Heating Oil Becomes More Competitive, Claims OFTEC
27th June 2012
The latest independent energy cost comparisons, show how the price of oil has become more competitive over the last four years, claims The Oil Firing Technical Association (OFTEC).
According to recent data provided by Sutherland Tables, the price gap between oil and mains gas has narrowed from 48% in the first quarter of 2008 to 37% in 2012. According to OFTEC, there is now very little difference between the price of heating an average three bedroom home with oil, electricity or wood pellets.
The results coincide with the announcement by the Department of Energy and Climate Change (DECC) that the number of fuel poor households in the UK fell to 4.75m in 2010, from 5.5m in 2009. The DECC report says that improvements in the energy efficiency of the housing stock and installations of energy efficient boilers (32% of households had condensing boilers in 2010 compared with 24% in 2009) enabled households to heat their home with less energy. There was also little change in prices for domestic energy between 2009 and 2010.
Commenting on the figures, OFTEC Director General Jeremy Hawksley said, "Oil is still one of the most competitive fuels for off gas main properties in rural areas, and it's reassuring that the move towards condensing boilers has helped contribute to a reduction in fuel poverty."
LPG remains the most expensive fuel for off gas main customers, costing £1929 per annum to provide heating and hot water for an average three bedroom house. In 2008 oil was 19% cheaper than LPG, whereas it's now 27% cheaper, costing just £1408 to heat an average three bedroom home.
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Article Last Updated 27th June 2012