In case you missed it, heating your home with natural gas could cost you $931 this winter—28% more compared to last year, according to an estimate by the Energy Information Administration (EIA). That number could go even higher to $1,096 if this winter turns out to be colder than expected—and the EIA is forecasting a relatively cold winter.
If you keep your home warm with heating oil, propane, or electricity, you won't be off the hook either. If you use oil, heating costs could be 27% higher, while propane and electricity are projected to cost 10% and 5% more than last year, respectively.
But there could be some relief coming from the government for those high energy bills. On Wednesday, the Biden administration announced a $4.5 billion plan through the Department of Health and Human Services to help moderate-to-lower income families save money on energy costs this winter. Not only will the initiative subsidize home heating costs and cover unpaid utility bills, it could also help families make energy-efficient home improvements to help reduce heating and cooling bills.
Higher energy costs have been among the biggest contributors to rising prices this year, with the annual rate of inflation still near 40-year highs, and making us pay more for essentials like groceries and gas. Having your furnace inspected ahead of winter to avoid any unexpected repair costs, replacing your filters every three months, and unplugging your electronics when you're done using them are some ways you can save money on utility bills this winter.
-Hira
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