About a year ago we got rid of our oil furnace and replaced with an air to air heat pump. And our old furnace despite using oil for fuel, used more electricity than our new electric pump does...and now we also have central air which we didn't have before, and again our electric bill in the summer went down. We're saving about $75-$100 a month in electric since then. At this rate I'm looking at a 10 year payback, less than 10 years if the oil continues to rise--(which it will). Though these weren't the reasons I went electric, honestly I wasn't expecting it to be such a dramatic difference.
I went electric because in the next year or two (hopefully this summer) I'm going to start adding solar panels. And even if I wasn't planing on the panels I still think electric is the way to go because it's the most adaptable. Propane, gas, and oil (though I could've burned bio-diesel in the oil furnace) are all non-renewable.
Granted some sources, like propane, we have 100's of years left, but every year the price will increase in proportion to what's left (and in some cases even if there is a lot left they will raise the price because they can when the competing fuel goes up from it's lack of supply) . With electric I have more options, I can stick to the grid and allow my power company to make the choice for me which is always competitive in price (with more fuel options than I can make--nuclear, coal, hydro), or I at least have the option of going with solar or wind (if I didn't live in the city limits).
I bring this up to help anyone that might be looking at swapping systems. I know heat pumps aren't an option for everywhere but for many of us it's a great option--even though the install and furnace cost more upfront. I'm not by any means trying to gloat at your misery. I know all too well the problems with heat relying on tanks. Priming the lines when your fuel gauge is reading wrong, trying to come up with a pile of money at once. Keeping the heat low at the end of winter cause you don't want to risk running out late in the season, because you don't want to spend the money for a couple gallons then sit on it till next winter. I hated all of it.
<edit> BTW electric heat pads for your mattresses that go on like a fitted sheet rock. They use about the same electricity as a light bulb but ohhhhh so cozy. Turn em on about half an hour before bed for a nice warm bed.