There are a lot of variables. ... I live in rural Ontario. With annual heating cost of approx $4300-$4500.
If it saved $2,000/year, it would still take 5 years to pay for itself. Basically a “scam” for lack of better words. Not unlike when the province tried to get people to use electric heat.
I understand your issues about past all electric, etc.
Most of what I suspect you have is a heat lossy home.
I will outline what I have done on my path of home ownership to cut out heat losses.
Bought the place in Feb 2003. Built in 1967 2 storey, 900 sq ft per floor. Brick veneer clad first floor, aluminum siding clad second storey. Asphalt shed style roof
No snow for 18" around the foundation on the otherwise snow covered ground when I bought
Less snow on the north facing side of the street compared to another house that had the same coloured shingles as me.
So I knew I had a poor insulation issue.
So first few months I built 2x3 stud walls around outside of unfinished dry and parged concrete block basement.
Placed the first insulation in end headers and rim joist slots.
Studs were set a few inches from the concrete so 6" roxul for top of wall, 4" for bottom. Vapour barrier. Roughed in electrical as I went.
Next fall did drywall and some interior walls.
Attic got 6" of batts over the original wimpy paper faced 4" of fibreglass.
Bath ceiling exhaust fans were vented out end walls with terminal ball trap and not just dumped into the attic like I found them.
Windows were two pane but nor sealed between them. I did a lot of removable caulking crack sealing on them to stop the whistling.
Basement windows were crappy single pane and fit really poorly. I made plastic pillows stuffed with fibreglass bats cut to suit and filled the basement windows in over the winter with them.
Dryer exhaust got an insulating sleeve place over it and a foam ball exhaust trap too.
Foam gasket sealed all receptacles and light switches in exterior walls.
Pulled up and reinstalled baseboards and did low expanding latex foam for where drywall did not meet the flooring behind the baseboards.
And where strip wood flooring did not extend to room edge behind bottom of baseboard.
Room by room as I repainted over a few years.
Put new weatherstrip around edges of exterior doors and new transom seals, as the rubber in the old ones was shot.
Lived with that until we paid off the mortgage.
Summer after that I hired in for thermopane window replacement.
I replaced the wood exterior doors with foam core steel clad doors the fit their new frames a lot better.
I replaced the basement windows with thermopane and made sure they fit and were sealed in well.
After 40 years there was almost no paint on the siding.
I had foil faced 2" rigid foam board placed while the siding was off and all joints tuck taped. Then vinyl was placed over that.
I had the fire place fitted with a lock top damper to cut up the flue losses, and have a rigid foam plug the we fit into the fireplace opening when it is idle.
Each step seals up the house a bit more so it uses less energy to heat and cool it.