# Oil vs Electric Water Heater Calculator

If you're planning to replace or install a water heater, you might be wondering which type to choose between oil or electric. Your decision and its outcome depend on multiple factors like cost, energy efficiency, and environmental impact, among others. This is where our Oil vs Electric Water Heater Calculator comes in handy. Our calculator helps you compare both options based on your specific situation and needs. This way, you can make an informed decision and save money while reducing your carbon footprint. Keep reading to learn more.

## Oil vs Electric Water Heater Calculator

Determine the cost savings of choosing an electric water heater over an oil water heater

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Oil vs Electric Water Heater Calculator Results
Electricity Rate0
Oil Price0
Water Heater Efficiency0
Average Daily Usage0
Years of Usage0
Tank Size0
Fuel TypeOil
Annual Energy Cost0

Considering a water heater upgrade? Use our gas vs. Electric water heater cost calculator to compare the costs of different water heating options. Whether for your home or business, this calculator helps you make informed decisions about energy efficiency and savings.

## How to Use the "Oil vs Electric Water Heater Calculator"

Introduction: The "Oil vs Electric Water Heater Calculator" is a tool that helps homeowners determine the cost savings of choosing an electric water heater over an oil water heater. This calculator is significant because it allows homeowners to make an informed decision when purchasing a water heater based on their energy consumption and budget. The primary application of the calculator is to compare the lifetime costs of operating an electric water heater versus an oil water heater.

## Instructions for Utilizing the Calculator

To use the "Oil vs Electric Water Heater Calculator," users must input specific information about their household's energy usage and water heater specifications. The input fields include the following:

• Electricity Rate: The cost per kWh for electricity.
• Oil Price: The price per gallon of oil.
• Water Heater Efficiency: The efficiency rating of the water heater as a decimal (e.g., 0.85 for 85%).
• Average Daily Usage: The average daily usage in gallons.
• Years of Usage: The number of years the homeowner plans to use the water heater.
• Tank Size: The size of the water heater tank in gallons.
• Fuel Type: The type of fuel used to power the water heater, either oil or electricity.

Each input field is essential to calculating the cost savings of an electric water heater versus an oil water heater. The calculator uses this information to determine the annual energy cost, lifetime energy cost, and lifetime savings.

The output fields include the following:

• Annual Energy Cost: The estimated cost of energy consumption per year.
• Lifetime Energy Cost: The total cost of energy consumption over the lifetime of the water heater.
• Lifetime Savings: The estimated savings of choosing an electric water heater over an oil water heater.

## "Oil vs Electric Water Heater Calculator" formula

The "Oil vs Electric Water Heater Calculator" uses the following formula to calculate the cost savings of an electric water heater versus an oil water heater:

• For electricity: Annual Energy Cost = Electricity Rate x Average Daily Usage x Tank Size x 365 x Water Heater Efficiency
• For oil: Annual Energy Cost = Oil Price / 140 x Average Daily Usage x Tank Size x 365 / Water Heater Efficiency
• Lifetime Energy Cost = Annual Energy Cost x Years of Usage
• Lifetime Savings = (Oil Cost Per Year x Years of Usage) - Lifetime Energy Cost (for electricity) or
• Lifetime Energy Cost - (Electricity Cost Per Year x Years of Usage) (for oil)

## Illustrative Examples

Suppose a homeowner has an electric water heater with a tank size of 50 gallons, an efficiency rating of 0.85, and an average daily usage of 40 gallons. If the electricity rate is \$0.14 per kWh and the homeowner plans to use the water heater for ten years, the calculator estimates that the annual energy cost would be \$324.50, the lifetime energy cost would be \$3,245.00, and the lifetime savings would be \$0.

Suppose a homeowner has an oil water heater with a tank size of 50 gallons, an efficiency rating of 0.85, and an average daily usage of 40 gallons. If the price per gallon of oil is \$2.50 and the homeowner plans to use the water heater for ten years, the calculator estimates that the annual energy cost would be \$865.18, the lifetime energy cost would be \$8,651.79, and the lifetime savings would be \$2,907.21.

## Illustrative Table Example:

Here is an example table that compares the cost savings of an electric water heater versus an oil water heater based on different input values.

 Water Heater Inputs Outputs Electric Electricity Rate: \$0.15; Water Heater Efficiency: 0.85; Tank Size: 50 gallons; Average Daily Usage: 40 gallons; Years of Usage: 10 Annual Energy Cost: \$405.00; Lifetime Energy Cost: \$4,050.00; Lifetime Savings: \$0 Oil Oil Price: \$2.75; Water Heater Efficiency: 0.85; Tank Size: 50 gallons; Average Daily Usage: 40 gallons; Years of Usage: 10 Annual Energy Cost: \$935.77; Lifetime Energy Cost: \$9,357.73; Lifetime Savings: \$3,207.27 Electric Electricity Rate: \$0.12; Water Heater Efficiency: 0.80; Tank Size: 40 gallons; Average Daily Usage: 30 gallons; Years of Usage: 8 Annual Energy Cost: \$274.56; Lifetime Energy Cost: \$2,196.45; Lifetime Savings: \$0 Oil Oil Price: \$2.50; Water Heater Efficiency: 0.80; Tank Size: 40 gallons; Average Daily Usage: 30 gallons; Years of Usage: 8 Annual Energy Cost: \$680.36; Lifetime Energy Cost: \$5,442.87; Lifetime Savings: \$2,246.42

The "Oil vs Electric Water Heater Calculator" is a valuable tool for homeowners to make informed decisions when purchasing a water heater. By inputting specific information about their household's energy usage and water heater specifications, users can determine the cost savings of choosing an electric water heater over an oil water heater. The calculator's formula uses the input data to estimate the annual energy cost, lifetime energy cost, and lifetime savings. By utilizing this tool, homeowners can save money on energy costs and make environmentally friendly decisions when choosing a water heater.