I didn’t intend to write such a long post that is drifting off the original topic, but there is a lot of good discussion here!
Let's assume two bulbs that both produce 750 lumens. One is a 60W incandescent bulb and one is a 9W LED bulb. A certain amount of energy is required to actually make the light--I don't know the exact amount, but for purposes of discussion let's assume it is 3W. In that case, the incandescent bulb is wasting 57W as heat, and the LED bulb is wasting 6W as heat.
Of course, that is an oversimplification, especially in the case of the incandescent bulb which also puts out infrared (IR) radiation. Should that be counted as light or heat?
(There are a few "IR" incandescent blubs which convert some of the IR radiation to visible light, therefore giving more useful light per watt consumed. Headlights on the Dodge Viper used a bulb like this. Same 55W as a regular headlight bulb, but more light output. Was around $120 each for the bulb at the dealer a few years ago. I think this technology is now available in a few bulbs for home use, and probably has a somewhat limited use for those applications where CFL or LED isn’t suitable.)
Electric resistance heating is 100% efficient—all of the energy in the electricity is converted to heat. But that is once you’ve gotten the electricity to the point of use. If you look at the big picture including the generating plant and transmission lines, using electric heat is probably only about 33% efficient.
This is why running an electric dryer costs 3 times as much as running a dryer on natural gas, even though the electric power plant might be powered by that same natural gas. Same thing with a gas furnace vs. electric heat. It isn’t really a 96% efficient gas furnace vs. 100% efficient electric heat; it is a 96% efficient gas furnace vs. 33% overall efficient electric heat. So the gas furnace wins out in overall efficiency.
(Although some propane is a byproduct of refining other petroleum products, propane doesn’t offer the same economic advantage as natural gas because it needs to be refined, stored, transported, stored, and delivered. All these processing and handling steps are reflected in the cost, which is also influenced by the price of oil.)