The price of electricity is no where near the value of the BTC yet. Once you have the hardware on and running you are not going to turn it off if it is still profitable. There will be no flood of gear. Now the expansion of mining effort will slow but not as much as I would like. More people are going to put hardware they own online as they discover bitcoin, but there may be fewer purposeful purchases of high end mining gear as the expected return falls.
You are talking about the US, here in Japan it's around 0.34$ for 1kWh, your hardware can be sold for money and, as time passes by, it will lose value. I also don't like to have something hot in my house when outside are 40°C and my air conditioner will have not only to cool the room, but also a 400W PC on.