Find in-season and off-season pricing for heating fuels, including heating oil, propane and wood price surveys by DOER. Links to electric and natural gas rates also available here.

Heating oil price in the United States has peaked in winter 2022/23 at 4.31 U.S. dollars per gallon and has decreased ever since. Heating oil is a liquid petroleum product that is, among other things, used in residential buildings as a fuel oil in furnaces or boilers. Chemically, most heating oils are similar to motor diesel fuels and are often sold interchangeably. Forecast heating price in the U.S. The average price of heating oil in the United States in the winter of 2024/25 is expected to reach 3.44 U.S. dollars per gallon. Energy prices are projected to see a decrease this winter, because of increased production of heating fuels. The number of heating degree days, which are the days in which the average temperature is below 18 degrees Celsius (65 degrees Fahrenheit), also helps quantify the energy demand required to heat a building. What determines heating oil price? Generally, heating oil prices are collected during the heating season between October and March. In the U.S., the greatest determining factor for heating oil prices is the WTI crude oil price. Consumers can lower heating oil bills by considering when they purchase, reducing consumption, and through government assistance programs.

Heating Oil rose to 2.41 USD/Gal on July 4, 2025, up 1.79% from the previous day. Over the past month, Heating Oil's price has risen 15.13%, but it is still 8.03% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on July of 2025.

Interactive chart showing the monthly closing price for No. 2 Heating Oil: New York Harbor since 1986. The prices shown are in U.S. dollars.

Estimate of energy prices for heating fuels for the 2024/25 Winter Heating Season

Graph and download economic data for Consumer Price Index for All Urban Consumers: Transportation Commodities Less Motor Fuel in Boston-Cambridge-Newton, MA-NH (CBSA) (CUURA103SATCLTB) from Jan 2010 to May 2025 about Boston, ME, NH, CT, fuels, MA, transportation, urban, consumer, CPI, commodities, inflation, price index, indexes, price, and USA.

1.423.860,0 (billion Btu) in 2017. Consumption of primary energy. (Energy sources that are produced from other energy sources, e.g., coal coke from coal, are included in Primary Energy Consumption only if their energy content has not already been included as part of the original energy source. Thus, U.S. Primary Energy Consumption does include net imports of coal coke, but not the coal coke produced from domestic coal.) The Energy Information Administration includes the following in U.S. Primary Energy Consumption: coal consumption; coal coke net imports; petroleum consumption (petroleum products supplied, including natural gas plant liquids and crude oil burned as fuel); dry natural gas excluding supplemental gaseous fuels consumption; nuclear electricity net generation (converted to Btu using the nuclear plants heat rate); conventional hydroelectricity net generation (converted to Btu using the fossil-fueled plants heat rate); geothermal electricity net generation (converted to Btu using the geothermal plants heat rate), and geothermal heat pump energy and geothermal direct use energy; solar thermal and photovoltaic electricity net generation (converted to Btu using the fossil-fueled plants heat rate), and solar thermal direct use energy; wind electricity net generation (converted to Btu using the fossil-fueled plants heat rate); wood and wood-derived fuels consumption; biomass waste consumption; fuel ethanol and biodiesel consumption; losses and co-products from the production of fuel ethanol and biodiesel; and electricity net imports (converted to Btu using the electricity heat content of 3,412 Btu per kilowatthour).

Hawaii is the state with the highest household electricity price in the United States. In September 2024, the average retail price of electricity for Hawaiian residences amounted to 41.27 U.S. cents per kilowatt-hour. California followed in second, with 30.221 U.S. cents per kilowatt-hour. Meanwhile, Utah registered the lowest price in the period, at around 11.4 U.S. cents per kilowatt-hour. Why is electricity so expensive in Hawaii? Fossil fuels, and specifically oil, account for approximately 80 percent of Hawaii’s electricity mix, so the electricity price in this state can be roughly brought down to the price of oil in the country. Oil was by far the most expensive fossil fuel used for electricity generation in the country. As Hawaii depends on oil imports, the cost of transportation and infrastructure must be added to the oil price. Electricity prices worldwide The U.S. retail price for electricity increased almost every year since 1990. In 2023, it stood at 12.7 U.S. cents per kilowatt-hour, almost double the charge put on electricity back in 1990. However, household electricity prices are around 25 U.S. dollar cents per kilowatt-hour lower in the U.S. when compared to European countries reliant on energy imports, such as Germany and Italy.

