While rising gas prices at the pump have many economists worried about the effect this development will have on your wallet, recent reports indicate that many Americans have been spending less to heat their homes this winter.
Due to unusually mild winter temperatures, Baltimore Gas and Electric (BGE), which delivers energy to residents of Central Maryland, indicates that consumers in the area have saved between $100 and $200 on their home heating so far this season, The Associated Press reports.
According to research by the utility provider and cited by the AP, area residents will save nearly 20 percent on their home heating costs this winter, due in part to the warm weather and falling natural gas and electricity prices. As such, individuals who wisely invested in new manual thermostats, electric heaters and other winter energy saving devices can likely expect to net even more savings.
In total, BGE estimates that central Maryland residents who use natural gas heat will have spent an average of $480 on their utility bills from November 1 to March 31. This figure is predicted to be roughly $100 less than the average the agency assessed during this period one year ago.
Similarly, central Maryland residents who use electric heat are expected to have spent just over $1,000 by the end of this month, down from the roughly $1,200 they spent the year before.
However, while this savings can be used to help these individuals afford an unexpected weekend getaway or new electronics purchase, it may be better allocated toward a smart investment. For example, with the warm winter behind us, all Americans may be facing warmer summer months than last year.
As such, area residents who use this added savings to obtain low-cost home cooling devices from trusted online providers may be able to ensure that their savings continue through to next winter.
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