Oil still the cheapest form of fuel for home heating
Posted On: 14 August 2020
Heating oil is still the cheapest way to heat homes, fuelled by very low oil prices experienced globally. The global oil demand plunged as a result of lockdowns across the world for coronavirus resulting in oil prices going down. This is fantastic news for customers as they can get more oil for their money than they ever have over the past three years.
As reported by OFTEC and based on Sutherland Tables July 2020, recognised independent source of comparative UK domestic heating prices, heating oil is the cheapest form of fuel to heat homes and hot water across UK and Ireland.
The average cost per year to heat a typical sized three-bedroom house in UK (includes Northern Ireland) with heating oil is £708, as opposed to £1083 with mains gas and £2079 with electricity economy 7. The average cost for houses using wood pellets is £1465, anthracite grains is £1187, and LPG is £2000.
Similarly, the average cost per year to heat a typical sized three-bedroom house in ROI with heating oil is €1129 as opposed to €1559 with mains gas and €2137 with electricity economy 7. The average cost for houses using wood pellets is €1391, anthracite grains is €1628, and LPG is €2998.
This is a substantial saving which will be welcomed by homes using heating oil as they can reduce their energy cost and be better prepared for winter. However, the actual cost for an individual household depends on a number of factors that affect energy bills. These include the size and age of the home, type of insulation, efficiency of the hot water and heating system, and area.
Significant cost savings can also be had by upgrading to a new condensing oil boiler and a bunded tank. The average cost per year to heat an average sized three-bedroom house in UK (includes Northern Ireland) with a condensing oil boiler is £585, which is a huge a cost saving of £123 over a non-condensing boiler. The cost of heating a house with a condensing oil boiler in ROI is €928, which again is a huge a cost saving of €201 over a non-condensing boiler. Might be a good time to consider moving to a newer, more efficient and cost-effective condensing boiler along with a bunded oil tank.
If you need any advice on how to cut down on your energy bills or want to move to a new boiler or purchase a bunded oil tank, give us a call on 028 9261 1077 or send an e-mail to email@example.com.