What's also interesting is that you have to factor in the costs and CO2 emissions of the fuel source and it's delivery method. A new building code for a county in my area was adopted which requires calculations for energy efficient HVAC systems and also CO2 emissions with those systems. Surprisingly, natural gas has less CO2 emissions associated with it, while electricity is 2.86 times as much. This is because grid electricity is mostly produced by fossil fuels, then needs to be delivered to the site but there are many losses along the way. So even if the all electric equipment is twice as efficient as the equivalent natural gas equipment, it still contributes more CO2 production. This is part of the issue with phasing out natural gas and moving to all electric in its current state. But with that is the push (and requirements) to produce energy on site and shift towards net zero energy for commercial sites, which is definitely better than using grid power from an emissions standpoint.