Heating Your Home Will Cost More This Winter
Are You Ready – Heating Your Home Will Cost More This Winter
Heating your home will cost more this winter due to the increased price of natural gas. The three main drivers of the cost to heat your home is the outside temperature, the cost of the fuel that heats your home, how well your home is insulated, and where you set your thermostat.
Natural gas, propane, and fuel oil prices have increased dramatically. The price of natural gas in the winter of 2019 was about $2.70 per MMBtu. The price of natural gas at the time of this writing is $5.11 per MMBtu. That is an 89% increase. Natural gas hit a yearly high of $6.37 on October 5th. Check out the price of natural gas now. I am certain the price of all heating fuels will increase as soon as the cold weather rolls in. Natural gas and all other heating sources increase in price every winter.
What Can You Do To Prepare For The High Cost Of Heating Your Home?
The main drivers of the cost of heating your home are four things, the temperature outside, the cost of heating fuel, the energy efficiency of your home, and the temperature you set your thermostat. You can’t control the first two items, however, you can set your thermostat at a lower setting.
A programmable thermostat is a great way to save energy and money. By programming the thermostat to lower the temperature, you can reduce your energy usage. Beware, setting the thermostat to a lower temperature can cause your water pipes to freeze. It is important to note that some heating systems operate best when the thermostat is set to a constant temperature. Before implementing this recommendation, make sure you understand how your system works.
Throw an extra blanket on your bed. Wear warmer clothes around the house. Is your water heated by natural gas or other heating fuels? Lower the temperature setting on your water heater and take shorter showers and baths.
Do you have any windows or doors that leak cold air into your house? Take the time to reduce the flow of cold air into your house. Change out the filter in your furnace if it has a filter. Changing the filter will help your furnace operate more efficiently.
You may want to improve the insulation of your home.
You may want to purchase an electric space heater in case of shortages of heating fuel.
Financial Help For High-Heating Bills
There are organizations such as Low Income Energy Assistance Program that will help people to pay their energy bills. People should look into any programs in their communities to see if they qualify for assistance. Most of these programs have limited funds, so you may want to look into these soon.
Ask your heating fuel supplier if they know of any other organization to get help paying your heating bills.
Most of these organizations only provide support to low-income households.
Some gas companies have a program that allows you to pay the same amount each month. They will add up your past 12 months’ bill and they set up your account so you pay the same amount each month. This means you pay less in the winter months than you normally would. It also means that you pay more in the spring and summer months than you normally would. The benefit is that it decreases that huge hump in payments during the winter. Call your heating fuel supplier and see if they have such a program.
How Will Businesses Cope With Rising Natural Gas Prices?
All businesses will see their costs increase as a result of the increase in natural gas prices. Each business has a different amount of costs that are affected by natural gas. Most of these businesses will try to pass on the increase in natural gas to their consumers. This will just make inflation worse.
Heating Your Home Will Cost More This Winter
We are seeing shortages of everything in the supply change, so why not natural gas? For many reasons, natural gas supplies are low this year. It is a possibility there will be heating fuel shortages in some parts of the United States. The possibility of heating fuel shortages increases if we have a really cold winter. Heating fuel shortages will be a disaster if they occur. You may want to take precautions now to be prepared if there are shortages. You have heard the saying “hope for the best and prepare for the worst.”
Will There Be Electricity Shortages This Winter?
Natural gas-fired generators provide about 40% of the country’s electricity. This is because natural gas is a relatively clean and affordable fuel source. However, recent reports have shown that the United States may be facing a shortage of natural gas. This is due to a combination of factors, including increased demand from Asia and a decrease in domestic production. If the shortage continues, there may be isolated power shortages in parts of the country.
What should we expect this winter?
As winter approaches, many people are dreading the increased cost of heating their homes. However, few are aware of the true extent of the problem. The price of heating fuel has risen sharply in recent years and is predicted to continue to rise in the future. This increase will not only impact home heating costs, but also the cost of food and other necessities. As a result, many families will be struggling to make ends meet this winter.
I hope that by sharing this information, we can help to ease the financial burden on those who are most affected by rising prices.
This article was written on October 20th, 2021.
I was an executive with a large electric company that owned a natural gas company. I was the executive of the power production side of the business. Many of the generators were powered by natural gas. I do have extensive knowledge of the electric and gas business. I wrote this article to help you prepare for this coming winter.
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