Originally Posted by
bobb25
If you use those prices and 80% oil efficiency, you'd actually save about $2 after you've used 1,000,000 btus.
140,000 btus x 80% = 112,000 btus divided into 1,000,000 btus = 8.93 x $3.50 = $31.255
3,412 btus x 100% = 3,412 btus divided into 1,000,000 btus = 293.08 x $0.10 = $29.308
Lots of people pay less for oil, and more for electric. Around us today, oil can be bought for about $3.27 a gallon. Boiler efficiency also varies, but 83% is more in line.
Other intangible factors to consider are electric water heaters have greater standby loss, you still must keep a boiler on, so there would be less winter on/off cycles and higher seasonal efficiency, oil prices fluctuate, and can go down, electric rarely goes down, you can shop around for best oil price. These all must be considered.
140,000 btus x 83% = 116,200 btus divided into 1,000,000 btus = 8.61 x $3.27 = $28.15