During the week of Nov. 9, back just two years ago in 2020, the average price of a gallon of home heating oil here in Maine averaged $1.27 per gallon.
This morning, less than two years later, the average price of a gallon of home heating oil is $5.50 per gallon here, this morning. Let that sink in for a moment.
If you need 1000 gallons of oil to heat your home this winter – and most of us need at least that – what you paid two winters ago was $1,270.00. It is likely going to cost you more that $5,500.00 this coming heating season.
Most people will have a very difficult time finding the very real Additional $4230+ in the next 20 weeks from their paychecks. The reality is, if you are paid weekly, you will need to save an additional $200 every week from every paycheck, bi-weekly, $400 out of every paycheck during the next 20 weeks, just to cover the increased costs of heating oil vs two years ago.
Many older individuals in Maine are on fixed incomes and this is a very real hardship, and not just on our older population. 61% of all Americans are living “paycheck to paycheck” with little available in savings to cover these very real added costs.
So what can we do about this to help ease the pain? Learn to be comfortable in your home at a lower temperature. The real difference at setting your thermostat to 67° or lower vs 70° or higher will certainly help over the next 5 months. Lock your windows and doors! The added extra “tightness” in the seal by doing so will also help lessen drafts, especially for those with “slider doors to a deck” and “crank open” type windows that are popular above kitchen sink locations. Make sure that if you have a garage that is attached to your home, that your garage door seals fully to the floor/ground, as this will help keep the very cold air at bay a lot more on that 1/4 of your home’s exterior.
If you have old style windows with glazing in your home or apartment (if you are paying for heat in addition to your rent, it will be well worth the time and effort and small expense to take a few minutes to invest in these money-saving tips) while it is still warm enough, to make sure that the window glazing has no gaps between the glass and the wood frames.
Remember, when it comes to all of your Real Estate needs here in the great Maine Lakes Region, give us a call here at Maine Real Estate Choice at (207) 693-5800. You will be glad that you did!
Make it a great week and enjoy the fall foliage that remains!