400 kWh it adds about 4.18¢ to every unit, which turns Easy Peasy's headline 27.00¢ into an effective 31.18¢, about the same as SP's 31.16¢ tariff. The fee matters less as usage rises, but on today's numbers Easy Peasy beats SP only above about 402 kWh a month and overtakes the 28.90¢ contracts only above about 880 kWh, which is more than EMA's average for any HDB flat. Easy Save, at 18% off the tariff plus the same 55¢, is the better of the two: about 29.73¢ on 400 kWh, and cheaper than 28.90¢ above about 500 kWh. None of the contracted plans in this roundup carry a daily charge, though Senoko lists a $1.635 paper-invoice fee per bill if you refuse e-billing. The general rule: whenever a rate looks dramatically better than the market, open the EMA fact sheet and look for a daily or monthly charge before you compare it with anything.

Yes, more than once. SP's regulated tariff fell 10.4% on 1 October 2026, from 34.78¢ to 31.16¢/kWh with GST, and applies until 31 December 2026. Keppel, Senoko and Geneco followed it within days: Keppel FIXED36 and Senoko LifePower36 to 28.90¢, their 24-month plans and Geneco's Get It Fixed 24 to 29.00¢. PacificLight followed on 8 October, cutting Savvy Saver 36 to 28.90¢ and Savvy Saver 24 to 29.00¢, though it raised Easy Peasy from 26.00¢ to 27.00¢. Geneco then cut Get It Fixed 12 to 30.50¢. Tuas went the other way and raised PowerFIX 36 from 29.40¢ to 30.63¢ and PowerFIX 24 from 29.80¢ to 30.90¢, and Keppel withdrew its 12%-off SURESAVE DOT. The practical points: an existing fixed contract is unaffected, so you keep the rate you signed for the full term; the saving from switching is smaller than last quarter, about $108 a year at 28.90¢ on 400 kWh against $258 at 29.40¢ in September; and a rate quoted to you two weeks ago may already have changed.

A sign-up cap means the advertised rate or gift is only available to a fixed number of customers, and once that many people have signed, it is withdrawn without warning. Geneco is the only retailer here that caps a rate: its plan card prices Get It Fixed 24 at 29.00¢ as an exclusive rate for the first 1,000 sign-ups, and it has never shown a running counter. The others cap the perk. PacificLight's GETBACK36 ($268) and GETBACK24 ($228) are limited to the first 100 each, its Maybank codes to the first 40 per code and its yuu codes to the first 500. Geneco's GENECO200 is limited to the first 3,350 and GENECO100 to the first 300. Tuas's ONLINE rebate is limited to the first 500 successful transfers and its PRPL26 StarHub pass to the first 180. Keppel's Maybank rebate is capped at the first 125 sign-ups or renewals. Senoko caps by unit: the Samsonite set (TBBCSB30B) is limited to the first 1,000 and the three biggest GIRO gifts to the first 660 each. The practical advice: if a capped plan or gift is the one you want, sign up the day you decide, and check that the rate and gift on your confirmation screen match what you were shown. GETBACK's 100-place pool is the one most likely to run out first.

No. Switching is a billing change, not a physical one. SP Group still owns and maintains the power grid, still delivers the electricity to your flat and still reads your meter, regardless of which retailer you buy from. Nothing is rewired, no technician needs to visit, and there is no interruption to supply at any point in the transfer. The only thing that changes is who sends you the bill and what rate you are charged per kWh. Transfers typically take effect from your next meter reading cycle.

A fixed rate locks your price per kWh for the whole contract, so you are protected if the tariff rises but gain nothing if it falls. A discount-off-tariff (DOT) plan always sits below the regulated price whichever way it moves. Since Keppel withdrew its 12%-off SURESAVE DOT in October, no DOT plan beats the 28.90¢ fixed contracts at average usage. PacificLight's Easy Save is 18% off, about 25.55¢, but its 55¢/day charge takes it to roughly 29.73¢ effective on 400 kWh a month; it only wins above about 500 kWh. Senoko's LifeSteady24 and LifeSteady36 give a guaranteed 1.64¢ off, about 29.52¢, 0.62¢ above Senoko's own fixed rate. PacificLight's Classic 60 is 3% off with a further 5% prompt-payment discount, about 30.23¢, or 28.71¢ if you never pay late, and it locks you in for five years. So the fixed rate is the default buy today, and a DOT plan only makes sense if you expect the tariff to fall again when EMA sets the January to March 2027 rate.

Because that is the cheapest tier of a time-of-use plan, not the rate you pay all day, and in one case there is a daily charge on top. PacificLight's 9 To 9 advertises 20.05¢/kWh, but its fact sheet (7 October 2026) shows that rate applies only from 9pm to 9am; from 9am to 9pm you pay 36.95¢, well above the SP tariff, and a $1.01 daily charge applies on top, worth about $30.72 a month. Its Save While Sleeping 24 is 23.00¢ from 11pm to 7am against 33.00¢ during the day. Stack It Up 24 is a different animal: it bands by volume rather than by time, charging 29.20¢ on the first 300 kWh, 28.60¢ from 301 to 600 kWh and 27.60¢ above that, so its advertised 27.60¢ only applies to heavy users. Senoko's LifeSavvy24 is also 20.05¢ off-peak between 11pm and 7am against 36.95¢ during the day, with no daily charge. Geneco's Get It 7 To 7 publishes both halves on the plan card: 27.90¢ from 7pm to 7am and 32.50¢ from 7am to 7pm. These plans only save money if a genuinely large share of your usage, meaning washing, drying, water heating, EV charging or overnight aircon, falls inside the cheap window. For a household whose heaviest use is in the evening, a flat 28.90¢ is the safer buy.

