According to the latest industry figures heating oil prices have fallen further, with oil now 13% cheaper than mains gas to heat the average home.
The Sutherland Tables, a recognised independent source of data on comparative UK domestic heating prices, shows that oil is now by far the cheapest of all the major heating fuels, costing just £930 a year to heat an average three bedroom home in Great Britain. This compares to an annual heating bill of £1072 for the same home on mains gas, the second cheapest option.
Comparing the equivalent heating costs for LPG and electric storage heaters – the other main heating methods used by off gas grid households – and oil remains vastly cheaper, currently coming in at 42.5% less expensive than LPG and 42% cheaper than electricity.
Most experts agree that oil prices will remain low for some time. Sales of oil condensing boilers were up by 7% in the first quarter of this year compared to 2014.
OFTEC director general, Jeremy Hawksley (pictured), said: 'Oil prices have now fallen to their lowest point since autumn 2009 and are currently over £500 cheaper than when prices peaked in the early summer of 2013. This is great news for the industry and the UK’s 1.5 million oil using households.'
He added: 'With prices forecast to remain low for the foreseeable future, we anticipate many households currently using LPG and electricity will consider a switch to oil. Making the change could save LPG users around £700 per year – or over £1,000 if their boiler is a standard efficiency model. Even allowing for the cost of a new oil boiler and tank, the move would provide considerable savings over the lifespan of the installation.'
Plumbing and heating installers see the drive to reduce emissions as an opportunity, and are optimistic about the short and long-term future of their businesses, according to new research released today....
High efficiency CIAT heat pumps have been chosen to power a major 8.8MW river-source renewable energy project in the South of England to help produce more fruit. CIAT is part of Carrier Global Corporation, the global provider of healthy, safe, ...