Why You Can Expect a Lower Heating Bill This Winter
Life + Money

Why You Can Expect a Lower Heating Bill This Winter

David Sucsy/iStockphoto

This may be the most depressing time of year now that summer’s ending and the leaves are falling, but there’s still a silver lining to the impending cold weather — a lower heating bill than normal.

The majority of U.S. households can expect lower heating bills this winter compared with the past two years, according to the Energy Information Administration (EIA). The decline is due to a combination of warmer expected temperatures and lower fuel costs.

Related: Low Natural Gas Prices: Winners and Losers

Most regions across the nation are projected to have warmer weather this winter, based on forecasts from the National Oceanic and Atmospheric Administration (NOAA).  The Northeast, the Midwest, and the South are all expected to see warmer temperatures, thought the West is projected to have temperatures drop from last year’s unusually warm winter. (The NOAA forecasts are incredibly specific, with projections that temperatures will rise 13 percent in the Northeast, 11 percent in the Midwest and 8 percent in the South, while dropping 12 percent in the West.)

The EIA estimates that because of these warm temperatures, the average household expenditures for natural gas, heating oil and propane will be 10 percent, 25 percent and 18 percent lower, respectively, than last winter. 

Related: The Easiest Way to Cut Your Home Insurance Bills

Even if temperatures are 10 percent colder than what the EIA currently forecasts, the agency says costs will still be down for natural gas (4 percent), heating oil (16 percent) and propane (3 percent).

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