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. 



Step 1: Decide on a Price Plan


There are 3 standard price plans that you can choose from:
a. Fixed Price Plan
b. Discount Off the Regulated Tariff Plan
c. Peak and Off-peak Plan

Visit http://compare.openelectricitymarket.sg to compare the standard price plans offered by retailers.

a. Fixed Price Plan


Pay a fixed 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.



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 electricity.



b. Discount Off the Regulated Tariff Plan


Enjoy a discount off the prevailing regulated tariff (e.g. 5%) throughout your contract duration. The rate will change according to the quarterly tariff revision. The regulated tariff is reviewed by SP Group quarterly, and approved by EMA.



c. Peak and Off-peak Plan


Enjoy different rates during different periods (e.g. 25 cents/kWh for peak period, from 8am to 8pm; 15 cents/kWh for off-peak period, from 8pm to 8am). Check with your retailer on the peak and off-peak timings.

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 speak to your retailer if you wish to find out more about such plans.


Step 2: Install an Advanced Meter

Business consumers who wish to switch to a retailer will need to install an advanced meter meter (also known as a smart meter).

The advanced meter will allow you to measure read your electricity consumption every half-hour. A meter installation fee of $40 (before GST) may apply.


Step 3: Sign Up

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.

 

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