Ways to Stay Warm This Winter, Even in the Northeast

By: James Flippin · November 16, 2022 · Reading Time: 3 minutes

Energy Prices on the Rise

This winter, the average household that burns heating oil should expect to pay 45% higher than normal for their energy bill, according to a forecast from the US Energy Information Administration.

This energy crisis will likely be a national issue, but it’s expected to be particularly bad in the Northeast, which typically accounts for 85% of residential heating oil usage. This high demand for oil is putting pressure on the country’s reserves, which are already running low due to the sanctions placed on Russia.

New England Crisis

An unusually cold winter this year could even damage the Northeast’s electrical grid, which also relies on natural gas.

On top of that, US refineries that produce heating oil might have trouble shipping it up to Boston due to certain federal policies that put limits on cargo shipped from the Gulf Coast to northeastern ports.

This creates a national bottleneck on top of a global bottleneck, all of which contribute to the price consumers need to pay to heat their homes.

Tips on How To Save

Fortunately, there are a handful of measures that you can take to save on your energy costs during the coming months.

To save power, make the switch to LED lightbulbs if you haven’t already, which are 90% more efficient than older bulbs. Additionally, be sure to eliminate phantom power sources, or appliances that are plugged in but not in use. These can consume upwards of 10% of your household’s energy, according to the US Department of Energy.

You can also boost efficiency by making sure that your heating system flows smoothly. Remove any furniture or curtains that may be blocking vents and the flow of hot air. For furnace-heated homes, you should also change your filters every month.

This winter could be colder and more expensive than normal. However, there are plenty of ways to help you stay warm while your wallet stays full.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

TLS 1.2 Encrypted
Equal Housing Lender