Here is an interesting CBC article on the future of home heating equipment using heat pumps.
Along with a well insulated & well sealed home, this is on of the main factors in having a "net-zero" home - one that produces as much energy as it consumes. Add enough solar panels to offset the hydro used to heat and run the home and you have a net-zero home.
What having a net-zero home really means to a home owner is ensuring that you never have to worry about the cost of energy because you produce as much as you use. It ensures that you are in control of your finances, especially as you reach retirement age, when income likely becomes fixed.
I used to think it was "too good to be true"... until we did it. We made our home net-zero about 10 years ago and have consistently been producing anywhere from 95% to 142% of power needs, dependant on the seasons (more or less sun, milder or colder winters). And as we approach retirement, we know that while hydro costs will go up, we never have to worry about it, because we offset what we purchase by how much we produce. We have taken a huge chunk of the risk and uncertainty out of retirement planning. Any one can do it!