https://www.enspireenergy.com/energy-co ... alculator/
Sure, I have a couple weeks of Firewood on hand for my woodstove, and an all electric house.
Edited to add: I personally tend to throw cold water on solar (or other projects) unless the simple payback is less than 8-10 years. I don't see how OP's can be that low at 12 cents/kWh, a poor solar resource and the fixed costs of a small system.
My choice of 8-10 year simple payback is that I want to compete with, um, index investing. Some installers will cook the numbers saying the price of electricity is going to rise (and do so faster than inflation), which is contrary the last 20 years of data in the US.
Others will compare the solar investment to a 'risk free bond'. I don't think solar is risk free, bc I believe analysts that the real price of kWh in the US is likely to drop significantly over the next 10 years.
tells me 1 gallon of fuel oil (I assume that's a US gallon) is 41 kwhr.
Not sure if that includes efficiency of conversion, you'd have to gross up (divide by 0.85 say) for thermal efficiency of an oil-fired boiler ie to get 1 gallon's worth of heat you'd need 1/0.85 gallons of fuel oil.
I agree that it's a better bet that the relationship between electricity and fuel oil prices stays similar*, than that electricity prices for solar PV generation stay high. Because the latter is almost certain to go down -- but it may be possible to "lock in" current returns depending upon what is on offer.
* fuel oil prices could double, or halve. Based on past record, they will probably do both in a given 25 year period. Electricity falling wholesale prices offset by higher grid charges.
Statistics: Posted by Valuethinker — Wed Jan 03, 2024 3:52 am — Replies 186 — Views 12133