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I used a program on operating costs that compared all sources years ago. At the time, LP & Oil ran neck & neck but way ahead of electric in operation costs. Gas was recomended ( LP or Natural ) coupled with a Heat Pump. I installed LP gas & Heat Pump in my home when I bought it. Oil has inherent maintenace costs & diminishing efficiency as the soot builds up internally & can't be cleaned. Cost has been tit for tat versus cost & efficiency. We only installed 90+% gas furnaces compared to oil at 80+-% efficiency.
Recently I had a request for changing oil to all electric as oil was running about $3-4 per gallon & HO was convinced electric would be cheaper. She requested estimated costs of operation.
I used Carriers OpCost calculator again & to my dismay, Oil, LP Gas & Electric are about even. Heat Pump with electric backup showed tremendous savings - for me approximately $ 1300 per year. I used $3.00per gal avg for LP or Oil & .095KW for electric. which are the going rates in our area. Even taking electric to $.13 KW produced significant savings over fossil fuels.
Eventually electric will catch up due to the fuel adjustment clause but right now seems cheaper in our area because oil & LP are very volatile in price, it takes awhile for electric rates to rise.
Right now I'm in flux as to what to reccomend, I now include a cost comparison to the client & let them make the choice. Averaged out with the cost of tanks & lines, fossil fuels look like a dead deal. The only advantage is future flexibilty.
Naural gas is not an option in our market area.
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