Many homeowners are surprised to learn about the potential for catastrophic risks from a heating oil leak. An oil tank is typically located in the basement or at the exterior of a home, either above ground or underground. Regardless of the location, the unexpected costs of an oil leak can be devastating. While heating with oil can be more expensive than alternative options like propane, here are some other things to keep in mind when considering heating with oil versus propane.
- Environmental risk. Just one drop of oil can render up to 25 litres of water unfit for drinking. If not detected in time, an oil leak can seep into neighbouring properties or create the need to remediate many tonnes of soil and remove or replace damaged trees and other greenery. Propane on the other hand does not pose a risk to the environment or personal property. In the rare event that propane is released, it dissipates into the air. Watch this video to learn more about the benefits of propane.
- Home insurance. In some cases, a relatively small spill can require hundreds of thousands of dollars in remediation, which is why some insurance policies do not cover oil damage. This means homeowners must pay a premium or purchase extra insurance to add to their policy to cover an oil spill event. One homeowner tells his story about the damage caused by a heating oil leak. Click here to watch.
- Energy costs. Propane heat can save homeowners as much as 25% on energy bills compared to oil, with savings varying depending on where you live in Canada and the efficiency of your equipment. High-efficiency propane furnaces achieve between 93 to 97% efficiency versus older oil furnaces at 60 to 80% efficiency. Cost aside, propane offers homeowners peace of mind from not having an oil tank with associated risks for leaks and damage on their property. Calculate your potential savings.
There are a number of cost savings for homeowners who switch off oil to propane, such as government rebates or HVAC retail offers on new equipment. Superior Propane is also offering a credit for new customers who switch their home heat to propane from oil or electricity.