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moneysense.ca, 18/01/06
Soaring Home Heating Costs
It is very fortunate that we are having a milder-than-normal winter as the costs to heat our homes are soaring. The effective gas supply rate charged by Enbridge Gas (TSX: ENB) has risen to 41.19 ¢/M³ (effective Jan 1, 2006) from 29.47 ¢/M³, an increase of 40%. Enbridge advises that the increase would add $239 to the cost of heating a typical home.
The Federal Government is helping low income Canadians with payments of $125 to $250 under the Energy Cost Benefit program to cope with the higher bills. The payment will be made this month.
Relief may also be in the way due to plunging natural gas prices in the commodities market. After trading as high as $15 per million BTU as recently as Dec 13, 2005, natural gas spot is now trading below the $9 mark. Hopefully, our gas supply charge will be adjusted lower in the spring.
moneysense.ca, 18/01/06
About 2 years ago, we bought a wood-burning stove to heat our house because of our increasing energy bills. It has been great, I just load it up with logs and it heats the water and air in our house. It’s nice to be able to take hot showers all the time.
Of course, this alternative isn’t for everyone. For one it requires a plentiful source of wood. (We have 2-3 acres of woods). And it requires an initial investment of several thousand dollars. My dad did the cost analysis, so I can’t say for sure how long it would take to pay for yourself, but it was worth it to us. It can also be used in the spring or fall to heat our pool.
It’s a great alternative for people living in rural/suburban areas who have access to free wood.
*to pay for itself