U-Save rebates are unaffected by which retailer you use. They are credited against your utilities account by the Government for eligible HDB households, whether you buy electricity from SP Group or from an open-market retailer, and every retailer in this roundup states that its plans are compatible with U-Save. CDC vouchers are a different scheme. They are for participating heartland merchants and supermarkets, and are not a way to pay your electricity bill directly. If your goal is to cut the household bill overall, the switch itself is worth roughly $108 a year on 400 kWh a month at 28.90¢ against the October tariff, before any one-off rebate.

Yes, though by less than last quarter, because every retailer prices against the same regulated tariff and that tariff fell 10.4% on 1 October. On 400 kWh a month SP's 31.16¢ tariff costs $124.64. PacificLight Savvy Saver 36, Senoko LifePower36 and Keppel FIXED36 are 28.90¢, which is $115.60, so any of them saves about $9.04 a month or $108 a year. The 29.00¢ 24-month plans from PacificLight, Senoko, Keppel, Geneco and Sembcorp save about $104 a year. Tuas is the exception: after raising PowerFIX 36 to 30.63¢ it saves only about $25 a year, and PowerFIX 24 at 30.90¢ about $12. The 12-month plans at 30.50¢ to 31.15¢ save between $32 and almost nothing. Add the sign-up rebate and the first year is worth more: $268 from PacificLight's GETBACK36 or $228 from GETBACK24 (first 100 each), $200 from Geneco's GENECO200 if you are switching from SP by 2 November, $125 from Keppel's NEW125 or $100 from NEW100. The catch is commitment: SP has no contract and no early-termination charge, while the fixed plans tie you in for two or three years with an exit fee.

Usually not, but it depends on the retailer and on how you pay. Three of the main retailers here waive it outright if you set up recurring payment: PacificLight waives the deposit on recurring card payment with Visa, Mastercard or Amex, Senoko states no security deposit on its household plans, and Tuas charges no additional deposit if you are transferring from SP Services. Keppel Electric is the exception worth reading before you sign, because its own terms state that a security deposit applies to all new sign-ups from 1 October 2025 onwards, and its banners say the waiver is for Singaporeans and PRs only. Geneco does not advertise a deposit on its residential price plans, but as with every retailer here the amount, if any, is set at application and can depend on your credit assessment and whether you are a Singaporean, a PR or a foreigner, so ask before you submit rather than after. Two things a deposit is not: it is not a fee, since it is refunded when you close the account in good standing, and it is not the same as an early-termination charge, which is a separate penalty for leaving a fixed contract before it ends.

OEM stands for the Open Electricity Market, the scheme that lets every household buy electricity from a licensed retailer instead of paying the SP tariff, and there is no single best retailer because they compete on different things. On rate, PacificLight, Senoko and Keppel lead at 28.90¢/kWh for 36 months, and five retailers (PacificLight, Senoko, Keppel, Geneco and Sembcorp) charge 29.00¢ for 24 months. PacificLight pays the most cash, $268 with GETBACK36 or $228 with GETBACK24, but only to the first 100 on each. Senoko gives the biggest gift on its 28.90¢ rate, a $680 Samsonite set plus up to $50 with TBBCSB30B. Keppel pays $100 with NEW100 or $125 with NEW125 and holds the cheapest fixed rate in the market, FIXED24 Special at 28.50¢, if someone refers you. Geneco pays $200 on its 29.00¢ plan to customers switching straight from SP Group, to 2 November, and publishes a price-match guarantee. Sembcorp matches 29.00¢ with no rebate. Tuas now trails on rate at 30.63¢ for 36 months, though it adds 12 months of Singlife cover. EMA publishes the current list of licensed retailers on the Open Electricity Market site, so if a retailer you remember is missing here, check there rather than an older roundup.

Every fixed-rate plan in this roundup carries an early-termination charge, and it is the one number that is not printed on the price-plan page. It sits in each plan's EMA fact sheet and terms, so read that before you sign rather than after. Tuas Power's PowerFIX 36 fact sheet, for example, states a flat $200 with no GST. Others calculate it from how much of your contract is left, which means a 36-month plan broken in year one costs far more to exit than the same plan broken in month 30. Two situations catch people out: moving house and moving overseas. Most retailers will let you transfer the contract to your new address instead of terminating it, so ask about a transfer before you assume you have to pay to leave. If there is any real chance you will move, renovate or leave Singapore within the contract period, the safer buy is a no-contract plan or the SP tariff itself, which you can leave at any time for free. PacificLight's Easy Peasy has no lock-in and no early-termination charge at all, though remember its 55¢ daily charge makes it worth taking only if you use a lot of electricity.