We are trying to save money this winter and I was wondering if it would be cheaper if we turn down the thermostat at night and used electric heating blankets in bed to stay warm or should we just turn up the thermostat and warm up the entire house and not use electric blankets? (We have oil for heat) Which way would save us the most money?
We would only be using one electric blanket since its just my husband and myself.

The average electric blanket is 200 watts, and makes 682 BTUs per hour. A US gallon of oil makes 130,000 BTUs, but with efficiency losses the net is about 104,000 BTUs. So, a gallon of oil is worth 152 hours of electric blanket use.

The typical residential furnace/boiler is rated at 150,000 BTUs, and so burns 1.15 gallons of oil per hour. Heating oil here on the east coast is going at about $2.08/gallon on ‘contract’. Electricity is $0.16/kwh.

The blanket uses $0.032/per hour. Oil is costing you $2.392 per hour. If you can save one gallon of oil per day by using the electric blanket for 8 hours, you will save approximately $2.14 per day.

Hope this helps.