Heat pumps are designed to operate with a 40° change in temperature as their primary operation for those efficiency and price per month costs listed on the packaging. If it's negative 20° outside and you have to triple their primary operation power to pull heat from outside then, yeah, it uses pricey electricity. Even with the CMP rate hikes, it's still a less expensive source of heat in a well insulated location than any other automatic option.

Burning wood is cheaper.