Estimating the heating costs for a specific home is an extremely difficult task. There are just too many variables–including the type of fuel and fuel costs. The Governor’s Energy Office recently established a website that will help you compare the costs of heating a “typical” 1500 square foot home based on fuel. I was a bit surprised to discover that based on current prices, pellets are actually less costly than wood. (The site makes a number of assumptions regarding efficiency.)
One of the conversations I often have with home buyers is a reminder that we pay for our homes more than once–when we buy it, certainly. But we also pay to maintain it, to heat it, to clean it… While this site won’t help with your specific home, it will provide some interesting things to consider. Check out: http://www.maine.gov/energy/.