If you think your time is worth something, burning wood probably doesnt pay off. I charge $35 per hour for myself... IF I COUNT MY TIME....
For the vast majority of folks who do firewood, they either don't have the opportunity or desire to do work for hire instead of firewood.
I could make more than $35/hour doing computer work, but it would just burn my brain out more and leave me less effective at work.
And is the $35 before or after 1/3rd goes to taxes and other deductions? Do the folks who charge their own time also allocate other costs like health insurance? (To be consistent with factoring in wear and tear on equipment...)
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Anyway, for me I used to figure $35/cord times four cords per year (probably closer to five).
That was for the equipment I actually used primarily for firewood (and not including some toys that didn't pan out or weren't really necessary) depreciated over expected life, including stove, plus supplies like gas and oil.
I didn't count costs for my truck (would own it otherwise, and extra gas was minimal), or land (I'd own my 12 acres whether it contributed to heating my house or not).
Couple used saws, Fiskars axe, Logrite Peavy, helmet and chaps, my *good* stove is 40 years old and cost me $400 (it replaced a new stove I bought for $199 before steel prices spiked, and sold for $100 eight years later), tool box with miscellaneous tools and supplies. $1000 for the stainless chimney made 15 years ago remains the most expensive item I've bought specifically to burn wood.
Recently I've been buying logs for $100/cord. Better stove, but that reduces my usage to 2 maybe 3 cords a year. Though I can cut my own wood, saves a lot of time buying logs -- and the wood will still be there if my economic situation declines in the future.
So let's call it $150/cord now. $450/year.
Filling up my 275 gallon oil tank is $950 right now if you buy the cheapest oil in Corrupticut. And I went through two tanks a year before I started using kerosene then wood.