"David L" wrote in message
...
Hi all,

I'm a homeowner on Long Island, NY. My heating system is about 45 years
old now, so I guess it's finally time to replace it.

This seems like a classic example for doing a cost study for one's
individual situation.
No one else will have the magic answers for you, your residence or area.

Such a study has two main components;
1) The First cost of a new installation. Also how long will it last;
presumably many years, before it in turn will also need replacement.
2) The expected future and on going costs of operating and maintaining. The
financial effect of these can be brought back, financially if you wish to a
'Present Worth' cost, in order to compare them directly.

3) Thirdly YOU have to decide what future variables may/will affect you.
This will include existing and future costs of fuel, current and future
major repairs and when and if they will occur. This may include a future new
chimney, oil tank replacement at some future date, future changes in oil
tank leakage regulations, possibility that additional liability insurance
will be needed to guard against environmental pollution due to oil leakage
into ground water etc.

4) Fourthly there will be intangibles that only you can decide if/will
affect your decision. these might include future government policies,
whether you will ever increase the size of your house, add heating to a
future garage, whether you want a system that will be easiest to maintain
when you retire, sell or rent the house etc. etc. Also whether these will
incur any difference in cost either now or in the future. Intangibles also
would include your own assessments of the comparative risks of the various
fuels. This would include the need for Carbon Monoxide/Smoke detectors wired
and linked as required by local regulations? Insurance requirements?
I would suggest that much of this information could be obtained by getting
'several' quotes for both oil and gas for the 'first costs' and also some
numbers from the fuel providers for their expectation of future costs. But
YOU decide what you think future fuel costs will be.

5) Your choice must adequately do the job you want it to do under all
reasonable/expected conditions short of a world flood or a 250 mph
windstorm!

While agreeing that electricity is generally more expensive it also has
advantages. We decided to go all electric some 34 years ago and for us it
was good choice. Our advantages and savings were; no requirement to purchase
and install a fuel tank which by now would have needed replacement at least
once! No cost for chimney and no need to clean it regularly. Great
simplicity of installation, virtually zero maintenance (one circuit breaker
and three thermostats, one of which was replaced for cosmetic reasons during
34 years!). Ability to turn down or off, individual rooms, an advantage now
that there is now only a single person in a four bedroom house. Currently
though the cost of electricity has increased by about 8% and is rumoured to
increase gain mid 2005 due to the increased cost of oil which fuels one
generating station that produces about 40% of our electricity, particularly
during the winter. It has also proved extremely safe and the electric supply
very reliable.

BTW. If I install 'auxiliary' heating, say in the form of a properly
chimnied and installed wood stove there would be a reduction in my
electricity fuel cost, but it would increase my property insurance due to a
higher fire risk. At age 71 I am still able to safely maintain our electric
heating system with ease. Whereas the maintenance of an oil tank system and
responsibility for spilled fuel oil into the ground, which has happened
several tomes here at major cost to homeowners, often not covered by
insurers, here, would be a worry.

So do a comparative cost study using all obtained info and reasonable
financial parameters for interest rates/cost of money etc.