4 Crucial Things to Know Before You Make the Big Switch

It was recently in news that by May 2019, everyone in Singapore will be free to choose their energy supplier in the Open Electricity Market (OEM). The OEM will give rise to competitive pricing and offers that benefit consumers. There are 13 energy suppliers in Singapore and OEM will enable the consumers to choose a suitable plan that suits their need from these approved suppliers.

It has been observed that Singaporeans that switch energy companies in Singapore save a substantial amount of money on their electricity bills.

If you are also contemplating to switch your energy supplier, here’s a look some points to consider for making the right decision:

1. The right time to switch

The phase one of the initiative was launched on 1st November 2018 which was applicable for postal codes 58 to 78 which consists of districts like Choa Chu Kang and Yishun. However, within the next six months, the initiative will roll-out in the entire Singapore which means every Singaporean will be able to benefit from it. So, by May 2019, you will be able to switch the power companies in Singapore for your energy supply.

2. Types of plans

The types of available can be broadly categorised into two, Fixed price plan and Discount-off-the-regulated-tariff plan. The former plan offers the freedom to offer the same price for your electricity consumption throughout the contract period irrespective of the changes in the tariff. On the other hand, the latter option gives you a discount off the current regulated tariff.

3. How to choose a plan for saving money?

The plan that can help in saving money depends on the regulated tariff which keeps on changing quarterly. It is important to figure out which plan suits your needs. The fixed plan is right for people who wish to pay same price throughout the year and don’t expect the retailer’s rates to fall below the current tariff. The discounted scheme is for consumers who are not worried about the fluctuations in their electricity rates if it is lower than their regulated tariff.

You can also find energy companies in Singapore with plans where you pay more during the peak period and vice versa along with plans which use renewable energy.

4. How to compare the prices?

There are websites which let you compare the prices offered by energy supplies and find the best option for you based on the area you live. You can compare as well as find attractive deals and promotions.

Explore the web for more information and suggestions on choosing the right supplier from the array of power companies in Singapore.

Author Bio: Pao Kun Kuo is a marketing and research executive at a market research firm. He is a keen writer and helps people to compare plans from energy companies in Singapore. Studying electricity plans helps him to understand various marketing practices that other power companies in Singapore are following. He also assists the research department to analyse various marketing plans. It can also help in offering energy products and services at competitive prices.

Pao Kun Kuo is a marketing and research executive at a market research firm. He is a keen writer and helps people to compare plans from energy companies in Singapore.