It’s no surprise that New Jerseyans who heat their home with oil may be thinking of converting to a different home heating fuel to escape the stress of paying giant heating oil delivery bills next winter. That’s a valid worry, especially if we don’t see relief soon from our current shockingly high fuel prices.
Just remember, however, that the problem of high prices is not limited to heating oil. All energy sources have been affected. But if history is a guide, we can expect to see heating oil prices drop pretty significantly in the not-too-distant future.
During the Great Recession, crude oil prices dropped from a high of about $134 per barrel in June 2008 all the way to under $40 per barrel by February 2009.
While that may seem like a distant memory by now to many people, most of us clearly remember the shocking fall of crude oil prices during the early days of the pandemic.
In the Spring of 2020, when many of us were locked down and cooped up in our homes, crude oil prices had actually briefly fallen to negative $30 per barrel because demand for oil had hit rock bottom. Traders actually had to pay buyers to take oil! This was only a brief aberration, however, and since then, prices have been steadily rising as global demand went up before they skyrocketed due to the war in Ukraine. This sent shivers through the energy markets and beyond.
If you do decide to convert to another home heating fuel, be aware that the payback on energy savings could take much longer than you anticipate. That’s because the upfront cost to convert a heating fuel system alone can be expensive.
Plus, it really doesn’t benefit you to switch to a less efficient fuel when heating oil can keep you warm even on the coldest of nights. Read more.
Heating oil generates a very high number of Btu’s of heat energy per gallon, so it will warm your New Jersey home reliably—and more evenly.
Modern, efficient heating oil systems in well-insulated homes can help homeowners achieve the same amount of warmth while using much less fuel. This results in huge savings and reduces fuel consumption considerably.
And keep this in mind if you are ever on the fence when it comes to switching fuels. When it comes to efficiency, heating oil systems are no different than any other outdated heating system, regardless of the fuel used. Old furnaces and boilers can generate higher-than-necessary fuel bills, but they can be easily replaced with equipment that incorporates today’s new heating oil technology.
And with the availability of New Jersey heating oil equipment rebates, it is easier than ever to cut your fuel costs and save even more by upgrading to the best heating oil system available.
Full-service heating oil companies in New Jersey and other states are embracing Bioheat fuel, mostly beginning with B5 blends (5% biodiesel) and increasing from there. Each increase in the percentage of Bioheat fuel in the blend results in even greater energy efficiency and lower emissions.
Heating oil companies in New Jersey, along with the entire industry, have committed to adopting even higher blends in the not-too-distant future. This includes achieving industry-wide blends of B20 by 2023, B50 by 2030, and a 100% Bioheat fuel by 2050, which will result in net-zero carbon emissions! Bioheat fuel is a big reason that homeowners in New Jersey can look forward to a long, comfortable and fuel-efficient future as heating oil customers.