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iSwitch Review — Comparison & Review of iSwitch Electricity Plans in Singapore

iSwitch Singapore Electricity Review

Is it just us, or do iSwitch booths really seem to be everywhere these days? Those iSwitch roadshows don’t just take place at bus interchanges and event squares, but also pop up at places like food courts and supermarkets.

Actually, they hardly need all this outreach, because iSwitch is usually at the top of the charts when you run a price comparison on the official Open Electricity Market website. (Surely the low rates sell themselves?!)

But I suppose there are lots of people trying to find out who/what this iSwitch company is, because it’s pretty much a complete unknown, especially compared to giants like Sembcorp and Keppel.

According to their “About Us” page, iSwitch may be a pretty new, no-brand startup, but it’s part of a more established commodities and supply chain conglomerate, RCMA Group. And… well, that’s about all I could find that might reassure potential customers.

However you might feel about iSwitch, their electricity plans are definitely worth checking out. They are, after all, one of the cheapest on the market. So let’s dive in.

 

iSwitch review — electricity plans comparison

iSwitch electricity plan Contract duration Price per kWh Monthly service fee
Chope the Rate Exclusive 12 months 17.61¢ Waived
Chope the Rate 24 months 17.76¢ $5.30
Chope the Rate 36 months 17.87¢ $5.30
Super Saver Discount 24 months 23% off tariff = now 19.30¢ $5.30
Super Saver Discount Exclusive 12 months 22.8% off tariff = now 19.38¢ Waived

iSwitch basically has 2 main types of plans — fixed rate (Chope the Rate) and discount off regulated tariff (Super Saver Discount). Each one has a few variants in terms of contract duration and price.

In the table above, I’ve ranked them in ascending order of electricity price per kWh. It’s no surprise that the longer the commitment, the cheaper it is; and fixed rate plans are cheaper than discount off tariff ones.

However, iSwitch charges a monthly service fee for some plans, which you will need to take into account when choosing between plans. I’ll discuss how this fee affects the pricing in greater detail below.

Apart from the monthly service fee, iSwitch does not charge separately for carbon tax or transmission loss. Paper bills (if you opt for them) cost $1.07 per bill.

When you sign up, you also have to pay a security deposit of $30 (1- to 3-room HDB flat), $60 (all other HDB flats) or $90 (private housing).

 

iSwitch Chope the Rate — fixed rate electricity plans

iSwitch electricity plan Contract duration Price per kWh Monthly service fee
Chope the Rate Exclusive 12 months 17.61¢ Waived
Chope the Rate 24 months 17.76¢ $5.30
Chope the Rate 36 months 17.87¢ $5.30

iSwitch’s fixed rate electricity plans are called “Chope the Rate”, and they’re available in 3 varieties: 12, 24 and 36 months.

The longer the contract period, the more expensive the rate is. This is likely because electricity prices are expected to go up in the long run, and iSwitch thinks that there are people willing to pay more to lock today’s rate in for longer.

iSwitch’s cheapest rate, 17.61¢ per kWh is one of the lowest on the market right now, although its competitors Union Power, Geneco and Pacific Light are also pretty close. But it’s only locked in for 12 months, after which iSwitch might change the rate (you can then jump ship at no cost).

If you are interested in a longer fixed rate contract in order to put off that uncertainty for the next few years, you will have to pay a $5.30 monthly service fee to iSwitch, which is conveniently left out of the published rates online.

That extra $5.30 a month adds up to $63.60 a year, which is almost enough for one more month’s electricity bill for a 4-room HDB flat.

 

iSwitch Super Saver Discount — discount off tariff plans

iSwitch electricity plan Contract duration Price per kWh Monthly service fee
Super Saver Discount 24 months 23% off tariff = now 19.30¢ $5.30
Super Saver Discount Exclusive 12 months 22.8% off tariff = now 19.38¢ Waived

Next up are iSwitch’s discount off tariff plans, which are pegged to Singapore’s electricity tariff set by the EMA every quarter, i.e., what SP charges.

The tariff is currently 25.07¢, which makes iSwitch’s Super Saver Discount plans a bit more expensive than the fixed rate Chope the Rate plans. This is normal across the board, but some Singaporeans don’t mind because they benefit from dips in the tariff, if any.

With this sort of pricing structure, you will want to compare the discount rather than the actual current rate. 22.8% to 23% is pretty good, but be aware that there are several retailers offering the same or better, such as Ohm, Diamond Electric and Union Power. The cheapest one is Ohm (25% off) but, of course, terms & conditions differ from retailer to retailer.

Speaking of which, that pesky $5.30 a month service fee is also in place with iSwitch’s 24 month Super Saver Discount plan, but you can siam it if you opt for the 12 month version (slightly more expensive).

Look out, though, for the auto-renewal at the end of the contract period. You’ll want to keep track of when your contract expires to avoid being caught out by a lousy new auto-renewal rate. EMA requires retailers to inform customers of new rates at least 10 days before, so you can cancel your plan then.

 

Next steps: iSwitch roadshows & promotions

iSwitch doesn’t have the usual slew of promo codes and bill rebates that many other retailers offer, so to get the best deal, you should probably go to a roadshow and try to squeeze the staff for freebies. You can check this calendar for iSwitch roadshows near you.

To make up for the lack of promo codes, iSwitch does bundle in a few bonus things with their electricity plans: AIA personal accident insurance + “green certified electricity”. I couldn’t find details on any of them online, though.

Also, iSwitch customers can earn points by paying via GIRO (25 points = $2.50), contract renewal (100 points = $10) and/or referring people (500 points = $50). These points can be redeemed for bill rebates at an exchange rate of 1 point = $0.10.

Have you signed up with iSwitch Singapore? Share your experiences with us in the comments.

 

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