It really depends. I’m fortunate to have a community aggregate program, and after doing the actual math, oil needs to be below $3/gal for it to be cheaper than running the heat pump on my current electricity rates. Right now, it’s going for roughly $4/gal, so it’s not even close.

My heat pump isn’t new, but it’s not old either (installed in 2016). It’s a power hog under ~20F, but I think it’s still cheaper than burning oil at these rates.