CROMWELL, Conn. (WTNH) — The cold weather is on our doorstep and if you haven’t turned your heat on yet, you may be thinking about how much you’ll be paying when you do. We found out everything you need to know about choosing a new oil company and deciding whether to lock into a fixed-price contract.
It’s November and before long it’ll look snowy and white outside and the temperature will drop dramatically. It’s why homeowners are thinking about how they’ll heat their houses, if they should lock into an oil price or let the market ride.
Chris Herb, the President of the CT Energy Marketers Association, says don’t lock into a price expecting to save money.
“So, don’t guess markets because if you’re like me, you’ll always guess wrong. So, do what’s in the best interest of your family. If that lock-in price works for you, do it,” Herb said.
It also pays to be consistent. Whatever you do this year, make it a long-term habit.
“Over a 10-year period, if you’re consistently buying, you’re not going to have that year where you pick wrong and have a significant loss. It’ll cost average out over the long-run. So be consistent in your buying and you will make out the best in the long-run,” Herb added.
Here’s something to keep in mind when choosing an oil company: Make sure they’re registered with the Department of Consumer Protection. If they’re not, Herb says don’t buy your fuel from them.
The company should also have proper insurance to cover themselves and the customer. Something else to keep in mind, starting today, pay in advance contract are prohibited. It’s Illegal to even offer it. So if you’re working with a business who does, consider that a red flag.