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building a new addition to the house that will be my workshop I'm looking for the most efficient way to heat it without breaking the bank. It will be about 500sf and well insulated. I would appreciate any recommendations.
One quick way for a well insulated 500 square feet is just a through the wall unit, like a GE AJ series, or a hotel-type PTAC unit. If through the wall is not convenient, or to your liking, a mini-split from LG or Mitsubishi, among others, might be OK if you are not too cold for a heat pump.
Me personally, I'd insulate the piss out of it and get a couple of those radiant oil heaters that you find at Lowes or Home Depot. Nice and quiet, no venting issues, no holes in the wall or ceiling to deal with. Just nice clean heat.