Is Heating Oil the cheapest home heating fuel still?

Is Heating Oil the cheapest home heating fuel still?

We recently, found an article lurking around the internet. It dates back to May 2020 when heating oil prices were 21ppl. It was an error on our part not to bring you this news item earlier in the year.

However, as the data is some 5 months old it still goes without saying that heating oil prices are low but about 25% higher than May.

Nevertheless, the message still holds good as other fuel prices have risen too and heating oil still remains the cheapest

Heating Oil is still the cheapest form of heat
Heating Oil is still the cheapest form of heat at the present time

The May figures were produced from the Sutherland Tables  who are a UK Independent data source for UK domestic heating costs. The figures were tweeted by UKIFDA and many heating oil distributors around the country.

Heating oil remains cheapest heating fuel

Accordingly, it confirmed one thing at that time and shows how heating oil remained by far the cheapest of all major home heating fuels. Since May 2020, 5 months have elapsed. Average heating oil prices have risen by approximately 5ppl to 26ppl and are still the cheapest form of heating.

By comparison, this time last year heating oil prices were 52.42ppl!

The cost of heating an average three bedroom home in Great Britain with an oil condensing boiler is only £808 per year.

Probably wishful thinking at the time it was stated that the overall price was going to reduce further as the oil price crash, caused by Covid-19, feeds into the figures. To a point it did , but heating oil prices did recover and the savings are still there to a great extent.

heating oil is the cheapest heating fuel
Heating oil is still the cheapest heating fuel

Costs Summary

The independent data in May 2020 shows that a 3-bed house with an oil boiler in Great Britain costs £808 a year compared to

  • £938 for a gas boiler
  • £1392 for air source heat pumps with underfloor heating
  • £1551 for LPG
  • £1819 for air source heat pump with radiators
  • £2084 for Electric

In addition, our figures at heatingoilshop.com now show that today’s heating oil prices (2/10/2020) are 48% cheaper than this time last year

Without doubt and at this specific time heating oil is the cheapest home heating fuel.

  • Cheaper than Mains Gas
  • Nearly half the price of LPG
  • Cheaper than electric storage heaters
  • Cheaper than than the best priced renewable heating option.

A word of caution, whenever you read this data, it could be out of date. The Oil Market is a very volatile market across the world. A number of events could change and render this piece useless.

However, the Oil Market continues to fall as we write in October 2020. But, the opportunity still exists to keep your heating fuel costs lower . 

Heatingoilshop.com for the lowest priced heating fuel

For current price trends, head on over to heatingoilshop.com and get multiple heating oil quotes from suppliers to your area.

Also check out our post on heating oil tanks and new legislation regarding heating oil boilers. Every heating oil user must be aware of the these changes in legislation and costs associated with heating oil spills and leakages.

the cat enjoying on a radiator heated by the cheapest heating fuel
….zzzz ah a nice warm radiator with heat provided by heating oil

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