WHY ARE YOU PAYING MORE TO HEAT YOUR HOME IN 2017?
According to economists, natural gas prices are lower than they have been in 17 years. Last winter, natural gas usage for heating was weak due to mild temperatures. At the end of March 2016, US natural gas inventories were at 2.5 trillion cubic feet—67% higher than the levels in 2015 and 53% higher than the five-year average. As a result, natural gas futures hit a 17-year low of $1.64 on March 3, 2016.
SO WHY DOES YOUR HEATING BILL CONTINUE TO GO UP?
Well, according to recent data, the spread reversed in the week ending January 27, 2017. During the week ending February 10, 2017, natural gas inventories were at 2,445 billion per cubic feet (Bcf)—3.4% more than the five-year average, but 11.0% lower than the level last year. In the three weeks since the reversal, natural gas prices have lost 22.9%.
A Reuters poll suggests a fall of 85 Bcf in natural gas inventories for the week ending February 17, 2017, which will affect consumer prices, again. Click here to read more>
CONFUSED YET? YOU ARE NOT ALONE!
As we can see from the confusing data presented, there are various market “realities” that come into play when determining the cost of heating your home. Even with significant supply increases and lower costs for natural gas, we have seen only slight cost adjustments. Moving forward, we can still expect our gas bills will continue to scale higher, regardless of inventories and advantageous gas futures.
HOW TO COMBAT HEATING COSTS
The smartest thing to do if you live in the Midwest, or any area with long, cold winters is to ensure your home is as energy efficient as possible.
SEAL & INSULATE YOUR HOME
One thing you can do is make sure you aren’t wasting heat by letting cold air into your heated rooms. Seal all cracks and gaps around windows, doors, and light fixtures.
Equally important, make sure you have ample attic insulation. We have mentioned it many times here on The Attic Experts blog, attic insulation is one investment you can make that will have a near-term ROI based on lowering consumption and reducing monthly heating bills.
Let’s face it, the likelihood your gas company will pass on any significant price advantages to consumers in the near future is slim to none.
CALL THE ATTIC EXPERTS
FOR A FREE ATTIC INSPECTION TODAY AT 630.941.3800
We have been providing affordable insulation and attic ventilation services in Chicago and All Suburbs for over 20 years. Check us out on Angie’s list too!