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Natural gas prices could be going up 40 percent as early as April 1st. Enbridge has applied to Ontario’s regulator to increase rates. Just to put this in perspective — natural gas rates have double in price in the last 10 years. So when it comes to heating your home, what are some ways to save money?
Well it’s fair to say most people heat their home with a furnace — most of them are gas, some oil, others propane. But even though natural gas prices may be going up, many say gas furnaces are still the most efficient. So how to get the most bang for your buck?
The energy rating on this furnace say 97.5 — but what exactly does that mean?
Scott Shipton of Shipton’s Heating and Cooling: “It’s up to 98% efficient — for every dollars worth of gas that you`re putting into the furnace, you`re getting 98 cents of that dollar heating the house.”
And wasting the other two cents. So the higher the energy guide — the less money you`re throwing out.
“The more efficient — the less gas and less hydro you will use. Maintaining your furnace as well — so if you are not ready to purchase one at this time, just having us out to do a cleaning, tune up on it, make sure it’s running as efficiently as possible.”
Obviously the type of furnace you own can help reduce your energy bill — but also when you use it and how you use it can help too.
“Programmable thermostats save you money on gas as well. You can pre-set it so you have every day of the week and you can set it back for when you are not home so you are not using as much gas.”
Energy efficient furnaces can cost anywhere from 35 to 55-hundred dollars. But is it worth it?
“It’s 5-years old — energy efficient furnace — it’s still young. (Have you noticed it’s better on your bills?) I do notice it’s better but I do notice it’s already gone up this year — probably because of the winter we’ve had.”
And paying more is obviously something nobody wants to do.
“I think it’s too much. 40 percent is a heck of a wallop.”
“I haven’t scene any increase yet but I won’t be surprised if there is one.”
If the rate hike does kick in next month, it will cost the average home owner around 400 dollars more a year. Those price hikes are not a done deal yet — they must still be approved by the Ontario Energy Board, which regulates the price.
Now Enbridge is not the only gas company applying to raise rates — Union Gas will also ask for an increase.
And gas providers aren’t the only ones raising rates — most propane and oil customers have already seen a price hike this winter.
