A semiempirical method for the computation of alloy energies is introduced. It is based on the equivalent-crystal theory of defect-formation energies in elemental solids. The method is both simple and accurate. Heats of formation as a function of composition are computed for some binary alloys of Cu, Ni, Al, Ag, Pd, Pt, and Au using the heats of solution in the dilute limit as experimental input. The separation of heats into strain and chemical components helps in understanding the energetics. In addition, lattice-parameter contractions seen in solid solutions of Ag and Au are accurately predicted. Good agreement with experiment is obtained in all cases.