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The cost of heating oil fluctuates rapidly based on supply and demand, but the average price is between $4.00 and $4.50 per gallon, which means filling a standard 275-gallon tank would cost between $1,100 and $1,240. Much like automotive gasoline, the price of home heating oil changes constantly, so the only way to get an accurate and current price per gallon is to contact a heating oil delivery company. Some companies also offer contracts with a set price that should be an average cost over the contract term.

The cost-efficiency of baseboard heaters depends on the type and how you use them. Generally, standard electric baseboard heaters can be expensive to run because they use electric resistance heating, which is less energy-efficient than systems like forced-air or heat pumps. However, hydronic and gas versions are typically much cheaper to operate. Hydronic models are more energy-efficient because they heat a liquid that retains warmth longer, preventing the thermostat from turning on and off as often. The overall running cost is also influenced by local electricity rates, your home's insulation, and your usage habits. To increase efficiency, you can use baseboard heaters for zoning, meaning you only heat the specific rooms you are using.

Hydronic and standard electric baseboard heaters differ in how they operate, their cost, and their performance. Standard convection heaters use electric coils to heat the air directly, while hydronic heaters warm a contained liquid like water or oil, which then radiates heat into the room.

In terms of cost and efficiency, hydronic heaters usually have a higher upfront price but are more energy-efficient and cheaper to run over time. This is because the heated liquid retains warmth, allowing the heater to continue providing heat for a while after the thermostat turns it off. In contrast, electric heaters provide heat more quickly but are less efficient.

Ultimately, the better choice depends on your priorities. If you need a room to heat up fast and have a lower initial budget, an electric heater might be suitable. If long-term energy savings are more important and you don't mind a slower heat-up time, a hydronic heater is likely the better option.

Overall, heating your home with an oil furnace tends to be less expensive than heating your home with an electric heating system. Oil heating systems stay warm for longer periods of time without drawing a constant electrical current to maintain a temperature. Plus, heating oil systems typically have a longer lifespan and lower price tag than their electrical counterparts, resulting in short- and long-term savings.