I did some quick back of the envelope numbers and discovered that in the PSNH territory of NH (most of the state), at around $3.64 per gallon of #2 oil, the off peak electric thermal storage rate costs are just about the same per million btu as heatrng oil. I used an 85% efficiency for the oil and 100 % for electric.
Heating Oil 138000 btu/hr
Cost $3.64 $/gal
Cost per MMbtu $26.40 $/Mmbtu
boiler efficency 0.85 %
Cost per btu to storage $31.06
Off peak rate 10.6 Cents/kw
KW to BTU 3413 btu/kw
Efficiency 100 %
cost per BTU $31.06 $/btu
I guess I need to start looking around for a deal on an imersion heater Since I already have the oil tank and furnace, it doesnt make sense for me unless the heating oil goes up substantially, but for those planning storage who dont have an existing oil furnace or only have one flue in their chimney, this might be a good option as it allows them to buy a wood boiler and spend the money on the storage tank instead of on a furnace.
Heating Oil 138000 btu/hr
Cost $3.64 $/gal
Cost per MMbtu $26.40 $/Mmbtu
boiler efficency 0.85 %
Cost per btu to storage $31.06
Off peak rate 10.6 Cents/kw
KW to BTU 3413 btu/kw
Efficiency 100 %
cost per BTU $31.06 $/btu
I guess I need to start looking around for a deal on an imersion heater Since I already have the oil tank and furnace, it doesnt make sense for me unless the heating oil goes up substantially, but for those planning storage who dont have an existing oil furnace or only have one flue in their chimney, this might be a good option as it allows them to buy a wood boiler and spend the money on the storage tank instead of on a furnace.