Keep in mind, this dude was doing $300 a month in electricity before the install and running a boiler with whatever fuel source that used per month.

I did the same cycle with oil as our primary heat for the first year here and switched over to a heat pump. We had a $200 a month electric bill in the winter with oil heat and a $400 a month bill using all electric heat pumps for the entire house the next year at the same time with similar weather. The cost of oil, assuming it hadn't gone up at all over that time, would have been double that electricity cost.

Wood stoves are cheapest, but require work. Pellets are easier, but still work.

A single pellet stove will burn a 40 lb bag of pellets in a day and use electricity to run the blower. That average's out and about $8 for one pellet stove to operate a day. You'd have to run fans or something throughout a large house to get the heat from a central location to your separate rooms. If you're using ducted fans then that's an extra electricity cost on top of the pellet heater. Assuming my heat pump runs constantly on a 0° day, it uses 48 KW a day. At CMP rates with their normal billing option, that is about 12 bucks a day. Thanks to CMP's new cost per kilowatt it is not the cheapest solution for house heat in Maine, but it will heat your entire 1600 square foot house.