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Sep 21, 2023 4:15:51 PM by Lauren Mangano

Natural Gas Vs. Oil: What Heating System Will Be Cheaper This Winter?

With the winter heating season just around the corner, spanning from October to March, the anticipation of a colder-than-normal season looms over much of the United States. This means that households across the country will be relying on more energy to keep warm as the chilly weather approaches. It's important to consider the type of heating system you have, as it can greatly impact your utility bills. In this article, we'll discuss what type of heating systems are expected to burn the biggest hole in your wallet this year.
The National Energy Assistance Directors Association (NEADA) recently published its winter heating price forecast for 2023-2024, providing insight into the expected costs of various heating sources. Over the past four years, prices have steadily risen across all sources, with the weighted average climbing from $847 in 2019-2020 to an estimated $1,106 for the upcoming winter. Unfortunately, three of the four sources are projected to be even costlier for the winter of 2023-2024.7 Home Heating Mistakes That Could be Costing You Money

Comparing Heating Costs

On a positive note, those who rely on natural gas for heating will be the winners this year, as the expected cost is anticipated to decrease by 7.8 percent. The forecast predicts that households using natural gas will have an expenditure of $726, compared to $787 last winter. It's worth noting that just under half of all US households utilize natural gas for heating purposes.
Those who use heating oil, on the other hand, won't be as happy, as the estimated household expenditure is forecasted to skyrocket by 8.7 percent to $2,275. This is a significant increase from the $1,352 spent during the winter of 2019-2020. The surge in prices can be attributed to a tightening of supply in petroleum markets, caused by Russia and Saudi Arabia cutting back on production. Sign Up for Oil Alerts
It's crucial for households to be aware of these anticipated costs and consider the type of heating system they have. Making informed decisions can help minimize the impact on utility bills during the upcoming colder-than-normal season.How to Maximize Savings on a New Heater
Only a fraction of households, approximately four percent, rely on oil as their primary heating source, predominantly in the Northeast. The other two sources, electricity and propane, will see smaller increases. Households heated with electricity will see their energy bills rise on average of $17, climbing to $1,374. Meanwhile, propane-fired heaters will burn an additional $62 this winter pushing the average bill up to $1,538.

Lower-income Households are at Greater Risk

As temperatures rose this summer, American families are now feeling the pressure from both sides of the temperature spectrum. The demand for cooling over the past few months combined with the expected rise in heating costs poses a significant risk for millions of lower-income families who may struggle to keep up with their energy bills, warns Mark Wolfe, the Executive Director of NEADA.
In a bid to address this issue, NEADA has reached out to Congressional Leadership, urging them to maintain the current funding level of $6 billion for the Low Income Home Energy Assistance Program (LIHEAP). This vital program aims to mitigate health and safety risks stemming from unsafe heating and cooling practices.
It is worth noting that Congress allotted $8.4 billion for the program last year. However, both the House and Senate have proposed cutting the budget by an additional $2 billion for the upcoming year. If approved, this reduction would force states to scale back assistance to one million families, at a time when applications have surged by 10 to 20 percent in many states over the past year.
If you live in or around Bucks County, Pa., ECI Comfort is here to help you stay comfortable this winter while saving money. Contact us for questions regarding heater service, heater replacement, LIHEAP, rebates, and tax credits.Contact ECI Comfort

If you live in the Delaware Valley/Greater Philadelphia area and would like to find comfort within your home, visit our website or give us a call at 215 - 245 - 3200 to learn more.

This entry was posted in Heating, Energy Usage, Gas Heat, Fuel Oil, Winter

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