In doing cost / benefit analysis, everyone has their own method. Here's how I look at it:
Anything that reduces my future 'fixed' expenses is automatically a good idea.
If I have to borrow money it's a good idea as long as the monthly savings are more than the monthly payments. If I don't have to borrow money, I'll look at what the payments would be if I had, and see if it makes sense.
As long as I don't have to borrow money, anything that increases self-sufficiency is a good idea.
There has to be some rational potential savings that aren't way out of whack with the cost, but I'll spend to make sure that I won't be dependent on some unreliable resource at some unknown future cost. Over the years, I've gotten the tools and equipment to do all of my own plumbing. electrical, carpentry, landscaping, forestry, machine shop, woodworking, and automotive work with the exception of front-end alignment and tire changes. Not all of these have paid off in a purely financial sense, but I have the security of knowing that if things turn bad, I can take care of myself in all these areas. When I have a problem, I don't have to call anyone.
Both of these rationales can apply to wood heating systems. I'd take a hard look at the first, and it's probably fair to assume that oil prices are going up in the future. Looking at the second, I think there's some justification in having an alternative so that you won't be dependent on an unreliable supply of oil. Oil shortages in the future are not unlikely.
Just my perspective.....
Anything that reduces my future 'fixed' expenses is automatically a good idea.
If I have to borrow money it's a good idea as long as the monthly savings are more than the monthly payments. If I don't have to borrow money, I'll look at what the payments would be if I had, and see if it makes sense.
As long as I don't have to borrow money, anything that increases self-sufficiency is a good idea.
There has to be some rational potential savings that aren't way out of whack with the cost, but I'll spend to make sure that I won't be dependent on some unreliable resource at some unknown future cost. Over the years, I've gotten the tools and equipment to do all of my own plumbing. electrical, carpentry, landscaping, forestry, machine shop, woodworking, and automotive work with the exception of front-end alignment and tire changes. Not all of these have paid off in a purely financial sense, but I have the security of knowing that if things turn bad, I can take care of myself in all these areas. When I have a problem, I don't have to call anyone.
Both of these rationales can apply to wood heating systems. I'd take a hard look at the first, and it's probably fair to assume that oil prices are going up in the future. Looking at the second, I think there's some justification in having an alternative so that you won't be dependent on an unreliable supply of oil. Oil shortages in the future are not unlikely.
Just my perspective.....