Gray, Gray & Gray 2025 National Energy Industry Survey Results

Results reveal a renewed sense of stability in the energy market, fueling optimism for the road ahead.

Gray, Gray & Gray, LLP has released the results of the firm’s 34th Annual Energy Industry Survey. The survey has served as an important benchmark for fuel oil and propane marketers throughout the U.S. since its inception.

The 2025 Energy Survey results are based on reported operational and financial data for the heating season spanning from April 2024 through March 2025. This year’s survey once again featured additional operational insights from Angus Energy, an industry leader in data analytics.

“This past winter was an especially cold and lengthy one, yet the majority of heating oil and propane dealers rose to the occasion with remarkable preparedness and resilience,” says Marty Kirshner, CPA, MSA, the partner leading Gray, Gray & Gray’s Energy Practice Group. “It was as if the industry had been bracing itself, ready to face the storm after several years of mild winters.” Kirshner notes that a renewed sense of stability is beginning to emerge in the energy market, fueling optimism for the road ahead.

“Still, the industry faces a formidable challenge: the ongoing battle to find, train, and retain skilled employees which is a hurdle that could potentially slow growth and expansion. But this year’s survey results reveal a sector that refuses to stand still. From bold investments in employee retention programs to a rising interest in artificial intelligence, dealers are proving their adaptability and determination to secure their future,” says Kirshner.

Some of the highlights from the results of the 2025 Energy Industry Survey include:

• The biggest challenges faced by dealers still center around employees. The number one concern is employee recruitment and retention; followed by employee training; and then “political climate and government regulations.”
• Dealers are spending money to keep the employees they do have. 62% report offering higher wages this year to retain staff, and 14% offered bonuses.
• The level of optimism for the industry’s future continues to rise. 84% of respondents report they are “highly confident” or “confident” their company will remain a viable provider in the future. This proves out, as 54% report they are planning an acquisition in 2025, while only 11% plan to sell their business.
• While everyone may be talking about artificial intelligence (AI), not many dealers are taking action. Only 17% say they have invested in AI – but 34% report they are planning to do so within the next year.

Complete results of Gray, Gray & Gray’s 2025 Energy Industry Survey, including a breakdown by gallons, are available at
gggllp.com or by calling (781) 407-0300.

 

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Number of states in which you do business 

1 State: 68%
2 States: 18%
3 States: 8%
4 States: 3%
5+ States: 3%

 

Total Number of Full-Time Equivalent Employees

0: 0%
1-5: 5%
6-10: 8%
11-20: 21%
21-30: 16%
31-40: 9%
41-50: 9%
51+: 32%

 

Number of customers per Service Technician: 684

 

Total Number of Vacant Positions

0: 19%
1-5: 68%
6-10: 10%
11-20: 3%

 

Do you recruit from vocational or trade schools?

Yes: 68%

No: 32%

 

Are your employees cross-trained as drivers and technicians?

0%: 23%

1-25%: 54%

26-50%: 10%

51% or more: 13%

 

What is the HOURLY rate you pay?

Controller: $54.75
Customer Service  Representatives: $24.36
Delivery Drivers: $29.08
Dispatchers: $30.45
General Manager: $54.32
HR Professional: $43.46
IT Professional: $47.91
Salesperson: $35.34
Service Manager: $46.32
Service Technicians – Air Conditioning: $34.29
Service Technicians – Heating: $33.62

What is the percentage commission that you pay an employee for securing new equipment installations? 

• 10% of Gross Margin per installation

• 6% per installation

• 3-5% per installation

 

What is the percentage commission that you pay an employee for securing new customer accounts? 

• $50 per account

• $100 per account

• 3-5% per account

What percent did your payroll increase from the prior year?

0-3%: 25%
4-5%: 45%
6-7%: 14%
8% or more: 16%

 

What percent of the health insurance benefit is paid by the employer?

0-50%: 23%

51-75%: 29%

76-100%: 48%

 

What was the biggest change you made to retain employees in the current year that you have not done previously?

