Updated U.S. home heating costs predict highest price point in more than a decade, one in six households in debt
Home heating costs could jump as much as 17.2 percent this winter, according to the latest predictions from the National Energy Assistance Directors Association (NEADA), putting the nation face to face with its highest heating costs in more than 10 years.
NEADA, representing the state directors of the Low Income Home Energy Assistance Program (LIHEAP), projected that the average cost of home heating this winter will jump from $1,031 to $1,208. Doubling down on the bad news, this would be the second consecutive year of major price jumps, pushing total home energy cost increases since 2020 to around 35.7 percent.
Compare that to 2012, when heating costs sat at approximately $894 for an average of all fuel types. While there has been a fluctuation in the years since, such as a stint at $1,001 of estimated costs between 2013-2014, this is by far the highest it has been. Prices have risen across the board in natural gas, electricity, heating oil, and propane, and of these, natural gas, electricity, and heating oil are at their highest marks.
The news worsened further as the report continued, noting that arrearages have failed to decrease even as these prices rose, with the total national balance reaching almost $16.1 billion, with 16.7 percent of U.S. households in debt. Simultaneously, home heating costs have risen to an estimated $151.6 billion, pressing lower-income households the hardest.
Millions are at risk of falling further behind on their energy bills this season, according to Mark Wolfe, executive director of NEADA. Without action from Congress, he added that many families will be forced to make a choice between paying for food, medicine, rent, and their electric bills.
