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Locking in a price for fuel oil

MOXJO7282

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I was just offered $3.99 to lock in for one year. I have until Oct 16th before my current one runs out so there is no urgency. There seems to be a downward trend at the moment but its anyone's guess which way it will go.

Anyone else check fuel oil lock-ins lately?

Regards.
Joe
 

Brett

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I was just offered $3.99 to lock in for one year. I have until Oct 16th before my current one runs out so there is no urgency. There seems to be a downward trend at the moment but its anyone's guess which way it will go.
Anyone else check fuel oil lock-ins lately?
Regards.
Joe

I am a "spot" buyer of fuel oil and last winter I used the electric space heater more than ever. The Wall St Journal had an article today on changing from oil to natural gas -
http://online.wsj.com/article/SB121857947223634747.html?mod=PersonalFinance99_1

I may be one of those heat pump enthusiasts soon
 

Patri

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We'd like to get out of natural gas heating if there was another alternative. The price was bad last year and I believe will be worse this winter.
 

vacationhopeful

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House was converted from oil to natural gas twenty years ago. But I have already brought my electric space heaters as $525 per month to heat house with gas is TOO much.

Electric will be real cheap - I am going to be warm.:D

I put 10K of solar panels on my roof in April. My last month's electric bill was 65 cents and 1456 credit on KWH. Thank you NJ for my solar grant money. Thanks also to the Feds for my $2000 tax credit.

Look at geothermal heat pumps - my sis is replacing her 15 yo heat pump with that soon. My other sis is putting 4.7K solar on her roof this week (is supposed to be done today). My neighbor, the engineer, is doing both between this fall and spring.

Still driving my 1989 Olds - rather be warm in the winter and cool in the summer.:wave:
 

susieq

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$3.99 a gallon is a good price for oil. I check the price everyday, same price as ours, but they don't offer contracts so far this year, (maybe because we locked in at $2.49 last year, and the price went up to $4.69.........). We had windows, doors, siding & a new roof put on last summer - and we only used about 300 gal. of oil. Had about 50 gal left on our contract come May ~ better believe I called the oil company & told them to deliver that last 50 gal.!! :D

I keep watching everyday, hoping they'll offer the contracts..... If you can wait a little bit, I think I would, I'm hearing it may come down a little more. Hope so!! :whoopie:
 

macko420

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Just checked with our supplier today and the price was $3.50/gal. Also said it might drop tomorrow..........
 

vacationhopeful

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Just do a couple of web searches. Home Depot is connected to solar contractors. NJ, my home state, has a very big solar and renewal energy section on its state web pages - your state might also.

Several years ago, NJ was "granting" up to 70% of the cost of installing solar panels on homes and businesses in NJ. I got on a waiting list for 15 months and was in the last of the waiting list for a 50% grant. People on the list two weeks after me only would be 30-35% grant money. In Jan 08, NJ governor stopped the grant program, even though it was basicly funded by surcharges on the electric bills. You can't believe how happy I was to GET FREE money from the state - absolutely, no income qualifications, no assets limits - just a required review by state engineers that your "project" met specs for good solar generations. Plus, state engineers inspected your project when finished (got up on my roof, check installed to original specs, check "angles" and sun rotation, etc).

But the utility companies in NJ are being squeezed with growing demand and very long lead time for "electric generation plant" licensing. PSE&G has offered ZERO percent financing for solar projects if the applicant agrees to "sell" their SRECs (solar renewable energy credits) to PSE&G for a floor price of $425 per SREC. I have a 10KW system, but my SREC state calculated SREC number should be around 13. So, yearly I get a cash check from a state run auction of 13*(the bid) ... has been around $225 to $275. (Say 13*250=$3250 from the buyer of my 13 SRECs). PSE&G is putting the floor value up to $425 (So 13*$425=$5525) to pay off the 0 interest loan. Also, NJ has a requirement that the electric generators here have to produce a % of their electric from renewal sources==> which is why the state run auction is held and has created this SREC thing. I still get my "free" electric, the GRID is my battery storage "device" and my meter runs backwards when my panels are pumping out electric over my usage.

NJ has 4 different nuclear units - 1 at Oyster Creek (operated by Central Jersey Power & Light) and 3 units at Salem/Hope Creek by operated by PSE&G. PSE&G definitely is pushing solar generation according to employees who are WORK at the nuclear plants; I believe PSE&G have a web site also.

All the above programs are NJ based and for NJ residents. Sorry, but only CA leads the country in solar ahead of NJ.

This technology is growing up. I have 2 inventer units in my basement - they run themselves. When I remember, I go down and read if my "legs" are about the right on generation load. The units power down at dusk, reset themselves it something happens (very near lightening hit) and are quiet. If the techy stuff upgrades with better stuff, I still have the basic system installed ==> should be a plug & play, as the technology upgrades, will be in the PV panels ... but the PV panel life is 10-15 years.

Payback at the old electric rates and $250 SREC value, about 8 yr.

Payback at 10% electric rate increases and $425 SREC value, about 5.2yr.
 

Moosie

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I just locked in 900 gal at $4.599. I'll be home a lot this winter, I'll be going in for surgery end of Oct and will be home bound for 6-8 wks. I told my husband, I'll keep the temp way down during the day and will probably spend most of the day in bed with good books and the electric blanket keeping me warm.

I also may try and do some thermal curtains, shades or whatever I have time to do before the surgery. We have a lot of glass and except for our bedroom none have any window coverings.

As we went out last night during a downpour we hoped that winter doses not mimick summer with all the rain, which of coyrse will mean snow in the next couple of months. Going to be a bad, bad winter if it does.

those $3.99 prices sure look good.
 

Hoc

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Just wondering. If you think fuel prices will go up over the next year or so, maybe it's not a bad idea to hedge by buying oil futures. If fuel goes up, you make money on your investment, thus offsetting the cost of gas at the pump and in the home. If fuel goes down, well, you lose money on the futures, but you get most of it back in gas savings at the pump and in the home.
 
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