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You can save money on heating oil through a combination of improving home efficiency and smart purchasing strategies.

Home Efficiency and Usage:

• Improve Insulation: Ensure your home, especially the basement and attic, is well-insulated and sealed against drafts to prevent heat leakage.

• Manage Your Thermostat: Use a properly calibrated and programmable thermostat. Lower the temperature by a few degrees, particularly when you are away from home or asleep.

Purchasing Strategies:

• Buy in the Off-Season: Order heating oil during the summer months when prices are generally at their lowest. This strategy is most effective if you have a large primary tank or a separate storage tank to accommodate bulk deliveries.

• Consider a Delivery Contract: Some companies offer contracts with a set price for the term. This can lead to savings if market prices for oil increase, but you might pay more if prices drop.

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.

The average cost to replace or install a new HVAC system is around $7,500. However, the price can range from $5,000 to $12,500, depending on factors like the size of your home, the type and brand of the unit, and your specific heating and cooling needs. If you only need to replace certain components, the cost will be lower; for example, a new AC unit can cost between $2,200 and $5,500, while a new furnace costs $3,200 to $6,000. If additional work like new ductwork is required, the total cost could be as high as $22,000. It's best to contact a local HVAC company for an accurate quote.

You should get anywhere from three to five quotes for HVAC replacement to get an idea of the average cost of a new unit. Although this quote-collecting process can be time consuming, it allows you to compare what work is required, what type of unit you should install, and how much you should expect to pay for the service.