According to the National Energy Assistance Directors Association (NEADA), home heating oil prices are up 26.6% nationwide, compounding last year’s already significant increase. As a result, homeowners throughout the Northeast are noticing substantially higher energy bills than last year. With over a third of New England homes relying on heating oil, the increase in heating oil is particularly impactful within our region.
The cost of crude oil:
Supply and demand determines the prices for home heating oil. The prime factors affecting supply this year include declining regional refining capacities and sanctions against Russia for its war on Ukraine.
With less home heating oil available and high demand throughout cold regions of the U.S., like New England, the prices will increase during the winter months. However, you can save money by either choosing the best time to purchase home heating oil, or by keeping an eye on current prices on the U.S. Energy Information Administration’s website. If you have automatic heating oil delivery, it does not guarantee lower prices but it does make the pricing more predictable and therefore easier to budget. You also don’t have to worry about running out of oil and you’ll receive priority over Will Call customers. Click here to read more about whether automatic heating oil delivery is right for you.
There are steps you can take to stay warm while keeping your energy bills down:
Adjust your thermostat:
According to the Department of Energy, you can save up to 10% a year on energy bills by lowering the thermostat 7-10 degrees from your typical setting for 8 hours a day. To learn more about finding the right temperature for you, read our blog here.
Adjust ceiling fans:
Your fan direction during winter months should be clockwise to create an updraft. This also circulates warm air throughout the room.
Seal windows and doors:
Turn off exhaust fans:
When you don’t need your exhaust fans, be sure to turn them off, as warm air can escape this way.
Taking a day off from using your furnace or boiler during a warmer period, choosing to pile on the blankets, and even snuggling up with a furry friend or two could help counteract the rise in heating oil costs.
Replace an inefficient unit:
If your system is old, it may be using up more oil. Newer systems are more efficient and can save money in the long run.
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If your question still needs answering or you’d like to schedule a consultation, contact the friendly team at Genove Oil & Air, and we’ll help you find the right solution for your home or business.