*Ohm Promo Code: OHMREF25CC5A
After extensive research, I find that Ohm is one of the best alternative electricity suppliers. Choose either Fixed Ohm or Discount Ohm depending on your likings. I chose Discount Ohm as I have a feeling that the tariffs may drop. Fixed Ohm is also very good, and in fact better if tariffs rise.
Benefits of Ohm:
- Their discount off tariff rate is currently the best at 22%.
- Very smooth transition as they are partners with SP group. For instance, there is no need for any paper work nor additional payment of deposit.
- Very nicely done website. Signing up is immediate, just fill in some personal details online and you will get the Welcome Email in less than 15 minutes.
- Ohm absorbs the transmission loss. (Basically electrical energy is lost as heat while travelling through the cable, Ohm absorbs this and charges consumer based on metered usage. This is worth approximately 3.4% savings.)
- 3-month trial period. If within 3 months you decide to change plans, there is no penalty. Hence, you are not locked in to a fixed price which may turn out to be undesirable.
Use my Ohm Referral Code to get $20 off: OHMREF25CC5A
Fixed Rate vs Discount off Tariff
Currently (1st November 2018), Ohm fixed rate is 18.14 cents/kWh (incl. GST) while the Discount off Tariff (22%) is effectively 20.14 cents/kWh (incl. GST).
However, it is not impossible for the SP Tariff to drop (see graph below). If the SP Tariff drops, say to 20.20 (excl. GST) which is the Jan 2017 price, then 22% Discount off Tariff would be effectively 16.86 cents/kWh (incl. GST) which beats the fixed rate! (Working: 20.20 x 1.07 x 0.78=16.86)
Nobody knows for sure whether the SP Tariff will drop as it depends on a lot of complex factors including oil price, etc. However, currently with 12 electricity providers in a small country like Singapore, there is a great deal of competition, and SP is likely to lower its price to remain competitive.
Conclusion: Choose Ohm
Everyone should change a supplier in the open electricity market for savings. There are no drawbacks of doing so. In particular, there is no such worry of “blackouts” or “unreliable electricity supply” as SP group is still operating the national power grid.