Just looking for some answers as to what having a fuel oil system actually costs. I am looking at purchasing a house that has a system.
http://www.engext.ksu.edu/henergy/space/Heat_Cool_Costs.pdf (WARNING PDF)
FOund that article. I used the equation on the last page. Estimated $4 per gallon at 78% efficency .
The house is 1800 square feet total. Half above ground half below. House is in Wisconsin.
I estimated about $240 a month if you divided the yearly cost by 12. Or around $3000 a year.
Does this sound pretty accurate? Higher? Lower?
Your estimate sounds in line with what I hear from people around here but I think I will need a lot more info to make even a guess.
Is your system a pot burner? Toyo type stove? Or boiler?
Will you use heat in the summer?
I know people up here who make it through the winter on 300 gallons using a Toyo stove, say $1200 at $4 per gal, but we have milder winters. Have you tried asking around? If you can figure out who the current tenant bought fuel from you can probably call the fuel delivery company to get last year’s numbers, or at least an estimate for fuel use in the area on that type of system.
I’ve lived in my home for about 30 years and used a forced air oil system rated about 84% efficient. The home is apprx. 1400 sq ft and the heat during the day is 67 - 68 degrees set back to 58 at night. Being that it’s forced air, the warming recovery time in the a.m. is quick. I live about 14 miles from the Virginia coast and last year the area had 3439 heating degree days and I used 445 gals at a cost of $1,550.00.
Based on the info you provided I’d say your annual cost is pretty close.
BTW, I converted to natural gas this year and anticipate my costs will drop about $400. Oil is going nowhere but up.
Depending on how long you expect to live in the house, it might be worth converting to natural gas if that’s an option in your area. A new boiler or furnace will be more efficient, and the gas companies usually give a lot of incentives and discounts. When I did it, I also got to remove the existing chimney (new boilers just need a little stainless steel exhaust pipe out through the foundation) and it gave me enough room to add a half-bath in that space. The gas company even rebated a big chunk of my foam insulation, thermostats, and new window costs.
My house is smaller, only 1300 square feet, my winters are a little warmer (looks like our range is 5k to 7k for heating degree-days), and I’m very frugal (thermostat 62/55) but it only cost me $800 to heat and cook with gas last year.