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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.
Since March 2012, we have seen a significant decrease in heating oil prices, which fell from over 64 pence per litre to around 29 pence per litre in Jan 2016 â a difference of 55%! (Based on an order size of 1000 ltrs.) Prices have since risen to around 40 pence per litre in February 2017.