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Commercial Water Heaters Market Size 2024-2028

The commercial water heaters market size is forecast to increase by USD 2.62 billion at a CAGR of 4.36% between 2023 and 2028.

The commercial water heater market is experiencing significant growth, driven by increasing demand from the hospitality sector, particularly in regions with a high tourist population. Additionally, there is a rising trend towards energy efficiency in commercial buildings, leading to increased initiatives for the installation of energy-efficient water heating systems.
However, the high installation and maintenance costs associated with commercial water heaters can be a challenge for market growth. To mitigate this, manufacturers are focusing on developing cost-effective and energy-efficient solutions, such as tankless water heaters and heat pump water heaters. Furthermore, government regulations and incentives are also driving the adoption of energy-efficient water heating systems in commercial buildings. Overall, the commercial water heater market is expected to continue growing, driven by these trends and the increasing demand for hot water in various industries.

What will be the Commercial Water Heaters Market Size During the Forecast Period?

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The market is driven by the increasing demand for hot water in various industries, including healthcare, hotels, restaurants, and manufacturing facilities. The market is segmented based on energy sources, with oil, electricity, solar, and renewable sources being the major categories. Corporate places are increasingly adopting energy-efficient and sustainable solutions to reduce their carbon footprint and mitigate the impact of energy crises. Renewable water sources, such as solar and heat pumps, are gaining popularity due to their ability to reduce CO2 emissions.
Additionally, technologically advanced solutions, such as heat recovery systems and smart water heaters, are also gaining traction due to their energy efficiency and cost savings. Incentives from governments and regulatory bodies are further boosting the market growth. The market is expected to grow at a significant rate, with Massachusetts being a key market due to its stringent energy efficiency regulations. The market is expected to remain competitive, with key players focusing on product innovation and energy efficiency to gain a competitive edge.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Electric water heater
  Gas water heater
  Solar water heater


Distribution Channel

  Offline
  Online


Geography

  APAC

    China
    India
    Japan


  Europe

    Germany


  North America

    US


  South America



  Middle East and Africa

By Type Insights

The electric water heater segment is estimated to witness significant growth during the forecast period.

Commercial water heating systems play a crucial role in various industries, including healthcare, hotels, restaurants, and corporate places. The energy source for these systems has been traditionally derived from oil and electricity. However, there is a growing trend towards the adoption of renewable sources such as solar, heat pumps, and biofuels to reduce reliance on fossil fuels and mitigate the energy crisis. Rinnai Corporation, among others, offers dual fuel heaters that use both electricity and gas, providing flexibility in fuel type and enhancing energy efficiency. Moreover, energy-efficient heaters, such as condensing and heat pump heaters, have gained popularity due to their high heat recovery factor and low CO2 emission.

Additionally, institutes, offices, salons, SPAs, cafes, schools, and colleges are increasingly investing in energy-efficient water heating solutions to improve building energy performance and reduce energy consumption. The Massachusetts legislature, for instance, mandates that all new commercial buildings must meet certain energy efficiency standards. Heat pumps, a type of renewable energy technology, are gaining traction as an alternative to traditional water heating systems. These systems use electricity to transfer heat from the ambient air or water to the water in the tank, making them an eco-friendly and cost-effective option for commercial establishments. The energy performance of these systems is influenced by factors such as insulation, power capacity, and storage capacity.

In conclusion, the commercial water heater market is witnessing significant growth due to the increasing demand for energy-efficient and renewable energy-based heating solutions. companies are focusing on developing innovative products that cater to the diverse needs of various industries