Good News! Lower Heating Bills Are on the Way

After two years of record snowfalls, freezing temperatures and energy price spikes in many areas of the United States, experts say your heating bill won’t leave you out in the cold this winter. In fact, you’re likely to see your lowest heating bill in years.

That’s according to the U.S. Energy Information Administration, which said regardless of what fuel source you use for heat, you should be pocketing some energy savings this winter.

The anticipated reprieve comes courtesy of a glut in the domestic fuel supply coupled with unseasonably warm fall temperatures that are expected to continue into the winter months, reducing the demand for natural gas for heating, Reuters reports.

The EIA predicts that when compared to last winter, Americans will see these drops in their heating bills this winter (Oct. 1 through March 31):

• Natural gas: 10 percent reduction
• Heating oil: 25 percent reduction
• Propane: 18 percent reduction
• Electricity: 3 percent reduction

According to Reuters, a larger share of households in Maine heat with fuel oil than in any other state. Naturally, heating oil customers are elated about the potential fuel savings this winter.

“In this area, and a lot of New England, we have big old historic homes that burn a couple thousand gallons of oil a year,” said Gary Nash, owner of Main Street Fuel in Richmond, in south coastal Maine. “So when you cut costs in half like we’ve seen this year, that’s a tremendous savings.”

Of course, these projections are largely dependent on the weather, which as you know, is unpredictable at best. Still, the EIA said that even if the weather is significantly colder than currently forecast, heating costs should still be lower this winter.

Before the cold temperatures and snow hit, check out “16 Low-Cost Ways to Prepare Your Home for Winter.”

What fuel source do you use to heat your home? Share your comments below or on our Facebook page.