This very much depends on where you live. We just did an all-electric conversion in the DC area and the cost works out to be ~$50/month more in the coldest winter months for our single-family home (also paying $0.01/KWh more for wind/solar than coal power). That's obviously not free but it's completely manageable in terms of home expenses, and the variable heat pump's efficiency saves on cooling as well as being notably better for humidity and temperature swings because it'll run more frequently at the lower levels rather than the cool-to-full-blast cycle of our old gas heater. Obviously, this approach is less viable the further north you go as you spend more time in the lower end of the efficiency curves but there are a _lot_ of people living in areas where it's basically trivial to do now.

If I set policy, I'd have subsidies for the upfront costs (maybe a base credit with 0% loans?) and especially consider things to push geothermal installs which are expensive up front but might be worth it long-term. We didn't want to deal with the extra hassle but I have been wondering whether we should have done that since it'd save in the summer, too.