ROCHESTER, N.Y. — New Yorkers heating their homes with oil can expect to pay a lot more this winter. The average price for a gallon is up 66% compared to last year.
Nathan Blowers works at Triple-O Heating, Cooling, Electrical & Plumbing. He recently sent an email to his team, breaking down the increase in fuel oil prices and customers should expect.
“I didn’t expect it to jump as much as it did,” said Blowers.
According to the New York State Energy Research and Development Authority, the price of home heating oil is more than double this year compared to last.
Currently, the price of heating oil at around $6 a gallon. Compare that to propane at just $3 a gallon. As an HVAC service manager, Blowers says he’s starting to get questions from homeowners.
“The average cost is at a point where we can make a good comparison to see if switching to a different fuel, say propane or natural gas, is a better value for you,” said Blowers.
George Conboy, chairman of Brighton Securities, a financial services firm, says that while there have been drops in oil prices in previous weeks, he doesn’t expect it to continue.
“I would love to think that the trend of lower prices today will carry us through the winter with lower prices. I don’t think it’s reasonable to expect that,” said Conboy.
Conboy says he’s already seeing consumers begin to make changes to their spending habits to afford heating their homes.
“It might mean you don’t buy a new set of clothes, you postpone a home improvement,” said Conboy. “But it’s not unreasonable to think that your utility bill will be higher this winter than it was last winter.”
As winter gets closer, Blowers says he expects to more consumers looking into making a money-saving switch.
Some tips to help save on your heating bill this winter include keeping your house weather-stripped, reducing the flow of cold air into it and making sure you’re maintaining your fuel oil furnace.