January 30, 2023

People who use natural gas — the most common form of heat in the country — are looking at price hikes of 34%.
Advertising Disclosure
American households could be in for a significant heating bill increase this winter — perhaps a price hike up to 34%, according to a new forecast.
The estimated increases would mark a second year in a row of substantially more expensive heating bills for renters and homeowners around the country. The largest price jumps are forecasted for natural gas customers, but your bills are likely to go up no matter what type of system you have.
Experts aren’t expecting higher costs because a particularly cold winter is in the forecast. Instead, it’s higher energy costs that will make it more expensive to keep your home warm.
The average cost of heating a home is forecasted to be $1,202 for the upcoming season, according to projections released this week by the National Energy Assistance Directors Association (NEADA). That estimate compares to an average cost of $1,025 last year and $888 the year before that.
Those projections would increase the cost of home heating an average of 17% higher than it was last winter and 35% higher than it was two years ago. The figures are significantly higher than general inflation, which was measured at 8.3% in August on a year-over-year basis.
Heating costs are likely to increase across the board, but he price increase will be especially noticeable for customers using natural gas, which is the most common type of heating in the U.S.
By fuel type, here’s how much heating costs are forecasted to rise this winter:
Natural gas heating is likely to remain as the cheapest type of system this winter, even after the anticipated price hikes. For natural gas customers, the average winter heating cost is forecasted to be $952 (compared to $709 last winter), while the average electric heating cost is expected to come in at $1,328 for the season (versus $1,242 the previous winter).
When it comes time to flip the heat on this winter, many Americans will find they are being charged higher rates than at any point in the last decade, according to NEADA.
“Home heating costs are becoming increasingly unaffordable for millions of lower income families,” NEADA officials said. “The rise in home energy costs this winter will put millions of lower income families at risk of falling behind on their energy bills and having no choice but to make difficult decisions between paying for food, medicine and rent.”
To avoid a brutal heat bill, there are tried and true measure for reducing energy costs during the cold season.
One of the simplest solutions is turning the thermostat down when you’re away from home and reducing the temperature when you’re asleep under warm blankets.
You should always make sure heating devices like radiators and furnaces are properly maintained. Before the winter weather approaches, it may be a good time to clean your heating unit or to swap out dirty filters.
Sealing up air leaks in your home — a perfect project to take on in the early fall, before the weather turns cold — can also improve efficiency, alongside using curtains strategically in the winter.
If you want to get serious about keeping your bills down this winter, you can read more about strategies to save money on heating costs here.
© Copyright 2021 Ad Practitioners, LLC. All Rights Reserved.
This article originally appeared on Money.com and may contain affiliate links for which Money receives compensation. Opinions expressed in this article are the author’s alone, not those of a third-party entity, and have not been reviewed, approved, or otherwise endorsed. Offers may be subject to change without notice. For more information, read Money’s full disclaimer.
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.
  Like Article   Add a Comment
Simple ways to make, save, and grow your money daily:
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Every week our podcasts bring you lively money discussions that will give you a few laughs along with advice that will make you richer.
Money with Stacy Johnson
Listen/Subscribe
Some of our favorite stories for you to read next.
Join our free newsletter subscribers building wealth and destroying debt:
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Do Not Sell My Personal Information
© 2022 Money Talks News. All Rights Reserved.
‭1 (833) 669-8557 | 1732 1st Ave #26661, New York, NY 10128

Advertising Disclosure: This site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
Help us produce more money-saving articles and videos by subscribing to a membership.
Get Started
Help us produce more money-saving articles and videos by subscribing to a membership.
Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.
Please enable JavaScript to view comments.
Join happy subscribers and sign up for our free newsletter! You’ll get:
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

source

Leave a Reply