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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.
By factoring in the fuel price and the efficiency of the heating appliances, it allows you to estimate the cost of heating the average home (1500 sq. ft.). An average, well-insulated home uses approximately 50,000 Btu per sq. ft., or approximately 540 gallons of fuel oil per year.This calculator does not include the cost of heating domestic hot water. Choose your fuel type, then heating system or appliance.An average fuel price (based on the previous heating season) will display. Just change the price to reflect your most current fuel cost, and the approximate annual heating cost will be calculated for you.n average, well-insulated home uses approximately 50,000 Btu per sq. ft., or approximately 540 gallons of fuel oil per year. This calculator does not include the cost of heating domestic hot water. Choose your fuel type, then heating system or appliance.