If you have the option to cut back on your regular monthly expenses, won’t you try it? Switching to another business electricity plan may help you do so.
In Singapore, you’re free to choose an electricity retailer. If you find another plan that’s more efficient and competitive than the one you’re using, you can grab at the opportunity and see if it’s indeed a lot better.
But you probably are also wondering, how you can determine if there’s a better option. How do you compare various electricity plans? Should you switch or stay with your existing plan?
To help you decide, here are some tips to help you choose a business electricity plan.
- Compare price plans. Find out which retailers you can partner with for your business and use a comparison tool to compare their fees. The advantage of using a comparison tool is that you no longer have to go back and forth several websites for information. Of course, there’s still more to the average fees that the retailer charges consumers. But the goal is to have an overview of the average fees and which retailer, in general, offers more competitive rates.
- Know more about the types of electricity plans. The competition allows you to find lower prices than what the government is offering. Generally, there are 3 types of electricity plans that you can choose from. First is the fixed price plan where you’re paying a fixed amount throughout your contract duration. Next is the discount off regulated tariff plans or the DORT, which offers a discount off the tariff price that’s adjusted every quarter. The fixed price plan isn’t affected by the tariff price, but it can go above or below it over time. The third is the non-standard plan where electricity prices vary depending on the time of usage. For instance, consumers can save if they tend to use electricity more during off-peak hours.
- Check estimates for every electricity plan. See how much you can potentially save depending on the type of business electricity plan you’re interested in. Note that you’ll only be looking at estimates gathered from research and the prices can vary once you’re already using the plan. Visit the electricity retailer’s website, download their fact sheet, and find out if there’s any security deposit required. For terms that you find unclear, feel free to contact a presentative.
- Read consumer reviews. Find out what other business consumers think of their electricity plan. Talk to fellow owners not only about the fees they’re paying but also about their experience with the retailer. Are their concerns addressed right away? Is it easy to contact the customer service team? Are their billing statements accurate or do they often spot discrepancies?
Thanks to the Open Electricity Market, you also learn more about the electricity retail market – what your bill is composed of, what those terms mean, and whether you’re being charged fair rates.
To earn more savings, you can also look out for discounts and promotional offers for business consumers. But, remember, don’t sign up for the projected savings alone. Always look at the bigger picture for your business electricity plan.