@Dan Weber I've killed probably 5 oil burning systems in my Maine multi-unit buildings and replaced them with heat pumps. Losing track! It's a no brainer. It provides a terrific ROI in the 25-50%/yr range when you decommission an old fossil fuel system and switch to heat pumps (with tenants paying electric). You can then out-compete other landlords on nominal rent price and tenants love having AC and a modern programmable system, all while you get a higher NOI (profit).
A few things to keep in mind:
*Maine now has 2 different levels of rebate, the better rebate is for smaller (more efficient) heat pumps.
*Installers almost always want to over-size things. They're afraid people will get cold and think you need gigantic 24-30K+ BTU systems. Generally, you don't. Each unit needs one small efficient heat pump in a common area (kitchen, living room etc) and then your electrician can install super-cheap 4 foot electric baseboard units in rooms with closeable doors (like bedrooms).
*Beware of installers that offer what seems like cheap financing- in fact they often jack up the price to more than offset the cheap financing. My experience is that pure-play heat pump companies do better work for a lower price while bigger heating/renewable companies overcharge and aren't as specialized. Highly recommend Royal River Heat Pumps.
*Add a 50 gallon heat pump water heater for water. These have a $750 rebate and they only cost about $1200! Add another $500 for plumbing/electric on average. You can do one for each unit or one 50 or 80 gallon for a small 1-3 unit building.
*It's delightful to think about the thousands of gallons of oil you'll be saving while also savings thousands of dollars each winter.
Hope this helps!
