We also have a house that is (was) heated only with baseboard electric. We are lucky enough that we could put money aside and buy a woodstove. Best decision we ever made. We keep the heat on in the bathrooms and kitchen, and pay $200/cord to heat the rest of the house. We go through about 6 full cords of wood a winter doing this - depending on how bad the winter is and how long the cold weather hangs around.