Wage and salary increases: 62%

Flexible work schedules: 6%

Improved employee relations: 6%

Employee training and cross-training: 5%

Bonuses: 14%

Additional paid time off: 1%

Other: 6%

 

Does your company currently have any deferred compensation plans in place to retain key employees?

Yes: 26%
No: 74%

  

How are you protecting your business against a cyberattack and data loss?

Encrypted cloud-based data storage: 64%

Anti-malware software/Endpoint protection: 86%

Secure data backup for disaster recovery & business continuity: 80%

Written information security plan (WISP): 34%

Staff training: 65%

Cybersecurity insurance: 62%

Engaged a cybersecurity consultant: 24%

Not sure what I should be doing: 5%

Other: 3%

 

Has your business currently invested in the use of artificial intelligence (AI) to improve operational efficiencies?

Yes: 17%

No: 83%

 

If you lost customers last year, to what do you most attribute their leaving?

Lost to competitor with lower prices: 40%

Lost to competitor with similar pricing: 2%

Lost to gas conversion: 5%

Lost to heat pump conversion: 12%

Lost to electric mini-split conversion: 4%

Lost to customer moving: 27%

Lost due to other reasons: 10%

Other Responses: 

• Combination of reasons, namely a combination of heat pump conversion and electric mini-split conversion
• Geo-thermal
• Former employees poaching customers
• Service issues

 

If you gained customers last year, to what do you most attribute this?

Gained due to lower pricing: 2%

Gained due to competitive marketing/increased sales efforts: 25%

Gained due to customer referral: 23%

Gained due to poor competitor customer service: 35%

Gained due to other reasons: 15%

Other Responses: 

• Acquisition
• Strong reputation and recognition for quality service

 

How long have your current customers been with your company?

0-1 year: 8%
1-2 years: 7%
2-3 years: 7%
3-4 years: 7%
4-5 years: 6%
5+ years: 65%

 

What percentage of your active customers became inactive last year?

3.37%

 

What products or services are you considering adding in 2025 that you previously weren’t offering?

Generators: 21%
Plumbing: 15%
HVAC: 18%
Propane: 0%
Electricity Conversion (heat pump): 9%
Pest Control: 0%
Renewable Propane: 24%
Other: 42%

Other Responses: 

• Electrical

• Hauling

• Roof tops

• Air sealing

• Solar and battery storage installs

 

What revenue sources do you currently have to offset the seasonality of your business?

Generators: 27%
Plumbing: 26%
HVAC: 64%
Propane: 46%
Electricity Conversion (heat pump): 36%
Pest Control: 0%
Other: 42%

Other Responses: 

• Construction, building services/carpentry and concrete

• Gas station/convenience stores

• Landscaping and outdoor living appliances (firepits and grills)

• Fleet maintenance 

• Excavation services

• Pool heater repair

• Tankless water heaters

 

Are you considering any of the following in the next 12 months?

Key employee plan: 22%
Merger: 2%
Acquisition: 54%
Sale: 11%
Upgrade Software: 34%
Investing in artificial intelligence (AI): 34%
Other: 8%

 

What is the most impactful business operations change you made in the last 12 months?

Business acquisition and/or expansion to new location(s): 19%

Upgrading and adding new technology and/or back-office software: 15%

Cross-training staff: 5%

Adding new staff: 9%

Increased and/or better margins: 25%

Added or expanded usage of tank monitors: 17%

Expanded service capabilities: 5%

Other: 5%

 

On a scale from 1-10, with 10 being most favorable, how well prepared was your business to handle this past cold winter?

6: 4%

7: 9%

8: 23%

9: 31%

10: 33%

 

Given environmental concerns and the political climate, how confident are you in your company’s ability to remain a viable energy provider?

Highly confident: 47%
Confident: 37%
Somewhat confident: 14%
Not confident: 2%
Unsure: 0%

 

Have you developed a strategic business plan laying out what your company will look like 2-5 years from now?

Yes: 40%
No: 60%

 

If you have developed a strategic business plan, what is the biggest change as a result?

