I have a furnace and oil tank and both have just about seen their better days. I would like to convert my hot water to electric as well as my heat. As it stands today the heat is baseboard forced hot water and the home is a small ranch approximately 850 square feet with 200 amp. electric in the New England area. I would like to get away from oil for several reasons the biggest one being the $4.30 a gallon cost. Natural gas is not an option at this point and I was wondering if there were any suggestions on electric heating options, cost and efficiency.