Why Your Heating Costs Will Be Up to $378 Higher This Winter

Photo by Jenny Sturm / Shutterstock.com

Start bracing your budget. The federal government is forecasting that heating costs will rise — as much as 38 percent — compared with last winter.

Depending on how you heat your home and where you live, that could translate to several hundred dollars more than you spent last winter.

The U.S. Energy Information Administration’s latest Winter Fuels Outlook report, issued Thursday, projects that Americans will spend more on all four main heating methods included in the report:

  • Natural gas: Households that heat primarily with natural gas are expected to spend an average of 22 percent ($116) more this winter compared with last winter.
  • Heating oil: Households that heat primarily with oil are expected to spend 38 percent ($378) more.
  • Electricity: Households that heat primarily with electricity are expected to spend 5 percent ($49) more.
  • Propane: These increases vary by region. Midwestern households that heat primarily with propane are expected to spend 30 percent ($290) more, while their Northeastern counterparts are expected to spend 21 percent ($346) more.

In the case of all four of these heating methods, households’ costs are projected to rise partly because both retail prices and consumption are projected to increase.

Heating oil is expected to see the biggest jumps in both prices and consumption — 20 percent and 15 percent, respectively.

The EIA’s Winter Fuels Outlook is also based on projections from the U.S. National Oceanic and Atmospheric Administration, or NOAA.

This federal agency expects temperatures east of the Rocky Mountains will be “much colder” this winter compared with last winter, the EIA reports. More specifically:

  • The Northeast: 17 percent colder
  • The Midwest: 17 percent colder
  • The South: 18 percent colder
  • The West: 2 percent warmer

The EIA notes, however, that temperatures in the three eastern regions were “much warmer than normal” last year. So while temperatures this winter are expected to be colder in those regions than last winter, they are projected to be 3 percent warmer than temperatures averaged during the prior five winters.

The same pattern of good news follows for the cost of most types of heating, according to the EIA:

“Although overall [heating] expenditures are expected to be higher than last year, they are comparable to or lower than the average winters from 2010-11 through 2014-15, except for electricity, where expenditures are higher in both cases.”

What’s your take on this news? Let us know below or on Facebook.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
The Best and Worst States for Raising a Family in 2021
The Best and Worst States for Raising a Family in 2021

These states have big advantages or disadvantages when it comes to choosing a home for your family.

10 Things That Can Ding Your Social Security Payments
10 Things That Can Ding Your Social Security Payments

Here are 10 things that could mean less money in your pocket during retirement.

11 Home Upgrades With the Best Payback in 2020
11 Home Upgrades With the Best Payback in 2020

The home remodeling projects that deliver the best bang for the buck tend to have one thing in common.

16 Affordable Products That Could Save Your Life
16 Affordable Products That Could Save Your Life

You’ll want to order these sometimes surprising products from Amazon ASAP.

25 Things You Should Never Buy — and What to Buy Instead
25 Things You Should Never Buy — and What to Buy Instead

If you really want to save money, become a more intentional shopper.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

Whether you resell it for a big profit or add it to your own wardrobe, this type of clothing is a hidden steal.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

Organize Your Home With These 10 Thrift Store Finds
Organize Your Home With These 10 Thrift Store Finds

Resolve to be clutter-free in 2021 with these secondhand purchases.

9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

10 Cars You Are Most Likely to Keep for 15 Years
10 Cars You Are Most Likely to Keep for 15 Years

The cars that owners hold onto the longest have one thing in common, a new study shows.

11 Laws You Could Be Breaking Without Knowing It
11 Laws You Could Be Breaking Without Knowing It

Seriously? Fibbing about the weather is a crime? This and other little-known legal traps await the unwary.

Is This Treatable Condition Causing Your High Blood Pressure?
Is This Treatable Condition Causing Your High Blood Pressure?

Researchers say too many doctors are overlooking this potential source of hypertension.

Does Wearing 2 Masks Protect You Better From COVID-19?
Does Wearing 2 Masks Protect You Better From COVID-19?

A growing number of people are wearing two masks instead of just one. Should you join them?

13 Things Seniors Can Get for Free — or Almost Free
13 Things Seniors Can Get for Free — or Almost Free

There are many ways to get cheap or free services and goods after reaching a certain age.

Taking a Multivitamin? Here’s Why You Should Reconsider
Taking a Multivitamin? Here’s Why You Should Reconsider

A new study has bad news for the millions of Americans who spend money on multivitamins.

21 Items to Cut From Your Budget That You Won’t Even Miss
21 Items to Cut From Your Budget That You Won’t Even Miss

Start off the new year by implementing these small-but-smart savings strategies. They’ll soon add up.

7 Social Security Benefits You May Be Overlooking
7 Social Security Benefits You May Be Overlooking

There’s more to Social Security than retirement benefits.

Internet Providers Can’t Charge You for This Anymore
Internet Providers Can’t Charge You for This Anymore

Starting this month, your ISP no longer can bill you for this fee.

9 Things You Should Never Leave in a Car
9 Things You Should Never Leave in a Car

Thinking of leaving these possessions in a car? Prepare for unexpected consequences.

Prepare to Pay More for These 31 Drugs in 2021
Prepare to Pay More for These 31 Drugs in 2021

More than 700 prescription medications have seen price hikes so far this year. Here’s a look at the worst.

15 Painless Ways You Can Cut Costs in 2021
15 Painless Ways You Can Cut Costs in 2021

Follow these tips to save, so you’ll have money for things that really matter.

5 States Lowering Taxes This Year and 2 Raising Them
5 States Lowering Taxes This Year and 2 Raising Them

State personal income tax rates, brackets and deductions just changed in these places.

7 Tricks to Cleaning Your Bathroom Faster
7 Tricks to Cleaning Your Bathroom Faster

These tips can get your bathroom sparkling with little time and no elbow grease.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.