Switching from Oil to Natural Gas or Electric?

[Hannah Costello]

Hello! I recently purchased a duplex in Reading PA. The top unit is electric baseboards, but the bottom unit is oil - hot water heat. I do not want to put the high costs of oil on the tenant and would like to convert to natural gas or electric ASAP. I was originally considering natural gas. There is an available gas line and UGI will hook up for free, I just cover the furnace install. However, the turn around time for this is up to 12 weeks, if it gets approved by the borough.. I would like to convert sooner than that to avoid the high oil heating costs that will come this winter. 

I am seriously considering heat pump/mini splits. I rented a unit before that had them and my electric bill was relatively low in the winter months. Then there's electric baseboard heat.. I am looking for the most cost efficient and timely option. I am willing to spend a little more if it means lower utility bills for my tenants. I have two estimates scheduled for this week, but if anyone has any idea of pricing for this please let me know! 

This is a 1 bedroom unit and is around 500-600 sq ft. And also, I have 2 100 amp panels - one for each unit, would this need to be upgraded? 

Thank you so much for your help (:

[Mark J.]

@Hannah Costello Curious what you ended up doing here?

I currently have a 2 unit on oil heat, 1 thermostat, shared ducts, so I have to foot the entire bill and it's killing my revenue in the winter, costing $1000 some months.

I've looked into converting to gas and into installing electric baseboard heaters. Both options are right around $7000. With the electric baseboard heaters I wouldn't have to cover any of the monthly heating expenses, so financially it's a win, but I do worry about the inefficiency, and the high cost the tenant will have to pay. With the gas I have to shell out the $7000 and continue paying the heat bill for both units, though less than oil, it's still fairly significant during winter months.

I'm not sure what to do here. I did ask the HVAC company about mini splits and they said I'd be looking at about $20k total, so that's not really an option.

Another thought is I could try to have the tenants split the gas heating bill, but not sure if this is feasible or legal.

Anyone have any suggestions here or done something similar?