National Grid says the average five-month home heating bill will be around $943 over the winter, which runs from November 1 to March 31.
It’s a steep increase over last year.
The increase represents a $263 higher cost to heat homes this winter, or 39% spike.
This comes after a 30% increase in 2021 to home heating bills. So, for the two year period between 2020 and 2022 – the cost to stay warm will be nearly 60% higher.
Natural gas prices are the highest they’ve been since 2006, according to National Grid, who said that wholesale prices are what’s driving the increase.
“We haven’t seen prices that high since the shale revolution,” Juan Alvarado, director of energy analysis with the American Gas Association said on a conference call this week.
As for electricity – that’s another flashpoint for consumers. National Grid expects electric costs to be about 22% higher for consumers or $23 per month.
How much will it cost altogether?
Well, National Grid anticipates that the average monthly gas and electric bill will be approximately $75 higher than in 2021.
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