When you already have a Woodstove, pellet stove, oil heat or propane heat for the cold snaps, yeah, the economics really pushes in favour there.
I live on a small remote island. Over the past number of years there has been a boom in heat-pumps here due to government subsidies. A local company appeared and was happy to fill the demand for new units. Eventually the new installs dried up and the company disappeared.
This winter there has been a number of desperate pleas on facebook for people seeking repairs on their heat pumps and split units. Unfortunately, the nearest company who can service these units is a half day ferry away.
Suppose you did pay $300 on one cold night... but it also turned out that your electric bill for May and September was basically $0. Would that be the worst thing in the world? Utilities are monopolies, and regulators keep an eye on their total bottom line. A massive yearly profit would come in for scrutiny.
Rather than maintaining individual gas heaters, it's more likely that the energy companies would maintain gas-powered peaker plants. If they operate 1% of the year, then we've cut 99% of the carbon emissions, with no loss of service. Even if they somehow had to operate 10% of the year, that's a 90% drop in CO2.
The cost of converting them to peaker plants isn't zero, but it's not anywhere near the cost of building new ones.
But "how does the grid handle spikes in demand" is the really interesting question there, and why more transmission lines (to smooth out supply/demand geographically) and reliable sources of "firm" power are important. Energy storage at scale is potentially really important here, too (and one of the reasons why home batteries are more important to the grid in some ways than home solar).
They're relatively new, but a few companies are making them now and there's a LOT of handy homeowners playing with that tech right now.
Of course, if it only happens rarely, there would not be enough money in it, but then it wouldn't be a problem for the home owners either.
Also note that while electricity is expensive to store, heat storage is actually pretty cheap. It works much better at scale with say a district heating system where you can economically do seasonal storage. But you can do it on an individual level too over shorter time spans.
http://news.hydroquebec.com/en/press-releases/1261/hydro-que...
I live near Maine and have similar weather, and typically the heat pump only goes out for 3 to 5 nights and 1 or 2 days over the winter. The extra cost of a few days of EBB use is pretty minor compared to the savings throughout the other 362 days of the year.
Specifically, heat pumps use more energy on cold days. They use a massive amount more energy on the coldest days.
Today, if you use double the electricity, it costs double the money. Thats affordable as long as it happens rarely.
But, with lots of people getting EV's and heat pumps, and the generation mix getting more wind and solar, I forsee energy companies forcing customers onto dynamic pricing plans. Ie. the price adjusts every hour of the day.
Now when it's cold, and everyone else is trying to use extra power for their EV's and heat pumps, the price will go way up. So now, instead of using double the power and paying double, you'll use double but pay 50x.
Suddenly the economics of a heat pump don't look so attractive when you realise you paid $300 on one cold night...
Dual heat sources solve this (I doubt gas will ever have dynamic hourly pricing).