Should I renew my contract with Keppel Electric for 17.69c, or to switch to other retailers that can go as low as 16.72c, or 25% off tariff?

My family is currently with Keppel Electric, contract ending soon, wondering if I should just renew for 17.69c, or to switch to other retailers that can go as low as 16.72c, or 25% off tariff?

On one hand, it's convenient to renew, and Keppel gives $48 rebate for renewal.

On the other, better and lower prices from other retailer, which may not add up to saving $48 straight up like Keppel, but maybe when I renew with the new retailer, I can get some form of rebate or promo alongside lower price?

Keppel Electric

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Pang Zhe Liang

29 Jan 2021

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

Assume that you have to renew with Keppel Electric for two years. At this point, compare the total cost of a two years contract with another retailer that you prefer, e.g. another fixed price plan.

If the difference is less than $48, then you are better off with Keppel Electric.

If the difference is more than $48, then evaluate whether you are comfortable with the new retailer, e.g. reputation, customer service, convenience. If yes, then you will be better off after the switch.

Meanwhile, you can check out the analysis that I have done here: Open Electricity Market in Singapore

I share quality content on estate planning and financial planning here.

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