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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.

If your boiler is 20 years old, it’s time to get a new one. Although it may seem to be working fine, it’s likely eating up more fuel than it should. Also, compared to a brand-new boiler, one that’s 20 years old is probably not working as well. When you get your new unit, you’ll notice that your home is heating more quickly, and the heat is consistent throughout all the rooms.

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.

The best time to buy home heating oil is in the summer when the demand is lowest, as the prices are usually lower. However, waiting until the summer to buy is often unavoidable unless you install a separate storage tank. If you have the space for a second tank, you can expect to pay between $1,000 and $4,000 for the oil tank replacement or installation, depending on the capacity and location. You could quickly recuperate these costs, though, by stocking up on heating oil in the summer and avoiding deliveries in the winter when prices are highest.