Heating oil vs. electric heat [RE-wrenches]

[Joel Davidson]

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Would a wrench in heating oil territory please tell me if it is cheaper to 
heat with oil than electricity?

I was told:
138,000 btu per gallon of fuel oil at $3.00 per gallon.
3,413 btu per kWh of electricity at $0.11 per kWh.
Efficiency of oil = 78%
Efficiency of electric furnace = 95%.
Cost per 1,000,000 btu from oil = $27.73.
Cost of 1,000,000 btu from electric furnace = $33.94.

Thanks in advance,
Joel Davidson


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