It’s no surprise that some people in the Palmetto State who use heating oil to keep their home warm may be thinking of switching their heating fuel to escape the stress of paying high heating oil delivery bills over the winter. Paying more for your heat is always a valid concern, especially when prices rise to painfully high levels.
But simply switching fuels is not a guarantee for savings. It’s important to understand that energy efficiency is driven by the technology of the heating system, not the type of fuel used in the home. An old system, no matter the fuel type, is going to be extremely inefficient compared to today’s technologically advanced equipment.
That’s why the Consumer Energy Council of America says it doesn’t make economic sense to switch fuels, and the better move is to upgrade to a new high-efficiency system of the same fuel. That’s because there are extra costs involved with a conversion that homeowners probably won’t recoup quickly enough.
Modern high-efficiency heating oil systems in well-insulated homes can help homeowners achieve the same amount of warmth while using much less fuel per year. This results in huge savings and reduces consumption considerably.
With the availability of heating oil equipment rebates, it is easier than ever to cut your annual heating fuel costs by upgrading to a high-efficiency heating oil furnace or boiler. Read more about replacing your equipment.
It’s important to keep things in perspective when looking at heating oil prices. For the most part, the price of oil has been fairly stable since 2014. However, there have been a lot of changes over the past couple of years that have upended the energy markets, including the pandemic and the war in Ukraine.
These events have had a negative effect on all energy prices, causing everything to go up. But if history is a guide, we can expect to see heating oil prices drop pretty significantly in the not-too-distant future.
While some market analysts expect heating oil prices to go lower by a fair amount over the next several months, the current high volatility in the commodity markets makes it extremely difficult to form accurate predictions.
But one of many problems right now is the reluctance of fuel suppliers to purchase their product in the current market because they don’t want to get stuck with the higher-priced product. This situation has led to supply concerns and caused prices to be artificially higher now. Adding to the uncertainty is that no one really knows for sure what will happen with the Ukraine war. The war is also causing a historic amount of diesel fuel to be shipped to Europe, which is impacting heating oil as well because diesel fuel and heating oil are pretty much the same things.
The heating oil industry recently committed to achieving net-zero carbon emissions by 2050. The number of households that use blends of ultra-low-sulfur Bioheat® fuel are increasing in parts of the country and more blends are in development every day. Shorter-term goals include reaching a 15% reduction in carbon emissions by 2023, and a 40% reduction by 2030.
Being safe at home is just one of the many reasons people prefer to heat their home with oil. With everything that’s happening in the world today, the last thing you want is to feel unsafe at home.
For starters, heating oil cannot explode. The oil in your tank is as likely to explode as the water in your backyard swimming pool. It’s that safe.
Plus, with an oil tank on your property, you can always count on having a secure, on-site supply at your home. Heating oil is easily transported and handled by highly trained professionals, who use equipment and techniques that keep safety at the forefront.
Most heating oil companies are locally-owned and locally-based. They’re proud to offer safe, reliable heating oil deliveries backed by friendly, personalized service.
Read more about the benefits of upgrading your furnace or boiler to a new, high-efficiency oil heating system. Then, contact your heating oil service contractor.