No matter which fuel we choose to heat our homes, the prices of all fuels continuously fluctuate. Spikes and price drops can arrive totally unexpectedly, triggered by surges in demand, political unrest and even weather conditions. Since 2014, however, home heating oil prices have dropped significantly; in January 2016, the price was at around 25 per cent less than in the same month a year earlier.
This means that using heating oil to keep our homes warm this winter remains one of the cheapest options. These prices won’t necessarily stay low forever, though, and the recent announcement by OPEC of a cut in oil production is likely to lead to a slight increase. Switching your method of central heating every few months isn’t an option, though. The best way to save money in the long term, then, is to make sure that our oil boilers are as efficient as possible.
Fortunately for all of us, consumer protection group Which? recently released a new report into boilers, ranking them by efficiency. Grant Vortex gas boilers have long been awarded the top ‘Best Buy’ award by Which? – a title that they held this year. However, for the first time ever, they were joined by the Worcester Bosch Greenstar range of oil boilers. The Greenstar is the only range of oil boilers on the market to receive the ‘Best Buy’ label thus far.
Which?’s reports are based on the opinions and thoughts of homeowners and engineers. These groups, according to the report, gave the Greenstar range a score 15 per cent higher than its nearest competitor. Breaking down the numbers, this translates into a five-star ranking in three of four categories. The report concludes that the Greenstar is “simply the best oil boiler around”.
The potential savings from home heating oil prices are increased by the fact that oil is one of the most efficient fuels around. In practice, this means that you are guaranteed an impressive return on every unit of energy spent. Modern boilers with condensing mechanisms capture hot flue gases lost in traditional boilers. This allows the devices to deliver efficiency of up to 90 per cent.
For more money-saving tips and information on trends in home heating oil prices, check out the other informative articles in our blog.