According to the latest analysis of central heating/hot water costs the price gap between oil and gas has narrowed significantly compared to 12 months ago.
The cost of providing gas heating/hot water for an average three bedroom home has risen by 7% since last year, whereas the price of home heating oil has only experienced a 2% increase, according to the latest information from Sutherland Tables.
“This is excellent news for home heating oil customers,” said OFTEC director general Jeremy Hawksley. “With a much smaller gap between oil and gas prices, rural households that use oil are not at such a disadvantage.”
The cost of oil heating now stands at around £1294 per annum, which is 33% cheaper than off grid rival LPG and 11% cheaper than electric heating. Oil is also 5% cheaper than an air source heat pump system supplying radiators. The cost of using gas for heating/hot water is just over £1079 per annum.
As part of their Oilsave campaign, OFTEC is urging householders to save money on their fuel bills by upgrading their controls, and switching from conventional to condensing boilers. The latest figures show that replacing an old boiler with a high efficiency condensing one can reduce fuel bills by almost 20% and significantly reduce carbon emissions.