Question

How much money can you save burning wood instead of heating oil?

If I install a wood stove to heat my home with instead of using my oil furnace too much how much money can I actually save by burning wood instead of burning heating oil over the winter?

Answer 1

If your house is heated with oil then it can be costly to keep your house heated with the oil.

Heating with oil can cost you around $4,000.00 to $6,000.00 per year depending on how cold your area gets and what heating oil costs in your area and how big your house is as well as how much insulation your house has.

With wood heat you might spend around $1,000.00 on a wood stove, and then another $1,000 or a bit more to install the chimney etc.

So to get started you might have a cost layout of $3,000.00 at the highest.

The cost of one tank of heating oil should cover the cost of a wood stove and the installation of the wood stove so your payback could likely be one winter if you don't ever fill your heating oil tank back up.

If you get most of or all of your wood for free then there'd only be the cost of gasoline and oil for a chainsaw, the bar and chains, chain oil and then the gasoline in your vehicle to haul the wood.

Over the years you'd likely save $3,000.00 per heating season or more by heating with wood even if you had to buy some firewood.

Answer 2

I don't have heating oil to heat my home but last winter I was using electric heat and was paying $174.00 per month for barely keeping warm.

Last winter when I was using electric heat to heat my home I was paying $174.00 a month for my electric bill.

I then installed a wood stove In February of 2017 and dropped my electric bill from $174.00 per month to $50.00 a month so with wood heat I'm saving $124.00 per month on my heating costs.

From November to January heating my house with electric I paid a total of about $522.00 and if I hadn't hooked up my wood stove in February I would have paid an additional $348.00 for those last 2 months of heating of February and March.

Making my total electric cost for heating my home $870.00 Installed the wood stove saved me $620.00 wood stoves can really save you money on heating costs especially if you can get free firewood like I can.

Over a 10 year period I would save $6,200.00 on heating costs.

I installed the wood stove myself so I didn't have to pay a lot of money to get started with wood heat and my wood stove is just a simple barrel wood stove that I made with a free 55 Gallon barrel and a wood stove barrel kit I bought for $50.00 on sale at Tractor Supply.