Americans got a break on their home heating bill last winter thanks to unusually high temperatures and low commodity and fuel costs, but this year they'll have no such luck.
The U.S. Energy Information Administration is forecasting double-digit percentage increases that will cost some home-owners and renters hundreds of dollars more in heating costs this year. There are big differences in how much more consumers will pay, based on where they live and how they heat their home, but the big takeaway is that rising commodity costs and a colder winter will put a chill on household budgets.
There is, however, a silver lining: While prices will be higher than last year, natural gas prices are expected to be comparable to the five years prior to 2015. Even better, spending for heating oil and propane is expected to be 32-percent and 18-percent lower, respectively, than during that same five-year period.