Households using natural gas for heat should expect to pay $161 more than last year over the heating season, and households using propane and fuel oil should expect to pay over $500 more. Meanwhile, households with electric heat pumps can only expect to pay $21 more– just 13% of the cost increase gas heated homes will face.
Over the past two decades, modern electric heat pumps would have supplied 38% lower bill volatility than fossil fuels for home heating, and electric vehicles would have cut driving bill volatility by 88%.
Compared to last year, average monthly driving costs are expected to be $118 higher for households driving gasoline vehicles, while only $4 higher for those with electric vehicles.