Inflation could mean a big heating bill this winter

This winter could be especially cold and expensive.

But there are a few ways to keep your wallet full and your family warm.

People who heat their homes with natural gas, propane, electricity and heating oil are all in for a bigger bill come winter if they aren’t careful.

Nearly half of U.S. households who heat primarily with natural gas are projected to spend 30% more than they did last winter on average, according to the Winter Fuels Outlook 2021 report from the U.S. Energy Information Administration. The 41% who heat with electricity are slated to spend 6% more.

The smaller portions who heat mostly with propane or heating oil — 5% and 4% of households, respectively — could see even bigger leaps in cost. Propane users will spend 54% more this winter, while heating oil users could see bills go up 43%, according to the report.

Inflation is the culprit. Energy prices are up 33.3% on the year, according to the November consumer price index from the Bureau of Labor Statistics. Fuel oil is nearly 60% more expensive than last year, electricity is up 6.5%, and natural gas increased more than 25%.

Those increases could wreak havoc on household budgets if families aren’t prepared.

“It’s important for homeowners, renters and businesses alike to keep costs down as best they can, especially as we head into these colder winter months,” said Kelly Speakes-Backman, principal deputy assistant secretary for the Department of Energy’s Office of Energy Efficiency and Renewable Energy.

There are a few things people can do to help keep heating costs low this winter.

One is to check your windows for any leaks, something you can do on your own or with the help of a home energy audit, in which a professional will come and assess the energy efficiency of your home and make suggestions for updates.

“Windows do represent a really significant portion of that energy bill,” said Steve Hoffins, vice president of marketing U.S. windows at Cornerstone Building Brands. “Depending on the climate and the size of the house and everything else, it could be 15% to 20% of your heat that actually goes out through the windows.”

You can combat leaking windows by sealing them with removable caulk, films or even spray foam, he said. A permanent fix may be updating your home with new, energy-efficient windows, which could save you hundreds of dollars per year in utilities, depending on the size of your house, Hoffins said.

You can also do things such as lower your water heater temperature, make sure the damper on your fireplace, if you have one, is closed when there isn’t a fire burning and even turn your thermostat down a few degrees at night.