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It doesn't give the quick blast of heat that a fan heater does but they seemed much less efficient.
Any direct electric resistive heater will be 100% efficient. Fan heaters slightly less so, as they need to drive fans as well as the element.
A fan heater will heat up the air much quicker, but will be doing fuck all very quickly once turned off.
An oil radiator will have a load of thermal mass acting as a buffer, and will continue to release heat energy long after the element turns off.
Both will impart the exact same amount of heat energy into a space, for an equivalent amount of energy consumption, only the way you experience this energy as a human over time may vary.
I got a little 700w radiator. Brought my office room up by about 3 degrees in an hour of full on, assume it will start to click on and off after that. In the bigger living room it has brought it up by about 1 degree in an hour (but the thermostat is the other side of the room) but assume that once the proper heating clicks on that should help it get up to temperature.
700W at 24p/kwh is 17p per hour which seems pretty reasonable.
It doesn't give the quick blast of heat that a fan heater does but they seemed much less efficient.