Oil distribution trade association FPS (Federation of Petroleum Suppliers) say the price of heating oil has dropped to a ten year low for the 1.5m homes across the UK who currently use heating oil. Making it far cheaper than other forms of off grid energy like Electricity and LPG and even less than mains gas.
The last official figures by Sutherland Tables, an independent provider of comparative home heating costs for the most common fuels in the UK and Republic of Ireland said to heat a 3-bedroom home in Great Britain using an oil condensing boiler was £793 per annum compared to £1548 for an LPG condensing boiler and £1600 per annum if you use electricity to heat your home, whilst mains gas comes out at £1038 per year and with the price of oil dropping since these figures were released the annual cost of heating a home on oil will now be even less than these figures.
Chief Executive of the FPS Mark Askew comments: “It is great news for off grid homeowners and just as we are entering a cold spell we are urging people to stock up now before the weather gets too bad and our members have difficulty with deliveries due to the road conditions”.
Homeowners are typically seeing savings of up to 50% than the same time last year and there are lots of ways people can help make more savings, from buying their oil in fewer purchases as the majority of the cost of heating oil is in the delivery costs so it makes sense to order a larger amount. People should also speak to their local supplier about setting up a monthly budget account to help spread the cost of buying their oil.