I'm Paying for Heat on My 14 Unit Apartment and its Killing Me

[Mike Cotter]

Looking for some advice regarding my extremely high  heating bills. I own a 14 unit apartment building located in Commerce Michigan. I currently pay the gas and water for my tenants while they pay for their own electricity. On average I see anywhere from $500 - $800 monthly heating bills during the winter months. 10 of the 14 furnaces that are in the units I've been there since 1968 when the building was erected. I don't have a whole lot of problems with them other than occasional pilot lights going out and making minor repairs.

My question is do I replace these gas units with electrical units? This way I pass the Bill back to the tenants where they would be less likely to have their heat on full blast and their windows open, which is always a joy to see. 

The price of gas is supposed to be going anywhere from 15 to 20% higher in the near future. I truly don't have a clue as to what the cost would be to take out the current wall unit furnaces and replace them with the electrical units. Are they safe?

Any and all help is much appreciated

Mike