Typically the heat value is 8700 BTU per pound. This is for a premium pellet at less than 7% moisture. So, about 348,000 BTU per bag. Rule of thumb, I go with 8500 BTU per pound, as not all manufacturers can guarantee Moisture after it is delivered to the Retail sector. Pellets can pick up additional moisture if not stored properly!
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Within reason all woods have a potential BTU value of 8000 BTU's per pound. Oak, Ash, Balsa and Pine all have the same potential. I am sure there are some exotic woods that might violate this rule but for the sake of this question 8000 BTU/Pd will do nicely. The term potential is a theoretical maximum yield and, in a practical sense, can not be achieved except in the laboratory. The key is in the weight not the species. Wood, when alive and green, has approximately 50% moisture content. Obviously, water will inhibit the conversion to heat so actual, aka possible, BTU's available to heat a home will drop according to the moisture content. When the moisture content drops to less than 20% the available BTU's will be approximately 6000 BTU's per pound. Seldom, if ever, will the average homeowner achieve greater than this as they have no control of moisture content of whatever they are burning. Some wood pellets will perform a little better than raw wood as they have a binder that holds the pellets together like paraffin or other organic binders. Not all pellets use a binder rather they rely on tremendous forming pressure to maintain their shape during transport and handling.