I would want to see the heating bills, but electric may be your best bet since you live in a pretty cold climate and you don't have natural gas in the area. You could go with oil or propane, but depending on the cost of oil or propane in your area it may, or may not, be worth buying a new furnace. Heat pumps work VERY well in climates where it doesn't get really cold, but where you are located it may not be the best way to go. When the temperature gets down below freezing, or worse, below zero, heat pumps still work but not all that great. During those times you need supplemental heat and usually that will be electric heat. So then you are back to the electric heat anyway.
If the home is really well insulated and you don't have the heat set really high, once you have checked into the alternatives you may find the electric heat to be the best way to heat the house.