Heating with a wood stove offers many benefits, including potential cost savings. This Quadra-Fire post answers the burning question, “Does a wood stove save money?”
Does a Wood Stove Save Money?
Paint this scene in your mind: It’s fall, landscapes are turning brilliant shades of red and yellow, apple orchards and wineries are in full swing, and the air is cool and crisp. Meanwhile, lawnmowers will soon go into storage, and snow blowers will make their seasonal debut while we brace for the inevitable – winter and eye-gouging heating bills.
Mother Nature isn’t generally negotiable when it comes to snow and cold, but in her infinite wisdom, she provides another naturally-occurring resource that has warmed our homes for centuries – wood. It is a renewable fuel that helps reduce fossil fuel carbon emissions. And if you have the right wood stove, it can take the sting out of hefty heating bills.
Wood Stoves are Investments That Put Money in Your Pocket Over Time
Beyond the beautiful look of a wood-burning stove, there’s another huge advantage—the cost of running it. As oil and electric prices continue to surge, supplementing your home’s heat with a wood stove can be a considerable savings advantage.
Does Heating with a Wood Stove Save Money?
Oil and electricity prices are rising by the day. Gas prices are upwards of $6 per gallon, while the cost of electricity (per kilowatt) has risen 4.3% between 2021 and 2022, according to the U.S. Energy Information Administration. These exorbitantly high prices have prompted many people to look for heating alternatives.
For context, EPA-certified wood stoves in a 2,000-square-foot space use between three to six cords of wood in a single season, depending on usage, climate, and heating requirements. This year, the average cost of a cord of wood is $296, which brings the total to $888 — $1,776 for that 2,000 square-foot home. And, if you’re using wood cut from your backyard, the fuel is free. Alternatively, heating a home or space using electric baseboards averages $2,485 and $3,143 for a propane furnace (80%), according to the Energy Savings Group.
On top of the price comparisons, switching to a qualifying wood stove as a heat source entitles you to a federal tax credit, which includes the cost of purchasing and installing a Quadra-Fire wood stove. In 2023, wood stove buyers can receive a 30% federal tax credit on qualifying wood-burning products. To learn more about the tax credit and to explore Quadra-Fire's qualifying products, visit here.
Let’s examine the savings with an example. Say you buy a new wood-burning stove and spend $3,000. With the federal tax return, you’ll get $900 back for the purchase of your beautiful, new stove. Couple that with the savings on fuel (wood), and you’re on your way to significant savings and energy dependence.
Invest in the Right Wood Stove
Truth be told, wood is only as good as the appliance in which it’s burned. It’s essential to invest in the most efficient wood stove possible, outfitted with technologies that enable a clean burn and low emissions. Compared to lesser-grade or older stoves, you’ll get longer burn times and use less wood, with significantly less ash to clean up.
So, what is the most efficient wood stove?
- EPA Certification: EPA-certification complies with emissions and efficiency standards, so you can trust your fire is burning safely and effectively. In addition to keeping emissions low, it ultimately makes the stove more efficient. All Quadra-Fire wood stoves are EPA certified.
- Equipped with the Right Technology: Choosing a wood stove with the technology that enables long, worry-free burns is a must. All Quadra-Fire wood stoves have a Quad Burn four-point burn system, which has four distinct combustion cycles that maximize fuel-to-heat conversion by completely burning and re-burning the wood, gasses, and smoke up to four times. This means you’ll need less wood to maintain hot fires, and you’ll spend less time cleaning up ash after it’s burned.
Today’s stove technologies also make heating with wood more effortless than ever. The Quadra-Fire Discovery I stoves are equipped with Smart Burn Technology, which is a programmable thermostat used to control the heat and program heating schedules that work for you – just like the programmable thermostat for your furnace! This stove is also incredibly intuitive and will even alert you when it’s time to add wood to the fire.
Looking for a suggestion? Many wood stove lovers are drawn to our Discovery I wood stove. Its compact design offers the perfect amount of heat for smaller spaces. You can also change the stove’s appearance with an array of ceramic tile panels to outfit its side panel.
Now is the Time…
Between the cost savings and the federal tax credit, purchasing a wood stove is a wise financial decision that will leave you better equipped for whatever the cold seasons have in store – and anything the economy presents.
If you’re ready to take the next step, get a quote.