October 16, 2008
Worried about home heating costs this winter? Join Co-op Power's home heating oil buying group!
Co-op Power and Greater Four Corners Action Coalition are creating a home heating oil cap service to ensure protection from unexpected price spikes this season. This service acts as a group insurance plan for Co-op Power members and Affiliate Members. Co-op Power membership fees vary, and you can become an Affiliate member for just $25 per year!
After months of research, Co-op Power has found the best way for members to get fair and stable prices for home heating oil. Instead of signing a pre-buy contract as in the past, a cap service would better benefit folks because prices are actually decreasing right now. Members in Co-op Power’s home heating oil buying group don’t want to be locked into a price that’s too high if the market price goes down, but are also concerned that prices may spike due to extreme weather conditions or other unanticipated events.
The cap service works similar to an insurance policy. Members would decide how many gallons of oil they want price protected (price is per gallon), pay the insurance, and buy oil as usual or discounted through one of Co-op Power's recommended vendors. If the cost of heating oil rises, the plan will pay you the difference so you can afford the higher rates. In addition, due to the bargaining power of many people coming together, Co-op Power has secured great deals on home heating oil.