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Greensboro, Winston-Salem, High Point The Triad Area
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Old 02-15-2015, 09:28 PM
 
2 posts, read 1,531 times
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Looking to buy a house in the Triad. Renting a house right now that's 950 sq ft, heat pump, and it's so expensive - our electric + water bill is about $360 a month. That's after we had the landlord put in more insulation. Windows are double pane/high efficiency, though I do suspect the house generally isn't high efficiency and there are some cracks. We keep our heat between 68 and 70.

Trying to find a home where utilities won't be as expensive. I don't know a lot about heating styles though.

One house we are looking at was built 1950 and has an old oil tank and oil heat/furnace. Says electric water heater. About 1500 sq ft. Wondering how much oil heating costs in this area? I have absolutely no idea. I have a fear that it's extremely expensive but I don't know how expensive that is? Any advice or experience?

One reason I'm looking at the house is that it's a good price, but the price means nothing if I have to put in thousands to replace the heating/air or spend extra hundreds per month on utilities.
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Old 02-15-2015, 09:46 PM
 
Location: Queen Creek, AZ
5,217 posts, read 7,915,785 times
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Oil heat will actually generally be more expensive to operate than a heat pump, since efficiency is much lower. Heat pumps are super efficient, and North Carolina's climate is well suited to them most of the time. The only serious competition to a heat pump in terms of operating costs is a natural gas furnace due to natural gas generally being significantly cheaper than electricity despite the lower efficiency of a gas furnace.
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Old 02-16-2015, 08:35 AM
 
Location: The Triad (NC)
28,568 posts, read 62,355,227 times
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Quote:
Originally Posted by jennifergnc View Post
One house we are looking at was built 1950... About 1500 sq ft.
Any advice or experience?
See if the street is served by Piedmont Gas
See how old the oil burner and furnace are.
See how the insulation work is

EXPECT to be replacing old equipment and inadequate insulation...
then offer a price to reflect those costs.

My 1300SF house cost $90 last two periods for gas heat (and WH and Dryer and Stove).
Electric bill same periods was about $35.
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Old 02-21-2015, 01:33 PM
 
149 posts, read 202,056 times
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check this website. it's got a great tool to compare.

Heating Calculator | Piedmont Electric Membership Corporation

Check the age of the oil furnace. If it's over 15 years old, it's a candidate for breakdown...ie replacement.

The electric water heater...ouch...gas is much cheaper...and heats up faster.

A house built in 1950...will not have much insulation. Also consider that the plumbing and wiring is old.
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Old 02-24-2015, 10:55 AM
 
2 posts, read 1,531 times
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You guys are gems, thanks for the replies.
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