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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.
Read More. Lana Jones is a general assignment reporter for WBZ Newsradio 1030.... WORCESTER (CBS) â People who heat their homes with oil are catching a break this year. The average price of a gallon of home heating oil is around $3.40 a gallon right now, about 40-cents less than this time last year.Forecasters estimate the cost to heat the average home this winter will be a little less than $2,000, compared to more than $2,300 last year.ead More. Lana Jones is a general assignment reporter for WBZ Newsradio 1030.... WORCESTER (CBS) â People who heat their homes with oil are catching a break this year. The average price of a gallon of home heating oil is around $3.40 a gallon right now, about 40-cents less than this time last year.