[tummyman]

Here are some interesting heating things to ponder on a cold winter night....first of all, some assumptions:
1. Electric - 1 KWH = 3413 btu's and is 100% efficient. Cost per KWH= $.20
2. Propane - 1 gallon = 91600 btu's and most furnaces run at 90+% efficiency. Cost per gallon = $3.64
3. #1 Heating oil (Kerosene) - 1 gallon = 135,000 btu's and modern furnaces run at 85% efficiency Cost per gallon = $3.60
4. #2 Heating oil - 1 gallon = 138,000 btu's and modern furnaces run at 85% efficiency - Cost per gallon = $3.25
5. Wood Pellets - 1 ton = 16,500,000 btu's...I have no idea at what efficiency they run, but there is heat loss up the chimney. So I will assume 80% efficiency. Cost per ton = $300/ton
6. Cured wood - 1 cord = 20,000,000 btu's..efficiency varies by stove. But a modern catalytic stove could get 75% efficiency. Cost per cord = $300/cord

Now the math...I'll benchmark everything to #2 oil btu's = 138,000

Electric = 138,000/3413 = 40.43*$.20 =$8.086 to generate same number of btu's as #2 oil.
Propane = 138,000/91600 = 1.5066/.90efficiency = 1.674*$3.64=$6.09
Kerosene = 138,000/135,000=1.022/.85efficiency=1.202*$3.60=$4.33
#2 Oil = 138,000/138000=1/.85efficiency= 1.176*$3.25=$3.82
Wood Pellets = 138,000/16,500,000=.00836/.8=.0105*$300=$3.15 but excludes electricity costs to run appliance which would increase cost slightly
Cured Wood = 138,000/20,000,000=.0069/.75=.0092*$300=$2.76

Summary to generate 138,000 btu's of heat:
Electricity: - $8.09
Propane: - $6.09...excludes electricity to run furnace
Kerosene: - $4.33...excludes electricity to run furnace
#2 Oil: - $3.82...excludes electricity to run furnace
Wood Pellets: - $3.15...excludes electricity to run stove pellet feed
Cured Wood: - $2.76

Ok...am I crazy? I think these numbers are reasonably correct, but would like to see if others come up with similar results. There are lots of variables...relative efficiency of appliances and market prices of various commodities all factor into any calculation. And all calculations exclude annual maintenance costs of equipment. But it is an interesting analysis and you can adjust/tweak the numbers to any data you think is more representative.

One other point, a 15 year old furnace is not efficient. Modern oil furnaces are what the call a three pass design and are much more economical. What you have to deal with is the payback period for a new furnace.