This is an electric furnace that heats our old radiators. It is 100% efficient. Heats only on demand. It has an outside sensor also that reads the outside temperature and increases or decreases the effort depending on how cold it really is.
It is silent and tiny.
The old radiators also have huge latency and once taken to the right temperature hold the heat well after the furnace shuts off.
Of course in Quebec electricity is both secure and good value. This may not apply to you. But I am advised that even on PEI where they have the most expensive power in Canada that this type of arrangement is cheaper than oil.
I will let you know how this works out. We will also be replacing the windows and bumping up the insulation. The intent is to get our exposure to oil prices down to the minimum.