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However, heating a home with a geothermal heat pump or a cold climate heat pump would be less expensive than using oil.At $4.67 a gallon for oil, it would cost the same to produce the same amount of heat using oil or electric baseboard heat.or example, a home that uses 800 gallons of oil for heating would use about 25,300 kilowatt-hours to produce the same amount of heat. Visit www.cmpco.com for a link to a more detailed spreadsheet from the Department of Energy to compare heating costs.
PSE&Gâs average customer would pay $1,122 for the year beginning last October, the company announced when it set its yearly rate last May. It would take 757 gallons of oil to produce the same amount of heat as gas. At the current average price of $4.33 per gallon, that would result in a total heating expense of $3,277.The fluctuation in prices of both gas and oil can be traced to supply, McRae said.SE&Gâs average customer would pay $1,122 for the year beginning last October, the company announced when it set its yearly rate last May. It would take 757 gallons of oil to produce the same amount of heat as gas. At the current average price of $4.33 per gallon, that would result in a total heating expense of $3,277.