This is being pursued most interestingly by Standard Thermal's "hot dirt" approach. They've updated their web page to include a few more technical details, which look to make sense economically (for example, they're putting the resistive heater(s) outside the dirt piles where it/they can be easily maintained).
The round trip efficiency (RTE) might be 40%, which is actually not bad since the input power (crude DC direct from solar modules) is quite cheap, not needing inverters or a grid connection sized to that DC power. Thermal losses are < 1%/month.
The technology would work down to a scale of about 100 kW average power, which is quite small all considered. Good for village-scale microgrids or individual small industrial enterprises. Scaling up, the average power would be similar to that of a large earthen dam of the same size, only the dirt would be used for to hold heat, not hold back water in a river, and could be sited almost anywhere. Heat retention improves as the size scales up; a dirt pile of the size of the largest dams, if it had been built and heated in the Bronze Age, would still be hot inside.