After playing around a little with Factory Planer and Arc Furnace i came to the conclusion that using your mod would not be an option. The industrial furnace (provided by SE or AAI i think) Simply costs way less resources and power to get products from. Just mentioning in case you are wondering why people may not end up using your mod.

It could be balanced by boosting the smelter performance or with research that builds upon the smelter - But for now i had to remove it, because despite UPS reduction this would waste too much resources.

Thanks Dbl, the build cost justification at the time were mainly based on how big the unit was in game (It's rather big, so should need a lot of steel).
Thinking about it, I think the x50 electric furnace cost is a bit high, I'll drop that to x20, take the crafting speed from x80 up to x100, and also make the recipe in/out amounts x2, which means more throughput per craft.
Looking forward to hear your feedback.

https://imgur.com/a/t2CTcRH

This image perhaps better shows what i am getting at here.
Sample what's needed for 8 blue belts for a copper/iron plate with corresponding smelters.

Using low level modules (instead of lvl 9 modules)

In this case i would never use an arc furnace because it just doesn't come close to the output/input compared to an industrial furnace. For the arc furnace to be balanced and also desired it has to be better at producing smelting products. It should be expensive as hell so it is also balanced (which it sort of is atm? - good for balance) But right now i would never use it for obvious reasons: 26k ore vs 10k ore for 21k products. Personally i think the high power cost sort of is balanced IF it is better productionwise.

I suppose you could also go an approach like "arc core fuel" which is a receipe that builds from iron, stone, copper, coal for example, to balance it.

I really recommend using Factory Planner to play with the numbers for yourself. It's pretty obvious then at which point using the arc furnace would make sense then :)