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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.
Whether you keep the temp of the house at 70 or 65 will also affect your usage. Zonal heating, this can be added by your serviceman, and preset thermostats help a lot. Oil in the Rhode Island area now goes for about $2.49 pg for non contract suppliers to $3.09pg for contractual suppliers. Last year, with the price of a barrel of oil down to $35, these figures were from $1.89-$2.59. The year before with oil at $150 pb the cost was $3.69-$4.39pg.