With this week’s earlier-than-expected arctic chill, Long Islanders who still heat their homes with oil breathed a collective sigh of relief. After all, the price of oil heat has dropped to approximately $3.55/gallon – according to the New York State Energy Research and Development Authority. This will save the average Long Islander (who uses approximately 880 gallons each year) just about $570.
Cause for celebration? Not quite.
Despite the recent price decrease, heating your Long Island home with oil still costs twice as much as natural gas. This past year, the price of natural gas is $1.70 per gallon equivalent. Think about it: $3.55/gallon for oil versus $1.70/gallon for gas. As a result, the total estimated savings for the average Long Islander by heating with gas: About $1,600.
The fact is that consumers in Nassau or Suffolk County have paid more for oil heat than those in any other state in the nation for years. And you can’t just chalk it up to a higher cost of living, either. According to the most recent figures provided by the U.S. Energy Information Agency, Long Island homeowners paid an average of $4.20/gallon last winter; even our neighbors in Connecticut and New Jersey paid less: $4.16/gallon and $4.12/gallon, respectively.
What’s even more surprising is that we lag behind other parts of the country in terms of the number of homeowners who’ve made the money-saving switch to gas. While more than 2.5 million homes nationwide have stopped heating their homes with oil since 2005, Long Islanders have been doing so at half the national average. As of last year, only six percent of the nation heated with oil; 45 percent of Long Islanders did. In fact, more than 436,000 homes in Nassau and Suffolk still heat with oil – and their owners are paying significantly more for the privilege of doing so.
If you’re one of them, switch to gas heat now and enjoy potential savings for years to come (even when oil prices go up again). Contact O2G to find out how.