With cold weather around the corner, many residents are relieved to find out that they are likely to pay less for heating their homes this winter.

The Independent Connecticut Petroleum Association announced Friday that home heating oil prices are down 50 percent compared to this time last year. According to Gault Energy in Westport, heating oil is now around $2.50 per gallon.

While it is expected that the price will remain low, it could still change. The severity of the upcoming winter, along with supply and demand, could contribute to future price changes.

To help home owners, Gault Energy recommends a variable plan with a floating rate. However, the ICPA says many people would be happier with a cap rate. They say it's important to understand the different options before signing on for the winter.