Don't like to read?
Winter is coming, and heating bills are going up. Natural gas prices have risen in the last few years and are expected to increase again this winter. That’s bad news if anyone already paying a lot for heating, but there are some ways to cut back on their costs.
If people looking to heat their homes this winter, they should get ready for a major increase in heating costs. Natural gas prices are expected to rise 30% over last year, and prices are already up 15-30% since January 1, 2021, according to the U.S. Energy Information Administration (EIA).
There are other ways to heat your home besides natural gas
If anyone owns a fireplace or wood stove, these can be used as an alternate source of heat in your home during winter months. These devices require regular maintenance and cleaning when not in use so that they function properly when needed most — but if these tasks are done properly then such resources can provide excellent results.
The first reason for the increased prices is the current demand for natural gas. The demand for natural gas is higher than the supply, according to the U.S. EIA. This means that companies producing and distributing natural gas have to compete with each other to purchase this limited resource. When there’s high demand but low supply, prices go up.
The second reason for increased heating costs is the cold weather itself. When it gets colder outside than usual, people need more energy to heat their homes or office buildings in order to stay warm enough so that they can function normally throughout the day. In order to combat this extra demand for energy during these frigid months of wintertime, people often turn on their furnaces more frequently throughout each day so that they don’t freeze inside.
This year, natural gas prices are expected to rise 30% from last year’s price, which was already higher than the previous year. This is the second year in a row that prices have risen. Natural gas prices are up due to high demand and low supply. Because of this, people might want to consider switching their homes over to electric baseboard heaters for a more affordable heating solution.
Gas prices have skyrocketed in the past year, and it’s going to continue. Last winter, gas was roughly $2 per gallon. This winter, that number has almost tripled. Natural gas prices have risen 30% in the past year and are expected to remain high for at least another two years.
Staying Warm While Saving Money
So now that people know how much more expensive heating their home will be this season, what can they do about it? The answer is simple: turn down the heat. Most people set their thermostats way too high when they get home from work or school.
Lowering the thermostat by even five degrees can save up to 10% on heating costs every month. If someone else is paying for the power bill, ask them if they would mind turning down their heat as well. This way everyone can save some money while keeping warm this winter season.
The good news is that people don’t have to pay for heating costs without fighting back. There are ways to lower one’s home’s energy use, which will help keep their wallet fat and happy. It all starts with one simple thing: making sure the house is well-insulated. This prevents people from losing heat through cracks or gaps in the walls.
Written by Sheena Robertson
YCharts: Illinois Wholesale Heating Oil Price – 2021
Chicago Tribune: Last winter’s heating costs were bad. This year could be worse, with Chicago-area gas bills expected to spike another 30%.
YCharts: Illinois Wholesale Heating Oil Price – 2022