Heating costs are expected to plummet this winter

snowman beach sand

(Melissa Brawner/Flickr)

Heating will be cheaper this winter.

That's the projection from the Energy Information Administration, which said Americans will spend less this year compared to 2014, regardless of whether they use natural gas, propane, or heating oil. That's because prices for these fuels have fallen.

In its latest short-term energy outlook released Tuesday, the EIA projects that bills on homes that use heating oil will be about 25% cheaper compared to last year, and 10% less on natural gas.

Even if this winter turns out to be 10% colder than forecast, costs are still expected to drop 16% and 4% respectively.

Bills would be 17% less for natural gas, which heats nearly half of all American homes.

Residential electricity costs will, however, stay the same compared to last year.

The EIA's winter period covers October 1 through March 31.

Here's the breakdown by different fuel types; the upshot is that bills are likely to be cheaper across the board.

Screen Shot 2015 10 06 at 10.42.05 AM

(EIA)

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