I did this a couple of months ago. The numbers are approximations for where I live. Yours will be different.
From a neighbor who was commenting on my purchase of a splitter
I ran some numbers for various energy sources, you might like to know your splitter may already be paid for if you compare the cost of other fuels.
Kerosene 134,000 BTU per gallon
Electricity 3,413 BTU per KWH
Propane 91,600 BTU per gallon
Hardwood 24,000,000 BTU per cord
Pine 18,000,000 per cord
I picked 20 million BTU for use as generic wood in the numbers below.
One cord of generic wood is approximately equal to 218 gallons of propane, or a thousand and eighty bucks worth of WTU's fine electricity as billed at my last months (18.5 cent/KWH) rate, way cool.
T
So, let's put some number in.
I paid $2743.55 for my stove, pipe and misc.
If you had to buy a chainsaw, let's pick Tom's favorite Stihl 026 which goes for around $460 new
Figure that you will need to rent or buy a log splitter at our age. Rent would be at least $100 @ year maybe more if you needed one more than once. Buying mine cost approximately $1200 (too lazy to go find the receipt)
Figure on $50.00 min for chimney cleaning equip or a bunch more to get it done.
Let's discount the cost of a trailer/pick up and vehicle as we have them already.
I am going to estimate 400 gallons of propane to heat during a typical year. Multiply that by $1.65 a gallon and we come up with $660 for fuel. Typical is a misleading term. I think we have had above average winter temps the last few years, but I am not going to do a bunch of research.
Let's use a gas furnace of 100,000 Btu capacity for a example. Add in ducts, registers etc. and I am going to say the cost will be $1000.00 (parts only, do it your self installation like the wood stove)
Making a quick look on the net and guessing, I think a electric furnace + parts would run $750
Using my guess on propane usage, it works out to 36,640,000 Btu's using your figures.
Since I don't heat with electricity, I'm going to use your figures to figure out how many kW to get that many Btu's and it is 10,735 kW. I am paying approximately .12 for a kW, so that gives $1288 worth of electricity. If you used your .18, it would be $1932
All of this stuff should have a fairly long life, so let's use 20 years for a comparison. Shorter time would favor the furnace due to less initial cost.
Adding up this nonsense
Gas for 20 years at current prices including cost of equipment = $14,200
Electric =$26,510
Wood = $3,295 assuming free wood.
You also have to figure in the efficiency of your wood burning appliance. Various studies give different answers. Some show fireplaces as a net loss, others show a slight gain and some of the newer fireplaces show reasonable gains, they are to my mind, built in wood stoves. My stove is rated at 73.8% efficiency, 80%for my propane furnace. Higher efficiency furnaces cost considerably more. I won't get into that
Stoves are a whole 'nother issue. Cat or non cat, life time, degradation of performance over time, steel vs. cast iron. .
If you had to buy wood at $200 a cord for hardwood and using 70% efficiency for my stove for 20 years, we now have $8720 to add to the cost of the stove etc. for a total of $12,015
I tried to look at total cost minus the minor costs (gas, oil, chains etc.)
Now, let's consider things that are difficult to put a dollar figure on.
Aesthetics of a fire place or wood stove.
Inconvenience of cutting, splitting, storing wood + dealing with ashes, cleaning the appliance, cleaning the chimney etc.
Ease of just turning the thermostat to what you want the temp to be.
Feeling of independence from oil/electric companies.
Obviously, the price of propane and the cost of buying firewood will go up. How the ratio will be is anybody's guess.
Discounting the price increases, the difference between heating with propane and wood is $109.25 a year or $2185 for 20 years.
Considering the labor involved in cutting, hauling and splitting wood, propane looks like a bargain to me at this point. A high efficiency propane furnace would most likely more than remove this $109.25 from the + side of the equation.
Btu values for wood varies considerably with species of wood, dryness and which source of information you choose. The net has a lot of sources and a lot of variances.
Boy, do I feel better now?