WATERBURY, Vt. -- Along with the temperature, oil prices have also plummeted in recent months. The average price for heating fuel has dropped by about 40 percent since the summer. The state's public service department said at the beginning of July, heating oil averaged $4.65 a gallon. As of the first of December, the average sits at $2.87 a gallon, according to the state.

Heating Your Home May Not Break The Bank

Customers who didn't lock in their heating prices said the drop is a winning situation. "This is great, actually for a lot of things. It's sort of offsetting everything else that's going wrong," said Brian Harwood. He said he could see hundreds of dollars in savings if the price of oil continues to stay low.

"This is about the first time in 12 years that I've been in the industry that it's actually taking such a large drop. "Folks are like Wow, this is great. This is super. I'm glad to see it," said Larry Miller of Bourne's Heating Fuels and Service.

Over the summer, when the price of oil surged, a record number of people turned to natural gas in Vermont. "The calls have slowed down. Earlier in the summer, we were experiencing four times the number of calls of inquiries looking to convert over," said Jim Condos of Vermont Gas.

Condos said much of the slowdown is due to the time of year. He said summer is typically their busier season. He added customers can likely expect to see more savings come January. Vermont Gas has filed for a 7.2 percent rate decrease with state regulators, to go into effect Jan. 22. He said it's a result of the wholesale cost of gas coming down.