electric vs oil costs
I hope someone can confirm I am on the right track with some cost comparisons.
Electricity is costing us 14.3 cents/Kw (after taxes and all thanks to MD deregulation and 118% price increase)
New oil contract due sets $5.69 cap- yikes! if I sign.
We have a heat pump with oil furnace and some other supp electric heat (baseboard and oil filled space heaters that were not used).
At $5.69/gallon and assumig 70% efficiency for oil furnace,138,690 btu/gallon, 3,411 btu/Kw, I get 19.9 cents/Kw or 17,000 btu per $1 for oil. For electric, I know the rate is 14.3 cents/Kw or ~ 23,850 btu/$1.
It looks like heating oil would have to drop to ~$4.10 to be comparable to our electric rates and heat pump ought to be more efficient than just straight electric.
I don't have the oil #s in front of me, but seems like we might have used 60 gallon/month during heating months. We ran oil more as it was warmer faster and seemed to run less, but might try going all electric this year given the high price of crude and heating oil. If my numbers are close I'm not inclined to sign a contract and service agreement based on past usage, but pay the spot price if needed and only run it when it is like 20F or below. We have a thermo switch that would kick the oil on at a set outsied temp. At $2.49/gallon, we overode the heatpump last year (set at 40F) and ran oil almost exclusively, but it looks to be expensive to do so this year if the #s I found aren't garbage.