I live in Montreal, Quebec, Canada. I am currently heating my house (approximately 1400 SQF) with oil.
I am considering going to dual / bi-energy by using a heat pump.
If I go the bi-energy route, I will use electricity at a greatly discounted rate when outside temperature is -12 Celsius or warmer, oil for heating when it is colder.
The discount rate is 4.8 cents Kilowatt hour versus 5.29 Kwh (and 7.3 cents (when consumption is past Hydro Quebec's threshold).
I spoke with a representative from Hydro Quebec on the telephone and he explained that if oil prices greater than 76 cents / liter, then all savings lost on Bi-Energy model are lost because of the high oil prices (currently oil is around $1.10 / litre). Electricity consumption at temperatures colder than -12 is 17.55 cents / Kwh (charge any electricity consumed below -12, which would include dryer, lights, etc)
Does this make sense and is it worth it going to bi energy?
The other option is to switch to 100% electricity for household heating. However, I would not get the reduced hydro rate and the initial outlay to convert furnace to electricity would be quite expensive.
Any advice would be appreciated as it is quite confusing!.
Thanks for your time.