Rising prices for many services have been felt by Americans, including heating costs, as inflation has soared.
Radiator, expensive heating cost. Man using calculator (Photo by ROYALTY-FREE STOCK PHOTO)
This winter, heating your house probably won’t drain your bank account as much as originally anticipated.
This month, the National Energy Assistance Directors Association and the US Energy Information Administration or EIA both reduced their projections of the costs of heating using natural gas and oil. That is attributable to a combination of decreased energy costs and a warmer winter than anticipated.
The association also estimates that the average family will pay 17% more for heating cost this season than they did last year. It is an astounding 35% growth from 2020.
The bad news is that heating cost will continue to be far more expensive than it was last winter. Due to a decrease in available federal money this year, not everyone who applies for federal heating assistance will be able to receive the support they require.
Just turn down the thermostat, advises Traci Fournier, vice president of operations at Columbia, Maryland-based One Hour Heating & Air Conditioning, a national provider of HVAC maintenance services.
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According to the Department of Energy, you may cut your heating and cooling bills by as much as 10% by lowering your thermostat by 7 to 10 degrees for just eight hours each day.
You can save money and maintain comfort by doing this while you sleep or are gone at work, according to Fournier. Every degree matters.
However, lowering the temperature in your house isn’t your only choice. Here are some additional suggestions for lowering your winter heating cost.
DOE’s Forrestal Building in Washington, D.C.
According to the Energy Information Administration or EIA’s January forecast of overall average expenses for the season, home heating will cost consumers an average of $1,162 this winter across all fuel types. This is lower below the agency’s October projection by $46.
But the change varies greatly depending on the fuel. Natural gas users will spend about $828 throughout the winter, which is $103 less than what was first anticipated.
Oil-based heating is anticipated to cost $2,342 for the season, which is $12 less than what was anticipated in October. However, despite what could appear to be a drop, the EIA actually increased its forecast in November amid a rise in oil prices that has since subsided.
While those who heat with propane would pay an estimated $1,727, up $59 from the previous estimate, those who heat with electric will pay around the same, or $1,360.
Even still, prices are higher overall compared to last winter – by around 26% for heating oil, 14.5% for natural gas, and 10.5% and over 9% for electricity and propane, respectively.
Source: U.S. Energy Information Administration, Short-Term Energy Outlook: Winter Fuels Outlook
According to Mark Wolfe, executive director of the National Energy Assistance Directors Association, “You’re still paying more, but not by as much.” It will be less expensive if the warmer trend continues because you won’t need to use as much fuel.
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Challenges for consumers and small business alike
For home heating oil delivery companies, which are typically small, multi-generational family businesses, the price changes have made for a challenging winter.
They had to negotiate with their banks to raise their credit limits so they could buy inventory, and they also had to set up budget plans with their clients so they could more easily afford delivery.
According to Sean Cota, CEO of the National Energy & Fuels Institute, a trade association for independent oil heat, propane, biofuel, and motor fuel dealers and affiliated businesses, more customers have been forced to use budget plans this year, and many are paying their bills later.
The “crazy fluctuations” in prices each month, according to Cota, have made this year for the retail sector the most difficult year in our history.
Despite the anticipated drop in expenditures, many Americans still require assistance. According to Wolfe, the number of applications for the Low-Income Home Energy Assistance Program will likely hit its greatest level in more than a decade.
The number of applications has already increased by as many as 1.3 million, the greatest annual increase since 2009. In addition to the expected 4.9 million recipients from the previous year.
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Maine started providing $450 energy assistance payments to its citizens on Monday to help them deal with the high cost of heating their homes. The help, which will be sent to persons with earnings under $100,000 and couples submitting joint returns who make twice that, will be given to an estimated 880,000 people. The $450 payout will go to each spouse.
Lowering the temperature in your house isn’t your only choice. Here are some additional suggestions for lowering your winter heating cost.
How to Reduce Your Home Heating Costs (A fireplace or space heater is often a good option when you only need to heat a single room. (GETTY IMAGES)
Be sure to maintain your HVAC (heating, ventilation, and air conditioning) system.
If you want your HVAC system to run as efficiently as possible, basic care and maintenance are essential. To begin with, make sure the intake vents of your system are free of debris and obstructions, and change your filters frequently.
No matter the season, the airborne contaminants in your home are being removed by your HVAC filter, according to Darcy Lee, senior product manager at Trane Residential, a company that distributes heating and cooling systems across the country. The pollutants will continue to accumulate on your filter if you don’t clean or replace it every 30 to 90 days, which will result in your system working harder than necessary to circulate air and greater energy costs.
Always check your doors and windows.
Your home’s windows and doors are another area where heating costs might be decreased.
Greg Crouse, product marketing manager at Leaf Home, a national provider of home solutions based in Hudson, Ohio. Said investing in these areas is a surefire method to save energy because they are the main entry sites for chilly air and drafts into your home.
Tiny cracks and gaps in windows and doors can cause significant energy loss. According to the vice president of operations of Waco, Texas-based Aire Serv, a national provider of HVAC services Lane Dixon.
Let There Be Light
Heating costs can be reduced by making the most of natural light. Take note of the times of day the sun shines on each side of your house to achieve this.
Even in the winter, explains Fournier, the sun provides free heat. Therefore, when the sun is shining in your home, open the blinds and curtains on windows that face the sun to let the room’s warming rays in.
However, be sure to draw the draperies closed at dusk or whenever the sun begins to set on that side of the house.
Your blinds and curtains serve as secondary insulators and aid in preventing cold air infiltration, as Lee explains.
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