Plan to Pay More to Heat Your Home This Winter

It’s going to cost more this year for most residents to heat their homes, according to a government report. And while it will be slightly cheaper for home heating oil users, homeowners are expected to pay near-record prices as the cold weather moves in. 

The U.S. Energy Information Administration says more than 91 percent of homeowners in the United States will have higher heating expenses this winter. The reason: Natural gas, electric and propane prices are expected to be higher this year compared to last year.

The EIA is projecting the average household heated with natural gas will spend $679 this winter, a 13 percent increase over last year. Homes heated with propane are expected to spend an average of $1,666, up 9 percent from last winter. Homes with electric heat are projected to spend $909, just 2 percent more than last year and homes heated with oil are expected to spend $2,046, a 2 percent decrease.