Heating oil is currently 1.28 liter and is forecast to go UP to $1.50 liter by November. Thats about $5.50 a gallon.
My house is about 950 sq/ft and heated with a oil forced air furnace, at the last service the tech said its about 80% efficient.
The house is 2X6 construction, triple pane windows etc in Kenora Ontario Canada. Winters are long and COLD (-30 to -40 for 60 days every winter at least).
With electricity my only alternative (no NG) and a wood fired yard furnace impractical (we are away too often to feed it) I need to decide WHEN and IF to switch to electric.
The first 500kw is 5.0 cents/kWh
everything beyond that is 5.8 cents/kWh
there are a variety of additional charges on each bill as well
there is enough capacity on the 200 amp panel for the furnace now
I have an opportunity to get a used electric furnace for $300, includes thermostat, motor etc.
Should I buy the furnace and install it now?
or...Should I buy it and hold onto it for an install at some other price point? It seems that oil will get so expensive soon I will have to move to electric at some point.
Thanks for your thoughts on this. I can't for the life of me figure out if it makes sense to move to electric at this point.