Oil prices are likely going to be much more volatile than wood so be sure to factor that in.

I did a similar exercise a few years ago. My townhouse is all electric baseboard heat so after the first winter I got a wood pellet stove and that was so much cheaper to run.

Eventually, I installed a mini split heat pump system; the focus was to provide air conditioning in the summer, but you can also run it as a heater. In fact, after calculating the total costs, it turned out that heating with the heat pump was less expensive than hearing with the wood pellet stove. It’s that efficient.

I did calculations to determine the cost per BTU of heat for my different heating methods. I took into account the efficiencies of the heating systems and factored in the efficiency drop in the heat pump as it got colder outside.

Even at the lowest suggested outside operating temp for the heat pump it still beat the cost of wood pellets, though by only a slight margin at those temps. So now we only get a ton of wood pellets for the winter and use them on just the coldest days of the year while using the heat pump on the other days.

I turned it into a spreadsheet so I could calculate the cost per BTU given a change in electricity costs and wood pellet costs. You can likely do something similar. Most wood stove manufacturers provide a rated efficiency for their stoves and I’m sure you can find published efficiency ratings for oil burner heating systems.