In most places I know of electricity is cheaper than natural gas/heating oil so yeah I guess you would be saving $ on heating costs.
Where in the world are you?
There is absolutely no comparison between gas and electric heat where I am. I paid about $60 a month to keep a 4000 sq. ft house toasty warm with gas last winter.
I'd be better off burning dollar bills to keep warm than paying for electric heat.
I'm in Canada. You know what let me check my gas bill cause I may have spoken with my ass lol :p..one moment plz..nope I was correct..I pay $0.14 per cubic meter of gas, but pay only $0.06 in the winter for electricity.
You need to check your units. a cubic metre of gas is a lot more energy than a kilowatt-hour of electricity.
On equal units:
a gigajoule of natural gas (26.3 cubic metres) costs me $4.55 ($0.1725/cubic metre)
a gigajoule of electricity (278 kilowatt-hours) costs me $24.93 ($0.09/kilowatt-hour)
Even using your prices, natural gas is still way cheaper ($16.68 vs. $3.68).