water heat - oil versus electric
 

On May 13, 11:20*pm, Paul M. Eldridge
wrote:
On Tue, 13 May 2008 20:08:44 -0700 (PDT), Pauli G

wrote:
Our 10+ year old oil-fired water heater (Bock 32E) is acting buggy, so
we're getting it replaced. *My plumber is going to replace it with a
new Bock 32E, along with a new burner too. * I'm choking a little bit
on his estimate of $1800. * I know that oil-fired heaters are more
expensive to install, but it's a bit more than I was expecting. *Also,
the real question: *I'm having second thoughts about going the oil-
fired route again. * I live in Connecticut, and we do not have natural
gas available on my street, so that leaves me with the oil versus
electric question. * I've heard that electric is more expensive to
run, but with the recent runup in oil prices, I'm not sure if that
holds true anymore. *Is it worth it to pursue an electric water
heater, or should I stick with oil? Also, IF electric would be
cheaper, is it a huge deal to convert a former oil-fired heater area/
space to an electric water heater operation?

Hi Pauli,

Fuel oil is currently running in the $4.30 to $4.50 range (as I type
this, the Nymex heating oil futures price stands at $3.70 and retail
typically adds another $0.60 to $0.75). *In Ontario, residential fuel
oil now sells for as much as $1.36 a litre or $5.15 a gallon ($5.40
with tax).

Source:http://www.mjervin.com/WPPS_Public.htm

A conventional oil-fired water heater has an EF of about 0.55 whereas
a good quality electric unit can reach upwards of 0.95. *One gallon of
fuel oil contains roughly 139,000 BTUs and at an EF of 0.55 you net
76,450 BTUs or 22.4 kWh(e). *Dividing $4.50 a gallon by 22.4 tells us
the operating costs of an oil-fired water heater are similar to those
of an electric unit running at $0.20 per kWh.

Personally, I would go with a good quality electric unit for now and
swap it out for a GE hybrid model when they become available in late
2009/early 2010.

See:http://www.geconsumerproducts.com/pr...ses/appliances....

Video:http://www.geappliances.com/video_la...44&empid=4923&...

My sources tell me they will retail between $1,200.00 and $1,500.00,
roughly $1,000.00 more than the conventional alternative. *However, at
$0.16 per kWh (Connecticut's electricity rates are second only to
Hawaii), the payback would be less than three years (i.e., 2,500 kWh
savings @ $0.16/kWh = $400.00/year).

Cheers,
Paul

Judging by these numbers put in an electric now and keep the oil unit
as a tempering tank and backup.