11.12.2007 2:25 PM

Worried about Record High Heating Oil Prices?

You don't have to go bankrupt trying to stay warm

It definitely pays to give a thought to your here and thermostat, since most households shell out 50 to 70% of their energy budgets on heating and cooling. For every degree you lower the thermostat, you'll save between 1 and 3% of your heating bill. Do the same thing in reverse with air conditioning.

Photo: Duc Do / Istock

By Brian Clark Howard

For the first time, prices for home heating oil have surpassed $3 a gallon, setting a record that has many homeowners in the Northeast worried about being able to pay their bills this winter.

Families are expected to pay a record $1,841 on average from October through March, up 25.6% from last year and more than double from four years ago. Maine is expected to be the hardest hit, where 80 percent of homes are dependent on liquid fossil fuels, and where the winters can be notoriously brutal.

What can you do to avoid breaking the bank this winter? There are some simple steps you can take to improve your home's energy efficiency. In the long run, you may want to invest in new, high efficiency windows, storm doors and better insulation. You may want to save up for more efficient natural gas, or better yet, ultra-clean geothermal energy or radiant floor heating. But you don't have to invest thousands in order to start slashing those heating bills.

Click here for 5 easy ways to save money on oil this winter.

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