The price of oil has risen by 33% in the last twelve months from $57 a barrel in November 2017 to $86 in October 2018. For British consumers this means that a litre of heating oil now costs around 55p+VAT. Tie this expensive oil price in with the ever-decreasing efficiency of an aging oil boiler and fuel oil users are faced with exceptionally high running costs leading into a period where demand will be at its highest.
All signs point to these gradual increases continuing into the winter months as potential further unrest in the oil-producing states of the Middle East combine with the normal seasonal inflation of fuel oil prices as the suppliers cash in on increase demand.
Further to the financial impact of these increases are the environmental pressures currently being placed on the planet and the immediate need to slow down the ever-increasing global temperatures. Reducing reliance on oil is a major step towards limiting climate change.
It is not all bad news though. By moving away from oil as a heat source you will see a significant reduction in running costs, be eligible for generous Government subsidy and replacing an oil boiler with a renewable solution can reduce your property's carbon footprint by about 70%. So the planet will win as well as your back pocket.
To see how you can avoid the high cost of oil and be paid for it, please contact us or call 01293 821 345.