'Efficient' not in the thermodynamic sense, but in the sense that you need to put in x % less energy to have the same comfort level (i.e, have the house at a comfortable temperature at the times you need it).
And to add another use of 'efficient' to the mix, just to keep things interesting ;) , when people say 'heating a house with a CV (water) based system powered by natural gas is more efficient than using electricity', what they mean is that A) electricity is generated from other sources and there are losses in the conversion/transport/etc, whereas for gas that's not so; and B) that it's just much cheaper. So yeah, sorry for the confusion, but in energy use land, 'efficient' is a highly overloaded word.
And to add another use of 'efficient' to the mix, just to keep things interesting ;) , when people say 'heating a house with a CV (water) based system powered by natural gas is more efficient than using electricity', what they mean is that A) electricity is generated from other sources and there are losses in the conversion/transport/etc, whereas for gas that's not so; and B) that it's just much cheaper. So yeah, sorry for the confusion, but in energy use land, 'efficient' is a highly overloaded word.