More than 90% of the 116 million homes in the United States are expected to have higher heating expenditures this winter (October 1, 2013-March 31, 2014) compared with last winter, mainly because of higher projected prices for residential natural gas, propane, and electricity, according to the U.S. Energy Information Administration’s Short-Term Energy and Winter Fuels Outlook. EIA projects that average household expenditures for homes heating with natural gas will total $679 this winter, a 13% increase over last winter’s average but 4% below the average of the five previous winters (October 2007-March 2012). Homes heating primarily with propane are expected to spend an average of $1,666 (9% more than last winter), while homes with electric heat are expected to spend $909 (2% more), and homes using heating oil are expected to spend $2,046 (2% less).
Changes in energy prices explain most of the differences in expected heating expenditures compared to last winter. Forecast temperatures are close to those recorded last winter nationally, but average temperatures and heating requirements vary in different areas of the country, with the Northeast expected to be about 3% colder and the West expected to be about 3% warmer than last winter. Additionally, the type of fuel used varies considerably by region, resulting in regional differences in total expenditures.
One way to manage the rising cost of heating your home is to invest in a Geothermal Heating and Cooling system. Call Ground Loop today and speak to one of our knowledgeable sales associates – schedule a free estimate!