Oil Is Over $100 a Barrel: Here Are 6 Ways to Keep Your Heating Costs Low
Even without disruption to global supplies, oil heating is expensive. It’s not uncommon for a single-family home to spend thousands of dollars in a single winter month. Oil recently soared to more than $100 a barrel, largely due to the Trump administration’s war on Iran and what the International Energy Agency calls “the largest supply disruption in the history of the global oil market.”
If you use oil or another fuel to heat your home, there are simple ways to maximize the efficiency of your heating system. While you can’t do much to change the global oil market, you can focus on the local market and find the best prices through comparison shopping.
As many as 78% of Americans surveyed in a 2024 CNET survey are concerned about rising utility costs. Rather than snuggling under a duvet, we’ve put together this guide to help you manage your thermostat, retain heat, and reduce your heating costs in winter and spring without a major energy overhaul.
Learn more: Best smart thermostats we tested
1. Use the thermostat wisely
We’ve probably all heard this advice, but it bears repeating because it’s the simplest and most direct way to save on energy costs. It can be nice to keep the house warm so you don’t have to pack in as much. The U.S. Department of Energy says you could save up to 10 percent a year on your heating costs by lowering the thermostat 7 to 10 degrees Fahrenheit.for 8 hours a day.
The benefit of lowering your thermostat is that you can do it when you’re not home during the day, so you don’t even notice the difference. You might also consider lowering the thermostat at night if you can fall asleep in a cooler environment. According to the Mayo Clinic, sleeping in cooler temperatures might even help our bodies naturally lower its core temperature at night, leading to more restful sleep. If that doesn’t bother you or you don’t like it, you’ve just found an easy way to save on heating costs this winter.
Today’s smart thermostats make it easier than ever to control the temperature in your home. Simply set a pre-recorded schedule for when you want your house to go down several degrees and when it needs to go back up. Set the heat to settle down a bit just before you get up in the morning, and your house will be warm when it’s time to start your day.
2. Search for the best oil prices
When prices rise, shop around for a cheaper barrel.
One way to reduce heating costs for those who rely on oil is to find cheaper oil. Websites like FuelSnap or JustOil.com compare local and daily rates and help you find a better budget barrel. If you are locked into a contract with your supplier, this may not be an option, but it never hurts to call your supplier and ask if they a) can offer a better price or match a competing price (this may require signing a new contract) or b) can let you out of your contract because you found better prices elsewhere.
To get the best prices, switch to on-call or on-call oil delivery, where you order oil on an ad hoc basis and only when you need it. If you choose to forgo automatic delivery in favor of on-call service, you will have greater flexibility to order from the supplier offering the best prices. But it’s important to monitor your supply closely, as emergency deliveries tend to incur additional costs.
3. Go green with renewable energy
Solar power manages electricity production, so it doesn’t seem like using solar power would affect your heating bills. If you run an all-electric central heating system, you may not have to pay gas heating bills at all. This is certainly the most complex tip on the list. You may need to invest in a solar panel and solar battery and even install electric central heating. This way you avoid the fluctuating costs of natural gas.
The advantage of solar energy is that the panels can still collect energy for your home even in winter. A gloomy sky therefore does not mean that sunlight does not penetrate the clouds. Your solar panel system will just need a little extra attention, such as clearing snow from the affected panels in northern climates or insulating the batteries.
Here are 23 ways to save on your electricity bills right now
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You can also research what solar credits are available in your area, such as the federal Residential Clean Energy Credit. Solar panels have the popular benefit of allowing you to sell excess energy back to your utility provider if they participate.
If using solar energy at home isn’t a time decision or financial commitment you can make right now, you can look for other eco-friendly ways to save on your electricity and heating costs. One easy way is to equip your RV with portable solar panels. You can also look into small solar gadgets, such as solar device chargers or solar water heater kits, which can reduce your heating and electricity bill.
4. Upgrade your heating equipment
If you’re using an old furnace, you’re probably burning more energy than necessary. According to the U.S. Department of Energy, energy efficiency ratings for new, high-efficiency heating systems can range from 90% to nearly 99%, compared to 56% to 70% for older, lower-efficiency systems. As electricity prices have become more erratic of late, now may be a good time to invest.
You might also consider different ways to heat your home. We mentioned all-electric systems backed by solar panels above, but there are also heat pumps in place of furnaces. Heat pumps transfer heat from outside, so they are often a popular option in more temperate climates. We also have a guide to help you learn more about heat pumps. against the ovens.
5. Manage the temperature in your home
Beyond updating your equipment, playing with your thermostat, or investing in a renewable energy alternative, you can also make small changes that will help reduce your heating bill. These probably won’t overhaul your heating bill like new equipment will, but if you feel like every little bit helps you can try a few options such as:
- Put windbreaks on doors.
- Keep your heating vents free of dust and debris.
- Insulate your windows with storm windows on the outside or plastic covering on the inside.
- Use efficient portable heaters to lower the overall temperature of your home while keeping the room you’re in warm.
- Open your blinds, curtains, or blinds to let the sun in to naturally warm your home and put less stress on your furnace.
Sometimes small lifestyle habits can surprise you with how much you save on your energy bill.
6. Check Your Home for Air Leaks
An important part of preventing your home from leaking hot air (aka money) is making sure there are as few leaks as possible. Call an HVAC professional to check for any air leaks in your home. This contractor will likely perform a blower door test. You may also consider insulating and sealing your home yourself to reduce energy or heat loss.
Some final tips to help you save
Since electricity and heating costs are the same bill for many people, you can work to reduce your electricity usage to help cover this overall bill. But it’s hard to know where to save on your electric bill if you don’t know which energy sinks are most important in your home. You can check out smart plugs with energy monitoring, which allow you to see how much energy each device in your home uses and track your energy production.
Ultimately, if you ever move, you may want to make sure the home you buy is energy efficient. This will help reduce the urge to scream when you open your winter energy bill and other utility bills in the future. We also have a guide to the different types of systems to look out for when looking for a home. There are obvious signs that the house could be energy efficient, such as the large solar panel on the roof. More subtle signs of sustainability to look out for include water harvesting systems, tankless water heaters and reclaimed wood.
