My 3000+ sq ft (incl basement) house has two-zone heating/cooling, with an oil furnace and air conditioner for the basement and first floor, and a heat pump for the upstairs.
I bought the house three years ago, when oil was less than $2.00 per gallon.
Due to the high cost of oil, I called the oil company about budget billing (same price every month), and was told they are using $4.50 per gallon as a planning number for next heating season, and said I use about 280 gallons per heating season.
Also, I live in Maryland where the local utility company was deregulated and for the first time in 15 years, was able to raise rates last year. They claimed it was a 50% increase. I don't see how a jump from about $150 to $300 per month is 50%. That's 100%. With oil heat on the first floor, my annual monthly average use is about 2400 kWh per month.
Where I live there is no natural gas available.
I'm sure this has been discussed here before, but is it worth an investment for me to switch from oil and a/c for the basement and first floor to a second heat pump or other energy source? If so, what other factors need to be considered, for example will my electric panel be able to handle two heat pumps? I have neighbors with two heat pumps rather than one plus oil/ a/c - that's what the builder installed for them.
What about a propane tank?
Finally, my oil tank is full. Would I be better to deplete it over the next winter, then convert?
What is a typical cost to convert? Will a HVAC company dispose of the oil tank? Any other issues to consider? If this is a viable investment, how long will it take to realize a positive return on the investment?