HVAC VS. ELECT. BASEBOARD VS. RADIATORS

[Jared Kotler]

Hey biggerPeople... love y'all cats. So, that's out of the way,

I bought a triplex. The previous owners didn't want to fix boilers so they put electric baseboard heaters in the apartments. Winter comes and my tenants are getting $300, $400 electric bills. I'm renovating the building as the units come up. So, question...

1. I can fix the radiators, gas, have 3 zones one for each apartment that will cost $13K
2. I can install HVAC on the first and third floor with ducting and 2 ductless units on the second floor
3. I can leave it. 

I'm curious if in the winter will my tenants get the same kind of electric bill anyway? Will it be that much better in a cash out refi?