Winter is expensive and consumers are desperately on the hunt for the most cost-efficient option.So which is cheaper: oil, electric or gas? The costs are constantly fluctuating but here are the current prices reported by Nstar, Boston.com, and warmair.net:
Comparing the current costs of oil and electricity in Mass., it is still cheaper to use oil. The average price in Mass. for a gallon of home heating oil is $2.85, according to the Dept of Energy Resources. For gas, Nstar is charging $1.24 per therm (100 cubic feet) and 12.5 cents per kw-hr for electricity. Although electricity is more efficient that oil, it costs more to generate the same amount of heat.
A Boston.com reader reports however, that electricity deserves a second look. "A $30 space heater can make you more comfortable, and save you hundreds of dollars if it allows you to heat only one bedroom to 65-degrees at night, instead of running a gas furnace to heat an entire house or or apartment to 60-degrees."
A study by the University of Massachusetts estimates more than $2,500 to heat the average home with oil, and about $1800 to heat the average home with gas. The U.S. Dept of Energy estimates that electric heat would cost at least 70% more than using oil.
We recommend checking for yourself. Warmair.net offers a great comparison of energy costs, along with the online Energy Guide here.
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