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Article: US homeowners who use heating oil seek alternatives
- Article from:
- AP Worldstream
- Article date:
- July 15, 2008
- Author:
CopyrightCopyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Mark Bancroft's new pellet-burning furnace has not been installed, but he is already counting how much money he will save over his old oil-fired burner.
Instead of paying $5,000 for 1,100 gallons (4,163 liters) of heating oil in the coming year based on today's record prices, he'll spend $2,000 on about 8 tons of wood pellets. Even at a cost of more than $12,000, he thinks the new furnace will pay for itself within five years.
"How great is it if we make a move toward this type of heating that can boost the economy instead of sending money to foreign lands for oil?" said Bancroft, who plans to have the unit installed this summer.
As heating oil approaches $5 ...