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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.
Gas trumps electric storage heaters and oil boilers. The average UK home uses gas for central heating and spends about Â£550 each year on space heating alone (DECC). Providing the same amount of usable heat with an oil boiler costs about Â£700.With electric storage heaters on the lower Economy 7 tariff (12-7am) the costs would be about Â£900 while using standard rate electricity would cost a whopping Â£1,950.roviding the same amount of usable heat with an oil boiler costs about Â£700. With electric storage heaters on the lower Economy 7 tariff (12-7am) the costs would be about Â£900 while using standard rate electricity would cost a whopping Â£1,950.