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However, heating a home with a geothermal heat pump or a cold climate heat pump would be less expensive than using oil.At $4.67 a gallon for oil, it would cost the same to produce the same amount of heat using oil or electric baseboard heat.or example, a home that uses 800 gallons of oil for heating would use about 25,300 kilowatt-hours to produce the same amount of heat. Visit www.cmpco.com for a link to a more detailed spreadsheet from the Department of Energy to compare heating costs.
The landlord will pay the buildingâs heating bill in total and build that cost into the rent. However, if you and some friends team up and rent a house, youâll be on the hook for keeping an oil burner going for heat and hot water, which could cost more than $300 a month.