No. It's just an electric heater like your baseboards, but dressed up a little. I was reading about baseboard heaters not long ago and read that age doesn't necessarily make them less efficient. The new ones work exactly the same way as the old ones. What really can make them less efficient is if they're clogged up with dust or if the little fins inside are bent, or if the airflow to them is blocked by furniture or drapes or anything. They need space under and over to work properly and the fins need to have space between them. If you have a ceiling fan, use it, with the blades set to blow upwards. That moves warm air off the ceiling.
Things to do to keep your electric bill down: turn down the thermostat a degree or three and wear sweaters and warm slippers in the house, use a warm throw if you're sitting around. Too many people expect to walk around at home in winter in shorts and a T-shirt and bare feet and then they complain about the heat bill. Not saying you're one of them. Turn heat down at night or when you're going to be out all day. Not off, just down to a minimum like low 60s. Keep drapes drawn at night. If there are rooms you don't spend much time in, keep them heated only minimally. Keeping the bedroom cool and using an electric blanket to preheat the bed works very well for me
Wash all laundry in cold water. Take short showers or shallow baths. Use a clothesline to dry clothes, if you can. It's dry in Colorado in winter, isn't it? Once they've "freeze dried" outdoors, a few minutes in the dryer will soften them up.
Check weatherstripping around and underneath doors. Especially on windy days, you can lose an enormous amount of heat through gaps there.