My parents tried it last year by using three oil filled radiators vs. running the furnace....and while it raised their electric bill by about $75-90 a month....it kept the furnace from being needed at all (saving about $200+ a month) It did not work as well when it gets real cold out though. But through December that method worked fine.
Currently we have so much computer equipment running in the basement for his business that it actually has reduced the amount of furnace run-time needed to keep the house warm!   Multiple servers blasting out heat keeps things toasty.
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-diesel is not just a fuel, its a way of life- 
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'13 ML350 Bluetec - 95k - dad's (OC-98k)
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