CLEVELAND — As we adjust the thermostat this winter, the degrees won't be the only number ticking upward. Monthly energy bill payments are also expected to increase.
“Overall, we expect the cost of home energy to go up about 18% this winter, largely driven by higher natural gas costs,” said expert Mark Wolfe. “So, the average family will be spending about $200 more this winter than they spent last year. And last year was also expensive.”
The rise in costs is due to multiple factors, Wolfe said, including the war in Ukraine and “Russia is cutting off natural gas supplies to Western Europe.”
Hotter temperatures this past summer are also a factor.
“So electric companies had to use more natural gas to produce electricity and that drove down reserves,” Wolfe said. The switch from coal to natural gas for environmental benefits puts additional pressure on natural gas markets.
Plus, the winter months are expected to be even colder this year, driving demand.
“These are multiple factors. They're all outside of government control. So, there's nothing the federal government can do in the short run to increase supply,” Wolfe said.
To save some cash, you can take steps to reduce energy consumption. First, get your furnace tuned up and replace the filters.
“A tuned-up furnace will use less energy,” Wolfe said.
Turn the thermostat down.
“Five degrees from where you normally use the furnace at can save 10% on your bill,” Wolfe said.
Apply caulk to any gaps around the house where heat could get out.
You can also try calling your local utility company to see if they offer free or subsidized programs that increase the efficiency of your home, such as the HEAP Winter Crisis Program.
Learn more about how this program could help you pay your heat bills here:
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