Newbie here....I have a few questions on pellet stove economics. I am a new homeower living in VA. House is new construction, 2100 sf, all electric with two air-source heat pumps (1 downstairs, 1 upstairs). I used to have gas heat before and that was great, you could turn it down at night and warm the house up quickly in the morning and my bill never got to be above $150/month (albeit it was a smaller 1000 sf house). Now, the heat pump worked well in the fall and early winter when temps were in the 30s and 40s at night but now, the heat pump struggles to keep the house at 70 (especially the 2-story great room), the heat strips are kicking in often, especially during the last few weeks when temps got into the teens and single digits. So, far we've consumed 1500 kWh and the month is not half over.
I have thought about getting a pellet stove to use as a *supplement* to the heat pump when the weather turns cold (not on a regular basis as I don't want to be hauling pellets and cleaning ashes all winter). I had a few friends when living the pacific northwest who loved theirs a few years ago.
However, after looking at the high cost to buy+install a stove ($3000 for a Quadrafire Santa Fe according to local dealer, or close to $2000 for an Englander model which get mixed reviews), I am wondering whether getting a pellet stove really is a financially sound decision to supplement the heat pump, which is already quite efficient except when it has to run on auxiliary heat. I wonder if I should instead keep my money and get an electric space heater for those occasional nights when it gets really cold (this year is obviously an exception).
I've been looking at the Heating Fuel Comparison Calculator by the Dept. of Energy and based on my electric rate (11 cents/kWh), and entering the proper HSPF for the heat pump (6.4 adjusted), the cost per million BTU is $18.54. Wood pellets cost $260 a ton here (not including tax+delivery) and with a stove that gets 85% efficiency that ends up costing $17.23 per MBTU. Adding the delivery charge (around $50 I guess) to the calculation for a ton of pellets cancels out any savings and ends up costing more. It seems pellet prices keep going up and are really just a good alternative if heating with expensive fuels such as oil, propane or straight electric resistance heat (which seems is what most folks who buy pellet stoves switch from). So, according to those figures, a pellet stove will never pay off or it will take many years.
However, I do wonder if one can save substantial money using a pellet stove by turning down the heat during the day and at night and then "cranking" the stove up to heat the house up fast when you get home or after waking up (the heat pump needs to be left at a set temperature so it always has to keep running). Also, the heat pump keeps the whole house warm when we really just need it in a few rooms (they don't connect so I could not shut off the heat pump entirely). Obviously this would involve running the pellet stove more often/more regularly but I'd be willing to do that if that will save enough money. I estimate that may save around 1000 kWh per month ($100/month) which is about $300 per year (3 cold months, the remaining months will be fine on heat pump alone) so it would take 10 years to pay back the pellet stove. Is my estimate wrong?
My girlfriend thinks we should forget the stove and stick with a couple of electric space heaters to stay warm on those nights when it gets really cold and keep the money. We don't want to deal with wood stoves (too much work and mess). The initial outlay is obviously less. I would really like the $2000-3000 outlay for a pellet stove to pay itself back in 4-6 years to be worth the investment. Any opinions? I like the idea of the pellet stove making the house WARM and being eco-friendly but the initial outlay makes me reconsider. Does adding a pellet stove add to the value of a house should I have to sell it?
Does the cost of stoves and pellet drop enough come spring/summer to make the numbers more favorable?
Any input is appreciated.
I have thought about getting a pellet stove to use as a *supplement* to the heat pump when the weather turns cold (not on a regular basis as I don't want to be hauling pellets and cleaning ashes all winter). I had a few friends when living the pacific northwest who loved theirs a few years ago.
However, after looking at the high cost to buy+install a stove ($3000 for a Quadrafire Santa Fe according to local dealer, or close to $2000 for an Englander model which get mixed reviews), I am wondering whether getting a pellet stove really is a financially sound decision to supplement the heat pump, which is already quite efficient except when it has to run on auxiliary heat. I wonder if I should instead keep my money and get an electric space heater for those occasional nights when it gets really cold (this year is obviously an exception).
I've been looking at the Heating Fuel Comparison Calculator by the Dept. of Energy and based on my electric rate (11 cents/kWh), and entering the proper HSPF for the heat pump (6.4 adjusted), the cost per million BTU is $18.54. Wood pellets cost $260 a ton here (not including tax+delivery) and with a stove that gets 85% efficiency that ends up costing $17.23 per MBTU. Adding the delivery charge (around $50 I guess) to the calculation for a ton of pellets cancels out any savings and ends up costing more. It seems pellet prices keep going up and are really just a good alternative if heating with expensive fuels such as oil, propane or straight electric resistance heat (which seems is what most folks who buy pellet stoves switch from). So, according to those figures, a pellet stove will never pay off or it will take many years.
However, I do wonder if one can save substantial money using a pellet stove by turning down the heat during the day and at night and then "cranking" the stove up to heat the house up fast when you get home or after waking up (the heat pump needs to be left at a set temperature so it always has to keep running). Also, the heat pump keeps the whole house warm when we really just need it in a few rooms (they don't connect so I could not shut off the heat pump entirely). Obviously this would involve running the pellet stove more often/more regularly but I'd be willing to do that if that will save enough money. I estimate that may save around 1000 kWh per month ($100/month) which is about $300 per year (3 cold months, the remaining months will be fine on heat pump alone) so it would take 10 years to pay back the pellet stove. Is my estimate wrong?
My girlfriend thinks we should forget the stove and stick with a couple of electric space heaters to stay warm on those nights when it gets really cold and keep the money. We don't want to deal with wood stoves (too much work and mess). The initial outlay is obviously less. I would really like the $2000-3000 outlay for a pellet stove to pay itself back in 4-6 years to be worth the investment. Any opinions? I like the idea of the pellet stove making the house WARM and being eco-friendly but the initial outlay makes me reconsider. Does adding a pellet stove add to the value of a house should I have to sell it?
Does the cost of stoves and pellet drop enough come spring/summer to make the numbers more favorable?
Any input is appreciated.