HOME HEATING COSTS ARE EXPECTED TO RISE BRUTALLY THIS WINTER
According to industry experts, Illinois residents are expected to be pounded by heating cost increases this coming winter.
The Energy Information Administration (EIA), a statistics agency with the Energy Department reported residential and commercial natural gas prices will hit a multiyear high in 2022, with heating prices nearly double in some months compared to what they were a year ago.
“It certainly appears that we’re going to continue to see relatively high natural gas prices in the U.S.,” Harrison Fell, a senior research scholar at Columbia University’s Center on Global Energy Policy, told The Hill. “We’re going to see higher bills for a lot of customers throughout the U.S.”
Crain’s Chicago Business reported that residential heating costs for northern Illinois utilities are above even what has been seen in the futures markets. A Peoples Gas spokesman told the business paper that its supply price is higher than the market because the utility is continuing to recover what it paid over the winter for gas purchases. That means the higher prices could persist for several more months.
WHY ARE HEATING COSTS RISING SO DRAMATICALLY?
The rise in heating costs can be attributed to a number of disparate events that affect many countries around the world. Oil and natural gas prices have been driven up collectively by the pandemic, supply chain issues, low and suspended oil production levels by US oil companies, the Ukrainian war, futures markets, inflation, and OPEC market manipulations.
HOW TO BEAT BACK HOME HEATING COSTS
There are a number of ways you can fight back! The U.S. Department of Energy recommends several steps to help lower heating costs this winter. First, make sure your home is properly insulated. Energy standards have changed dramatically over the last few decades. Make sure your home is properly insulated to current energy standards.
Attic insulation plays an important role in managing utility costs. Proper attic insulation helps retain heated air in living spaces during the winter, and cool conditioned air in summer. Adequate attic insulation reduces utility usage resulting in lower utility costs all year round. Learn more about insulation here.
Other steps recommended by the DOE include sealing air duct leaks, covering drafty windows, changing air filters regularly, and maintaining HVAC systems to ensure peak performance.
Also, check out this Forbes Magazine article for more helpful ideas: Ask The Contractor – offering 7 Pro Tips on Cutting Home Heating Costs>
WE ARE THE ATTIC EXPERTS – WE’RE HERE TO HELP YOU FIGHT BACK!
We are an insulation and attic ventilation company serving Chicago area customers for nearly three decades. We have helped thousands of homeowners reduce home heating and utility costs by as much as 60%. Get in touch with us today at 630.941.3800 to schedule your free attic inspection.