As the cold season approaches, people are starting to question how to budget for their home heating costs. Since last winter was a cold and long one, home heating costs were more expensive than seen in previous years. Based on predictions from weathermen, this year may be easier than last. It looks like people can enjoy lower heating costs this winter season. The costs of heating oil have dropped significantly and consumers can sit back and relax knowing that their home heating costs will most likely be the lowest they have seen in recent years. In the following article by TribLive, they talk about how heating oil costs are at an all time low for residents who are taking advantage of this by filling up their oil tanks:
Heating Oil Costs Lowest In Years
Dell Cromie never thought he’d see heating oil prices sink this low.
“The more you buy, the cheaper it is,” Cromie added.
Cromie said he doesn’t see the price getting lower, so he thinks now would be a good time to refill those home heating oil tanks for the winter.
“It’s down, and it’s a great value,” he said. “It’s going to go up — it always goes up in the winter.” How much?
“I’m not sure; I doubt too much.”
Shawn Jackson, the owner of Jackson Oil in Valencia, said his customers have been taking advantage of the low prices.
“Normally, people just say, ‘Give me 150 or 200 gallons,’ ” he said. “Now, they’re saying, ‘For that price, fill it up.’ ”
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Residents are taking advantage of the low oil prices by filling up their oil tanks. Also, this year’s winter forecast is supposed to be milder than last year which also means that home heating costs will be at an all time low. If you use home heating oil, you can rest easy knowing that your money can be saved or used elsewhere this winter. Consumers are questioning why the drop in prices and how they should budget for their home heating costs this year. In the following article by WFSB 3, they discuss some useful advice on your home heating costs for this year:
Homes See Lower Heating Oil Prices, But Experts Urge Caution
The full service retail price for heating oil, including delivery charges, is $1.20 less per gallon than a year ago. It’s actually the lowest it’s been since 2009, according to the Energy Information Administration.
That could translate into hundreds of dollars in savings for the average customer.
One of the two major reasons for this year’s price drop, according to the Energy Information Administration, is supply.
Rainville said that volatility is a reason for caution when it comes to what to do with the savings. She said customers would be better off budgeting as though the price was higher.
Some fuel companies allow customers to lock in the rate for a year. Even if the rate is locked, there’s no guarantee that the price won’t drop further.
“We don’t recommend any particular type of contract,” the state Department of Consumer Protection said. “Just that the consumer reads all of the fine print, understands what they are agreeing to and that it fits in with their budget and other needs.”
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Consumers are extremely happy with this drop in prices. Thankfully, the drop in prices should remain consistent during this cold season. Along with the increased supply and production, there are additional reasons that heating oil consumers have seen a drop in prices. Heating oil has made its product better by adding biodiesel, a renewable resource. Adding biodiesel has made it cheaper for consumers. In the following article by NORA, they talk about this is more detail:
Oilheated Homes Can Expect Low Fuel Costs
John Huber, President of the National Oilheat Research Alliance, stated:
“It is a really exciting time for oil heating customers. Prices are low and the oilheating industry is transitioning to a superior fuel product. By adding biodiesl, a renewable, carbon neutral fuel to low-sulfur heating oil, heating oil retailers are actually delivering a better product at a significantly lower price. What could be better?”
Homeowners don’t have to rely solely on lower prices to reduce their heating costs. Proper maintenance and tune-ups of their heating system can save from 5 to 10% and upgrading an older heating system to a new high-efficiency system may save 30% and even more in some cases.
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Using biodiesel, a renewable resource, for heating oil has made it a more efficient fuel. The augmented supply of heating oil also has contributed to the drop in cost. Home heating costs for oil-heated homes are at an all time low for consumers this year and because of this, these consumers will be able to keep more money in their bank accounts.
Better Home Heat Council concentrates on educating consumers about oil heat, especially on topics involving the economical and efficient use of oil heat. We also help consumers with their energy efficiency issues in their homes and find effective solutions to make their homes more energy efficient. We support local oil companies of Lehigh Valley that provide a range of services and products. Click here to search for a home heating oil supplier in your area. Many of our oil dealers provide energy consultations for their customers.