Sunseap Electricity review: Electricity rates, promotions and solar panels (2022)

You might want to think twice before you let your smartphone charge overnight. That’s because electricity prices have hit an all time high, reaching $0.2990/kWh in Q2 2022. The tariff is going to be updated in July Q3 and is likely to increase further, given the dismal global events of late.

Of the 9 electricity retailers available in Singapore, Sunseap is the only one offering solar energy as a key selling point.

They are not the cheapest electricity retailer in town, but they offer green electricity plans targeted at those who care about sustainability and want to support clean energy.

1. What is Sunseap?

Sunseap is an energy retailer licensed by the Energy Market Authority (EMA). They are authorised to sell electricity via the Open Electricity Market (OEM) in Singapore. What sets them apart is that they market themselves as a provider of clean energy.

Sunseap Group is helmed by co-founders and Executive Directors Frank Phuan and Lawrence Wu, with Phuan also serving as CEO.

For those who are interesting in investing in the company, Sunseap Group was supposed to go public on SGX, but as of February 2022 their plans have been abandoned after selling 91% of their stake to EDP Renewables.

2. Sunseap Electricity review

Sunseap offers two types of plans—Sunseap-One Fixed and Sunseap–100. So, what’s the difference?

In a nutshell, Sunseap-One Fixed is their cheaper but less eco-friendly plan. Only 1 per cent of the energy you buy will be solar energy.

Sunseap–100, on the other hand, is more expensive but also more eco-friendly—100 per cent of your electricity will come from solar energy.

Now, if you compare Sunseap’s plans to other mainstream electricity plans, they’re pretty damn expensive, and that includes Sunseap-One Fixed which only gives you a measly 1 per cent of solar energy. In comparison, the cheapest electricity rates in town are currently $0.2880/kWh by Geneco and Senoko.

So, it’s really not worth it to go for Sunseap-One Fixed as you’re only receiving 1 per cent solar energy in exchange for a much higher price.

As for Sunseap-100, if you care enough about the planet to pay a higher tariff, more power to you, but just be aware of how much more you’re paying.

3. Sunseap fees and charges

Here are the other fees and charges you’ll have to pay when you have a plan with Sunseap.

 

See how Sunseap’s fees compare to the other electricity retailers’ here.

4. Sunseap solar electricity plans

So why exactly is solar electricity more eco-friendly? Well, it comes from the sun via sunlight, which makes us sweat like hell but is free and by itself does not pollute. The main environmental cost is the manufacturing, installation and maintenance of the solar panels that are needed to capture this energy and convert it to electricity.

Energy retailers usually use electricity from SP’s main electricity grid, with the majority of the electricity generated coming from natural gas. Natural gas is not as polluting as coal, but it’s still considered a fossil fuel, it still has to be burned, releasing carbon dioxide and other pollutants in the process.

Sunseap’s solar energy plan is also hooked up to SP’s electricity grid, so you don’t have to worry about the power in your home getting cut.

ALSO READ: Ways to save on electricity now that energy prices are rising

5. Sunseap solar panels

Your home heats up like an oven in the afternoon, so why not take advantage of that and get your own solar panels to generate your own electricity?

Yes, it’s possible, but it depends on where you live and whether you have a roof that you can attach the panels to.

First of all, you cannot install solar panels on HDB flats. But if you live in private property or have a business with your own premises, you can technically buy and use your own solar panels.

However, in practice, this tends to be an option that’s only available to landed property owners as you don’t need to share the roof with anyone else or get approval from a condo MCST.

You can get solar panels directly from Sunseap through their Solar PPA service. They will design and sell you the solar panels and take care of the installation process. They claim there is no upfront cost, and that you pay only for what you use.

However, note that any power generated must be sold back to the Singapore Power grid. So, you’ll still have to sign up for an energy plan, although your electricity costs will be lower because of the solar energy you’ve generated. If you install your own solar panels through Sunseap, you’ll be able to opt for a fixed rate or discount off tariff contract.

6. Sunseap Electric Vehicle charging

Sunseap also offers Electric Vehicle (EV) charging installation for homes through Charge+, their green mobility arm and popular EV charging mobile app in Singapore, which provides the actual EV charging unit.

Although Charge+ works in partnership with Sunseap, that doesn’t mean you’ll automatically be supplied with green energy just because you’re using a Charge+ EV charger. That will depend on the electricity supply at your place of residence.

7. Sunseap discount off tariff plans

Alas, Sunseap is currently not offering any discounts on their tariff plans.

Once upon a time, discount off tariff plans were offered by many energy retailers, especially when the open electricity market was first rolled out and they were trying to get people to make the switch from SP. But these days, electricity is so darn expensive and fluctuates so often that almost all the retailers have dropped their discount off tariff plans.

The only discount off tariff plan available right now is Senoko LifeSaver, which is offering 12 months at a 3% discount on their $0.2990/kWh SP tariff.

8. Sunseap promotion

Sunseap used to have all the usual tie-ups with banks such as OCBC, offering customers up to $80 in bill rebates when signing up for a new plan or renewing their plans.

9. Sunseap referral code

Sunseap’s referral programme was introduced back in November 2018 due to popular demand.

Here’s how it works. When you sign up with Sunseap, they give you a referral code.

You then get your friends to sign up with your code.

When that happens, both you and your friend get $20 in bill rebates. Apart from the fact that you’ll both be paying a high price for your electricity, it’s a win-win situation.

ALSO READ: Electricity tariff for households to increase by 5.6% for next 3 months

This article was first published in MoneySmart.