Did you know more than half of the energy used in your home is accounted for heating and cooling expenses alone? The annual cost for the average American to heat and cool their home is consistently high, depending on various factors, such as type of HVAC equipment, as well as the size and quality of the dwelling. Your geographical location can also play a big part as well. The cost to heat and cool a standard one-bedroom condominium differs dramatically than that from a five bedroom home. The same comparison applies to the price of providing heating and cooling in northern states versus those located in the south.
Average Heating Costs
Heating costs have climbed to a record high in recent years, with oil burning appliances accounting for a majority of the costs. According to the New York Times, in 2012 the average American household heating their home by oil spent almost $2,500. That’s a big difference compared to the national annual average of $1,300 spent on homes heated with electricity, and just under $1,000 on homes heated with gas.
Average Cooling Costs
Today, over two-thirds of homes nationwide contain central air conditioning, including almost all of new housing structures. According to the Energy Information Administration (EIA), American homeowners spend more than twice as much money on heating than on cooling their homes.
According a recent Los Angeles Times article, the average American homeowner’s electric bill can run between $6.00-7.00 per day, when their air conditioning system is used the majority of the day with a thermostat set at 72 degrees.
The cost of cooling can fluctuate based on the age and condition of the system, the region, climate, electricity rate of the location, as well as the SEER (Seasonal Energy Efficiency Ratio) and EER (Energy Efficiency Ratio). The higher the SEER and EER rating the more efficient the system will be.