What To Do About the Rise in Energy Prices

NOCO is here to help

why energy prices change new yorkLittle is simple in this world, and energy costs aren’t.

It’s small comfort when you see your energy costs rising as the holidays approach. The unpredictability can make planning at this time of year difficult.

NOCO understands that and is here to help in any way we can. If you find yourself struggling to pay your energy bills, contact us before you fall behind and we’ll work with you to find a solution.

You can also find assistance through New York’s Home Energy Assistance Program (HEAP). There are contacts for HEAP in each county. Click here to find yours.

Energy pricing 101

As we’ve said before, how energy sources such as heating oil, propane, natural gas, and electricity are priced can be complicated, and can change on a dime. These are some of the factors that affect how much you pay for your energy this winter.

Supply and demand. Fluctuations in both supply and demand alter the price of commodities. When the winter is lengthy and harsh, costs will rise. Fuel charges are subject to a number of factors, including season and production levels among others. The shoulder seasons, which extend from late spring to early summer, are typically a wonderful time to fill your heating oil or propane tank since costs are typically lowest during these months. It’s also a great time of year to enroll in our pricing and payment options to get more control of your fuel costs.

Weather. When the weather is extremely cold, energy prices may rise. Extreme temperature fluctuations and bad weather can disrupt energy generation and distribution, resulting in a scarcity that raises prices.

Proximity of supply. The price of fuel is lower the closer you are to a major supply and distribution point.

Current events. Energy prices are unpredictable due to things like oil spills, pipeline malfunctions, ransomware attacks, political conflicts and turmoil all over the world, and the COVID-19 epidemic that has disrupted many industries in North America.

Market need. Customers will pay more for energy during the winter when it is most needed for home heating. Commercial propane usage increases during the summer months, as fuel-powered automobiles and equipment are used more frequently.

Have questions about your home energy costs? Contact us to learn more.