Its still resistance heating no matter how you slice it. It's the most inefficient way to heat a space when you consider the energy lost at each stage of conversion and transmission from the power supply to your heater. But if your rates are low, it might still be a deal. Just don't bank on it long term.

__________________
1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma