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LuckyGuy's avatar

Are you aware that at this moment heating oil is now much more expensive than electric heat?

Asked by LuckyGuy (43867points) November 14th, 2022

If you live in a cold climate and have an oil-fired home heating system, (4% of the US does), your home heating oil likely costs around $5.50 to $6.00 per gallon right now.
It is actually cheaper to use electric space heaters to heat your home than let your furnace run! Electricity at $0.12 per kWh is equivalent to the heat delivered by oil at $3.80 per gallon. If your electricity costs are higher, the cross over point is higher.

At this moment you are saving money by leaving the lights on and using old style incandescent bulbs. Go ahead and run that toaster oven to heat your pizza. The electricity is effectively cheaper than free as long as it keeps your oil burner from running.

Of course, wood is the best option if you have a good supply and are willing to put up with the extra effort.

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15 Answers

LuckyGuy's avatar

Here is a calculator that compares electricity with propane, oil, and natural gas.
I tried it and the numbers matched my calculations. Electric Heat vs. Gas/OilHeat Comparator

ragingloli's avatar

Incandescent bulbs have not been sold for years.
Now is the best time to buy a powerful gaming PC and heat your room that way.
That is how I do it.
Also, how are the eggs?

LuckyGuy's avatar

Yes! Game on without guilt!
I have dozens of incandescent bulbs in boxes my basement waiting for just such an opportunity. If you need some, I will ship.

ragingloli's avatar

I am very happy with my LED lamps, thank you.
Besides, incandescent bulbs are literally illegal in the EU.

LuckyGuy's avatar

Illegal? Seriously? Are electric space heaters illegal too? Ten 100 watt incandescent bulbs use the same power as a 1 kW space heater and they put out light as an extra benefit.
Of course in the summer that is a waste but in the winter it makes sense.
How much do you pay per kWh for electricity now? Does anyone use heating oil there, or are you all in living the 21st century?

ragingloli's avatar

Those bulbs have been banned since 2009, to force adoption of more energy efficient alternatives.
Electricity right now is at 48 cent per kwh.
Current oil price is at 132€ per 100l, which is about 5.4€ per gallon.
Meaning using your price equivalence, heating with electricity is much more expensive than using oil in our part of the world.
Anyway, my apartment block uses central heating using hot water coming from a nearby powerplant that burns old wood.

gondwanalon's avatar

Thankfully incandescent Christmas lights are still available to buy.
I rap my outside banana trees in incandescent lights (and cover with plastic). I turn the lights on during the cold winters in Tacoma (PNW) to keep them from freezing solid. In the spring time they bounce back into glorious new growth.

LuckyGuy's avatar

@ragingloli Thank you for those great numbers. Very helpful. That is $0.50 per kWh for electricity. Yikes! Clearly it does not make sense for you to heat with electricity. Keep those LEDs and your PC working!
Meanwhile, I will only use LEDs outdoors in the barn and garage.

elbanditoroso's avatar

I didn’t know that, @LuckyGuy but it stands to reason.

My neighborhood is all electric – no gas, no fuel oil, etc. – so it doesn’t affect me.

But it stands to reason – heating oil is essentially sisngle-sourced.

My utility company (which is an EMC – non-profit cooperative) has multiple sources of power – some nuclear, some coal, some hydro, and some natural gas. And a little bit of solar. What that means is that our electricity (which powers the heat pump) isn’t dependent on one mode of generation.

Blackwater_Park's avatar

2020 2.02 1.91 1.79 1.74 1.75 1.63 1.77 2.30 1.92 2.39 2.61 2.59
2021 2.71 5.35 2.62 2.66 2.91 3.26 3.84 4.07 5.16 5.51 5.05 3.76
2022 4.38 4.69 4.90 6.60 8.14 7.70 7.28 8.81 7.88 5.66

Spot prices for natural gas $ per million BTU. Thankfully back down a little right when I’m needing my furnace on. My AC unit is 10 years old and my furnace is like 30. I may be converting to a heat pump with reserve coils in the very near future.

Forever_Free's avatar

Yes. I have 6 cords of wood ready. My Vermont Castings will get me through another New England winter. I harvest my own wood from my property (mostly new fallen ash).
My backup is Oil

jca2's avatar

I have electric heat and I only turn the heat on in the rooms I’m in. I also have space heaters in my room and my daughter’s room. For the longest time, people would say to me “you have electric heat? Isn’t it expensive?” Now the people that have oil are all discussing the price of oil. It’s a hot topic.

KNOWITALL's avatar

All electric here, propane generator for emergencies. My bill today was $91.

cookieman's avatar

I did not know that for sure but suspected it — which is why my two electric radiators have been cleaned and plugged in. One on each floor.

RocketGuy's avatar

I saw an ad for a Bitcoin mining rig/space heater. Trying to get something useful out of crypto.

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