Your eyes aren’t deceiving you, the electricity tariff that I will be paying for the next two years will be lower! I was pleasantly surprised, especially given the inflationary environment of the past few years.
The new rate of S$0.2539 per unit (w/o GST) is more than 5% cut from my existing rate. Unlike the dividend cuts I wrote about in my previous article, this tariff cut is something I truly welcome.
Interestingly, my current rate is still lower than that from Singapore Power (SP) Services. Combining these two pieces of information, it meant that my new electric tariff will be about 10% cheaper than SP.
The icing on the cake is the one-off S$100 bill rebate and S$20 additional card rebate as I am using my UOBOne card for recurring payment.
If you have not switched to Open Electricity Market, maybe it’s time to consider? You can click on my referral link (code: REFER001) to get a further S$25 rebate for both of us, ie, S$145 bill rebate in total!
It’s not just the rate
But the savings don’t stop there.
Just like the amount of dividends we received from a stock is dependent on the dividend per unit and the total number of units we have, the monthly electric bill depends on the rate and our consumption.
I was greeted with yet another pleasant surprise: the average electricity usage at home has dropped by 13% compared to two years ago.
This was unexpected, and it made me wonder about the cause.
Could it be our new, more efficient washer, or have we simply reduced our air-conditioning use even further? While I can’t pinpoint a single reason, I have no complaints whatsoever.
These savings have helped to mitigate the higher cost incurred for gas and water supplies.
A quick check on the spreadsheet shows that the average amount paid for utilities for the past five months is slightly more than S$130, which is similar to last year, but about 6% higher than 2023 level.
The new electricity tariff is unlikely to bring the bill back to 2023 level, but I am still grateful for these small savings.
Every dollar saved, after all, is a dollar earned – ready to be put to work for other purposes or even invested.
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