Wood is the way to go if the elect. goes down neither pellet or oil will work and you always can get wood. Can you always get pellets? however wood is dirty. Bringing wood in and ashes out. If your oil furnice is working ok get a wood stove and use it to suplament the oil burner. it will lower your oil cost and if it gets very cold light the wood stove as a suplament. If you are not going to use the oil burner what will it cost to remove it? remove the hot water pipeing or you going to leave it? Will it freeze and burst? How will you get hot water for showers, dishes? Hot water in the summer? Think out all the problems before you make up your mind. Before I added the woodstove I was burning 1200 gal of oil. per year. adding the wood stove 900 gal per year new oil furnice w/ wood burner 600 gal.   dont forget w/ oil you burn aprox 1 gal per day to make domestic hot water showers, dishes,    DO THE MATH FIRST