Heating your home can be a financial strain. In fact, support advisor Says 26% of Americans skipped or cut back on basic things like food and medicine in the past year to pay the energy bill. And that’s before prices are expected to hike significantly this winter.
“It doesn’t matter how much you heat your house,” CNN Says, “That summer the price is likely to go up.” The Energy Information Administration estimates that there will be price increases of 28% for natural gas, 27% for heating oil and 10% for electric heating. But you can reduce the cost.
Let’s take a closer look at why heating costs are rising – hint: it’s not just inflation – and what to do about it. Keep reading to learn more and discover seven ways to cut the cost of your heating bill this winter without freezing out.
Why are heating costs expected to skyrocket?
Certain factors are driving up the prices. Firstly, Time says Russia’s invasion of Ukraine is the primary reason it is putting pressure on global energy supplies. Second, sources say air conditioners have run out of natural gas after battling the extreme heat.
Third, the Energy Information Administration says that colder-than-normal weather is expected to increase demand. And finally, inflation doesn’t help matters. As a result, nbc news says Americans are facing “the biggest increase in their home heating bills in more than 10 years.”
How much is the heating bill expected to rise
Compared to last year, the National Energy Assistance Directors Association estimates that American households will pay $22 billion more to heat their homes this winter. Some utility companies have already told customers about upcoming price increases, so you can have some idea of how much your bill is expected to increase.
For example, daily gazette National Grid estimates that residents of upstate New York will “pay $263 more than last winter” for heating. While Americans will certainly feel the pressure, Time Says across the pond the situation is even more dire – for example, with UK residents facing “an 80% hike in their energy bills”.
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