Heat Pumps absolutely blow both Fuel Oil and very nearly Propane out of the water in run cost, even when electricity is high.
At 30f - until you exceed 15-15.5 cents per kWh, heat pump is cheaper to run than median oil price.
At 30f - until you exceed 15-15.5 cents per kWh, heat pump is cheaper to run than median oil price.
The cheapest rate is 38c/kWh, the most expensive is 62c/kWh..
It’s not that a heat pump isn’t more efficient it’s that if you have forced hot water or steam radiators you are looking at an additional $40K to retrofit forced air ducting to your house. Oh and you still need a solution for domestic hot water, probably you’ll just end up with a resistive heater (or a hybrid/heat pump unit like the Aerotherm but the heat has to come from the room).
https://www.energy.nh.gov/energy-information/nh-fuel-prices
Actually right now #2 heating oil is now somewhat cheaper per MBTU than propane. Also Natural Gas is slightly cheaper than heat pump per MBTU (YMMV on efficiency!)
I’ve never seen propane cheaper than heating oil here!
EDIT: It’s probably worth pointing out that the North East of the US is the largest heating oil market in the world.