Heating prices are on the rise

TODAY

ICYMI: Heating Your Home May Cost 25% More This Year Than Last

In case you missed it, heating costs are on the rise, a new study from The Balance found. Oil for your home may cost nearly 60% more now than it did at this same time last year, while natural gas prices are 25% more expensive, according to the most recent data from the Bureau of Labor Statistics (BLS).

Electricity may be the most popular energy source in the U.S., but thankfully for those who use it to heat their home, the cost is up less than 10% compared to last year. Electricity hasn't experienced the volatile swings and surges that oil and gas customers face.

Though the cost of energy is getting more expensive almost everywhere (except in Alaska, where government subsidies help defray the cost), customers in some cities are feeling the pain more than others. Energy costs in San Diego and Honolulu are spiking the most around the country, where they cost roughly 22% more than last year.

And if you live in Minneapolis and use natural gas to heat your home, prices have surged more than 54% since 2020. Looking ahead to the winter months, Boston residents have a reason to be concerned: natural gas prices in Beantown jumped the most between October and November, rising more than 32%.

- Kristin

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