Gas or Electric: What Do You Choose for Your Home Heating?

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With the changing seasons comes the need for adjustments. There are many ways to reduce your energy bills and save money during the summer months, but there are even more ways to do it in the cooler months. One of the best ways to save money and reduce your energy bills is to simply adjust your thermostat.

The days of winter heating bills are coming to an end, but that doesn’t mean that the price of heat is also coming down. The cost of energy, both gas and electricity is steadily rising and is a significant cost in most household budgets. However, we can still try to cut costs where we can. We can save on our energy bills by being better consumers, making smarter choices about where we heat our home and looking into how we can reduce energy usage in our homes.

Gas or Electric: What Do You Choose for Your Home Heating?

The Cost of Gas

Because of the expense of natural gas vs. electricity, some people are confused whether option is genuinely cheaper. Some individuals feel that gas is the most cost-effective alternative, while others say that electricity is. But what do the numbers say?

Last winter, the Executive Office of Energy and Environmental Affairs estimated that electric heating would be less expensive than natural gas heating. This is the complete reversal of what some had projected based on prior trends.

Due to shifting fuel prices, it might be difficult to predict a long-term winner when it comes to fuel expenditures for heating your home. However, saying that electric is the most cost-effective alternative only on the basis of last year’s gasoline costs might be a mistake, as there are other factors to consider.

Equipment Prices

Gas furnaces last 15 to 18 years, according to Consumer Reports, and the typical cost of a gas furnace system is around $3,000. However, because installation costs aren’t included in this figure, doubling it isn’t unreasonable, especially if you don’t search around for the best equipment and labour pricing. Many people are in a hurry to replace their home heating systems and are willing to pay a higher price in order to have a more comfortable home.

Electric furnaces, on the other hand, have a 20 to 30 year lifetime and cost around $500. Electric furnaces are also easier to install, resulting in decreased installation costs. However, keep in mind that the price of each system varies significantly based on the manufacturer and the size of the unit needed for your home’s square footage.

Repairing and Maintenance Costs

Your heating system may require maintenance or repairs after a few years. The average cost of repairing a heating system is around $300, but it may be as little as $50 or as high as $800 or more, depending on the status of your system.

However, that isn’t the only consideration. Consider whether or not you can have your furnace serviced before making a purchase. Consumers typically overlook this side of the equation, only to be frustrated later when they are unable to get components or identify someone to resolve a problem.

So, which is more cost-effective: gas or electricity when it comes to heating your home? In general, the answer is yes, but you must consider your own circumstances as well as the conditions listed above.

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