Home heating prices are expected to increase significantly
BRYAN, Texas (KBTX) – Energy experts say they expect your home heating costs to increase this fall and winter. According to the National Energy Assistance Directors Association, the increase could be up to 30% more for homeowners using natural gas to heat their homes.
The graph below shows the price trend for US natural gas since 2020. according to the US Energy Information Administration based on data from Natural Gas Intelligence.
Mark Wolfe, executive director of the National Energy Assistance Directors Association, says prices have been low in recent years, especially with the pandemic. Now, he explained, with everything back to normal, those prices are going up.
Experts say this is due to two major factors: increased demand (as Wolfe explained) and decreased drilling during the pandemic.
What this means for Brazos Valley owners
According to the United States Energy Information Administration, about half of Texas homes use natural gas to heat their homes, and the average Texas home uses about 41 percent of its total energy used for heating.
The US Energy Information Administration suggests that the annual energy bill for an average house in Texas is around $ 1,800.
So, all of this information put together looks like this for homeowners using natural gas to heat their homes:
((Texas homeowner’s average annual energy bill) * (estimated portion of that used for heating) * (projected 30% increase)) – (current cost of your energy bill) = (expected price change)
(($ 1,800) * (0.40) * (1.3)) – (720) = $ 216
Under current circumstances and using information from the US Energy Information Administration and the National Energy Assistance Directors Association, the average homeowner in Texas can expect their heating bill to increase by around $ 200 from 2020. .
Texas A&M energy experts agree. Eric Lewis, an energy economics expert at the Texas A&M Bush School of Government and Public Service, said he believes “single-family home energy bills could almost double” as the price of natural gas continues to increase. However, he adds that as the price of natural gas continues to rise, more Texans will be less inclined to turn up the heat, which could control the recent spike in the price of natural gas.
Watch the video in the player above for a full breakdown.
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