I went to the Ontario Hydro calculator to look at switching from oil heating to electric (natural gas not available here). This calculator says that I can save about $400 per year by switching. I have much doubt about this. Has anyone actually done this switch? Do you believe this?
Edit: some more info I should have provided:
First of all, I believe this would be for a forced air electric furnace. This should easily swap in for my oil furnace, I would just have to add a 220 line.
I live in central Ontario. I don't have or need/want air conditioning, so there is nothing to save there.
I am not sure about a heat pump for my case, since it would not be used in the summer and they become less efficient as it gets colder. I am not sure I can rely on a heat pump as my only heating source.
Oil heating is inefficient and expensive to fuel, so it makes sense you would save money switching to electric. Before moving forward I would recommend consulting with an electrician or HVAC company to see if your electrical service can handle it.
Also I'm not an expert but I think most heat pump systems have backup resistive heaters for when it gets too cold