May 09

High Heating Bills Stun Homeowners

Heating bills this winter have left many homeowners in sticker shock. The rising cost of fuel has made heating bills jump by from 5% to 50% this winter—a warning that federal agencies made last fall.

Still, in some regions, heating bills are higher than forecasters anticipated.

Money Magazine spoke to homeowners who reported heating bills double their 2021 levels in Minnesota, while In Wyoming, residents said their heating bills climbed by $100 or more compared to a year ago. Natural gas suppliers in Missouri, Mississippi, and Alabama said they raised prices by 96% this year.

“Natural gas prices have skyrocketed globally,” Megan McFarland, a spokesperson for Pacific Gas & Electric, told an NBC station in California. “We’ve seen a 90% higher cost than last winter. We’re not making any money off this situation.”

The higher utility bills can particularly affect low-income households, who tend to spend three times as much of their income on energy costs compared with the rest of the population, Money Magazine reports, citing Natural Resources Defense Council data. Programs are available to help low-income residents pay their energy bills. Learn more: Benefits.gov

Image by Gerd Altmann from Pixabay

©National Association of REALTORS®
Reprinted with permission

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