Lock-In Heating Oil Price: Too Good to Be True?

image of key and lock depicting heating oil price plans

No one will contest the fact that home heating can be downright expensive, especially if you don’t take the proper steps to manage those expenses. Fortunately, there are ways to reduce your home heating costs without compromising comfort. This is especially true when it comes to using heating oil for your home. One aspect that many oil heat consumers question is whether or not a lock in heating oil price is the best route to take.

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Is Lock-In Heating Oil Price Worth It?

In this article, we discuss this in further detail.

Home Heating Oil Pricing Options

Generally speaking, there are three types home heating oil pricing options: market price, capped price, and lock-in heating oil rate. Below, you will find a little more information about these heating oil prices.

  • Market Price For Heating Oil: The market price for heating oil implies that your heating oil price fluctuates with the market. This, of course, is determined by the price of crude oil, seasonal demand, current supply, and more.
  • Lock-In Fuel Oil Price: The lock in heating oil price is fixed by your oil supplier for an entire season. This does not fluctuate regardless of the market price for oil at the time.
  • Capped Oil Price: This option basically offers the “best of both worlds”. Your heating oil price fluctuates with the market but will not exceed your capped price.

Which Oil Pricing Option Is Best For Me?

image of calculator with money depicting heating oil prices

Naturally, what works best for you may not work for another. However, a capped heating oil rate seems to be the most economical choice out of the three. When you join a capped-price program, there are no unpleasant surprises about fuel oil costs. You will never pay more per gallon than the capped price you sign up for. If the prices rise above your capped price, you still pay the capped price. Furthermore, if the daily market price drops below your capped price when you receive a delivery, you will pay the lower price. Having a capped rate is a win-win situation because no matter how the market fluctuates, you always pay the lowest price. This knowledge helps you budget fuel costs and gives you peace of mind.

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Why Not Opt For A Lock-In Fuel Oil Price?

A lock-in heating oil price is similar to a capped price in that you will not pay more than the price you are locked into for the season. However, you will never pay less than your lock-in price either. This is true even if the market price falls.

For example, let’s say you sign up for a heating oil lock-in rate and the daily market oil price goes down. You are stuck paying what you signed up for since your locked-in price does not go down with the dropping market price. Lock-in heating oil rates also come with a one-year contract and fee. If for any reason the contract is broken due to poor service or a bad pricing deal, the customer has to still pay the fee. For this reason, Tevis Energy does not offer a locked-in heating oil price, and recommends that consumers avoid them!


How Tevis Energy Can Help You Control Heating Costs

One of the best ways we can help you control home heating costs is through our TLC Protection Program.

What Is Our TLC Protection?

TLC Price Protection is an optional program that offers peace of mind during price volatility. If our market price is higher than your capped price, you ONLY pay the capped price! If our market price is lower than your cap, you pay the lower market price! Tevis Energy suggests that oil consumers avoid fixed or “locked” heating prices, which obligate you to one price all season, regardless of the market price. In many cases, that is not the most economical option and may end up costing the consumer more.


Additional Ways Tevis Energy Customers Save Money & Budget Fuel Costs

If the TLC Protection option is not right for you, we offer more options. This way, you can choose the best one to meet your needs and budget.

  • Monthly Payment Option – Instead of paying per delivery, most customers prefer our monthly payment option. This method of payment eliminates high delivery bills and spreads your estimated fuel costs into lower monthly payments. This option also pays you 1% interest on credit balances you accumulate during the season and can be customized to meet your needs. Enrollment is completely free.
  • Customer Referrals – One of the best ways to lower your heating cost remains our customer referral program. When someone you refer becomes a new automatic delivery oil or propane customer (250-gallon tank or larger) you and they will each receive a $50 account credit!
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Contact Tevis Energy For Your Home Heating Oil Needs

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Tevis Energy is a trustworthy HVAC company and heating oil delivery company that services central Maryland and southern Pennsylvania. Our company offers affordable and the most competitive heating oil prices in the area. Our goal is to provide you with excellent products and services. When you choose us to be your oil supplier, you can rest easy knowing that you will have correct and prompt heating oil deliveries at the best possible prices. Furthermore, we offer various heating oil delivery plans and financing options, as a way to customize your oil deliveries. Be sure to call us today to learn more.

Tevis Energy has certified and highly trained HVAC technicians to cater to all your heating and cooling needs. We guarantee that each of our techs has the experience, skills, and knowledge to provide excellent HVAC services. Our team can assist you with installations, repairs, maintenance, and much more. Our superior HVAC solutions always come at affordable costs.

Call us today to learn more about the products and services our company offers. We provide free, in-home estimates.

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