Here's how much more it will cost to heat your home this winter

Americans are expected to spend more money heating their homes this winter than on holiday gifts, according to new research. 

The elevated cost of staying warm indoors amid cold outdoor temperatures comes after an unusually hot summer, that led to households spending bigger shares of their budgets on cooling costs, compared with previous years, according to a report from the National Energy Assistance Directors Association (NEADA).

On average, spending on home heating this winter is projected to increase by 8.7% to $941, up from $866 last winter. The increased costs are attributed in part to both expected colder temperatures in the Northeast and Midwest states.