Heat your home with natural gas? See how much lower your bill may be

With colder weather forewarning us of things to come, most are bracing for their home heating bills as fall turns to winter.

And while increased costs have taken a bite out of most consumers' wallets, there may be some good news for those that heat their homes with natural gas.

The US Energy Information Administration is predicting lower average natural gas bills for consumers this winter from November 1 to March 31 compared with last winter. 

The lower costs can be attributed mainly to lower natural gas prices. The wholesale U.S. natural gas spot price at the national benchmark started last winter heating season averaging $5.66 per thousand cubic feet in November. This November, prices are expected to be 45 percent lower than last year, averaging $3.12 per thousand cubic feet.

NiSource, which is an energy aggregator in the Valley, also said that Columbia Gas of Ohio natural gas residential customers may also see a decline in their bills.

Columbia Gas of Ohio is estimated to be 25-35 percent lower in contrast to this same period in 2022, depending on temperature ranges.

"With the costs of many everyday items continuing to rise, we know that every bit of savings can make a difference," said Vince Parisi, president and chief operating officer of Columbia Gas of Ohio. "The decrease in the cost of natural gas comes as good news, as we head into the winter months, when customers typically use more to heat their homes."

Columbia Gas also said that market prices are lower than last year due to increased production levels, lower exports due to softening European demand, and filling storage at substantially lower prices than in previous years.

Natural gas is the primary heating fuel for 46 percent of U.S. homes, according to the U.S. Census Bureau.

Despite the good news for natural gas homeowners, Stephanie Moore of Dominion Energy, said some homeowners who have already locked in a rate with a supplier probably will not reap the benefits, since their rates were lower when prices were high.