Expansion: 30%

Cross-training employees allows to focus on other areas like HVAC: 11%

Increased electric vehicle presence: 0%

Less dependency on fossil fuels: 8%

More focused employees: 9%

We have not developed a strategic business plan: 42%

 

Have you implemented a succession or continuity plan for the next generation?

Yes: 55%

No: 45%

 

What do you feel is the primary challenge/issue facing your organization that needs to be addressed within the next year, and why?

1. Employee recruitment and retention

2. Employee Training 

3. Political climate and government regulations 

 

Which of the following approaches do you think are the most effective strategies for growing your organization?

Retention of existing customers and greater focus on cross-selling your services/products: 33%

Addition of new customers in your existing geography: 47%

Addition of new customers in new geographies(adjacent to your existing geography): 16%

Addition of new service/product offerings: 2%

Other: 2%

 

How many gallons of fuel oil did you sell during the 12 months ended March 31, 2025?

Fuel Oil – Residential
0-999: 29%
1m-4999: 51%
5m-9999: 11%
10m-14999: 7%
15m and over: 2%

Fuel Oil – Commercial
0-999: 64%
1m-4999: 25%
5m-9999: 3%
10m-14999: 7%
15m and over: 1%

 

What is your company’s average gallons delivered per stop?  

Avg. fuel oil gallons delivered per stop: 204
Stops per hour: 2.4
Gallons per hour: 484

 

What percentage of biofuel do you blend?

0%: 50%

1-10%: 39%

11-20%: 7%

21-30%: 2%

31% or more: 2%

 

What was your average margin for fuel oil sales during the heating season that just ended?

Fuel Oil – Residential: $1.07

Fuel Oil – Commercial: $0.70

 

What percentage of active customers are on a budget plan?

0%: 1%

1-20%: 61%

21-40%: 26%

41-60%: 12%

61% or more: 0%

What percentage of active customers use a price protection plan?

0%: 21%

1-20%: 38%

21-40%: 33%

41-60%: 7%

61% or more: 1%

Of your customer base, how many of your customers’ OIL tanks are the size below? 

275 gallons: 91%

330 gallons: 9%

 

What percentage of your customers’ OIL tanks have tank monitors?

0%: 45%

1-25%: 54%

26-50%: 1%

51-75%: 0%

76-100%: 0%

 

What is the average annual overall fee that you charge the customer for tank monitoring?

Fuel Oil: $108.23

 

What is the average renewal price you charge for a service contract on heating equipment?

Fuel Oil
$100-$200: 7%

$201-$250: 7%

$251-$300: 31%

$301-$400: 40%

$401+: 15%

 

What is the average hourly labor rate you charge for service?

•Fuel Oil

$75-$125 per hour: 18%

$126-$200 per hour: 74%

$201-$250 per hour: 8%

$251+ per hour: 0%

•Air Conditioning

$75-$125 per hour: 8%

$126-$200 per hour: 69%

$201-$250 per hour: 19%

$251+ per hour: 4%

•Plumbing

$75-$125 per hour: 14%

$126-$200 per hour: 63%

$201-$250 per hour: 14%

$251+ per hour: 9%

•Pipeline Gas

$75-$125 per hour: 12%

$126-$200 per hour: 69%

$201-$250 per hour: 19%

$251+ per hour: 0%

•Other

$75-$125 per hour: 13%

$126-$200 per hour: 74%

$201-$250 per hour: 13%

$251+ per hour: 0%

 

Do you have bulk storage facilities?

Yes: 83%

No: 17%

 

How are you maintaining profitability in times of rising costs?

Increasing per gallon profit margins: 93%

Offering other paid-for services: 27%

Focusing on correcting my Ks: 29%

Looking for ways to make larger (and fewer) deliveries: 65%

Looking for ways to optimize the use of my fleet through better delivery planning: 65%

I have lost profitability: 1%

 

Average number of service calls per customer: 0.69

 

Logo indicates data supplied by Angus Energy, Inc.

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