According to Natural Resources Canada, you may be able to reduce your space heating bills by up to 50% if you convert from an electric furnace to an air-source heat pump.
If you get a heat pump, and keep it at the same temperature that you have your baseboards set at, you would see greater savings. However, we see our customers setting their heat or cooling to their comfort level and still experience great savings.
For oil and gas conversions, your savings will fluctuate with the cost of fossil fuel prices, but our customers report consistent savings of 30% to 50% depending on the efficiency of their current heating system.