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YOUR MONEY with Mark: How high is your heating bill expected to rise this winter?

Financial Advisor Mark Grywacheski got into data Monday, Oct. 25.

DAVENPORT, Iowa — Home heating costs are expected to increase across the board this winter season, which is defined from October-March.

In the US, 50% of all homes use natural gas, according to Financial Advisor Mark Grywacheski. Since Jan. 1, natural gas prices have risen by more than 100% and are at a 7-year high. Just a few weeks ago, natural gas prices were at a 13-year high. 

"Under normal winter temperatures, if you use natural gas, your heating bill is expected to increase by 30% from last winter," he said Monday, Oct. 25. "If we get a much colder winter, your heating bill will increase by a lot more. If this winter’s temperature is just 10% colder, your heating bill this year is expected to increase by 50%."

If you’re one of the people that heat your home by propane, you can expect your winter heating bills to increase by at least 54%, according to Grywacheski. If we get a cold winter, your heating costs will be 94% higher than last year. 

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