I've had luck swapping it in for butter and for other vegetable oils in cake batters and some cookies -- mostly baking recipes that have eggs and a variety of ingredients.
However, be careful when the original recipe relies solely on butter to hold it together (such as traditional shortbread); the oil doesn't have the bit of water that butter does, and it liquifies faster when heated, so you can end up with little cookie puddles.
Similarly, it can be a great substitute for butter in more complex frosting recipes, too -- but when the frosting recipe is basically just butter and powdered sugar, the coconut oil will create a waxier, harder frosting than butter would have -- at least in my experience.
Most recipes can use coconut oil as a substitute for butter, I find. I've made every type of baked good, frosting, and savory dish you can imagine subbing coconut oil for butter. I just made these brownies from sprouted kitchen (for the umpteenth time) w coconut oil last night -- an exact substitution. Glorious results.
I also fry and sautee with it. The only thing you really want to avoid is using it in cold salad dressing. But you wouldn't make a salad dressing with butter, would you? Same principle.
Here's a biscuit recipe I posted this week that I absolutely adore, made with coconut oil instead of butter:
I've substituted it anywhere that calls for canola oil or shortening 1:1 and have had really good results. I've used it for waffles, pancakes, and cookies. I've melted it for oil substitutions and left it solid for shortening. I hope that helps!
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However, be careful when the original recipe relies solely on butter to hold it together (such as traditional shortbread); the oil doesn't have the bit of water that butter does, and it liquifies faster when heated, so you can end up with little cookie puddles.
Similarly, it can be a great substitute for butter in more complex frosting recipes, too -- but when the frosting recipe is basically just butter and powdered sugar, the coconut oil will create a waxier, harder frosting than butter would have -- at least in my experience.
http://www.sproutedkitchen.com/home/2012/12/6/brownies.html
I also fry and sautee with it. The only thing you really want to avoid is using it in cold salad dressing. But you wouldn't make a salad dressing with butter, would you? Same principle.
Here's a biscuit recipe I posted this week that I absolutely adore, made with coconut oil instead of butter:
http://www.willfrolicforfood.com/2014/04/tender-einkorn-drop-biscuits-with.html