BDC

Oil Remains Least Expensive Heating Fuel For UK Homes

Oil is still the cheapest fuel used to heat homes, according to new industry figures.

The statistics complied from the Sutherland Tables indicates that although heating oil prices have slightly increased since the start of the year, the average yearly cost of using oil to heat homes has gone down once more.

These latest figures provide good news for both home owners and the oil heating industry.

The most recent quarterly data from the Sutherland Tables, an independent source for comparing domestic heat prices in the UK, shows that oil is still the least expensive major home heating fuel by some distance.

With an oil condensing boiler, it now costs just £690 to heat an average three bedroom UK home for a year.

That is 31% cheaper than main gas, which works out as the second cheapest option at a price of £1,007 per year.

Meanwhile, oil works out at 52% cheaper than an LPG condensing boiler (£1,448 per year) and 56% cheaper than electric storage heaters (£1,588 per year).

The Tables also show that oil condensing boilers are considerably less expensive to run in comparison with renewable heating options.

In every quarter for the past three years, the average yearly heating cost for oil users is decreasing with an increase in consumer confidence.

This has been reflected by the rise of boiler sales, which for the first quarter of 2016, are at their highest sales rate for almost 10 years.

Jeremy Hawksley, OFTEC Director General, says that the industry has enjoyed sustained growth periods in sales thanks to three years of falling oil heating costs.

Mr Hawksley said that as a consequence, oil condensing boiler sales have reached their highest level in just under 10 years, while receiving more and more enquiries from Gas Safe technicians who want to go into the oil market.

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BDC 299 December 2022