When we do rent it out, we plan to add a flat fee for the included electric.

Otherwise, the renters could be bitcoin mining or driving 2-3 electric cars and you’re paying for everything. 

However, due to my college and career experience I can handle any of the electrical work while following the NEC.

No personal experience here but here's a helpful reference from someone who wrote a blog about different aspects of a 2 flat remodel in Chicago Scroll to "Two-flat journal 6: How to make an all-electric house" - - speaks a little about heat pumps and cost In the HVAC section.  

In my specific case, the tenants pay electricity & gas, but the previous owners were paying for water.

Also, Rivian is a new electric car manufacturer that is setting up in the old Mitsubishi factory in Normal.

For example, certain electrical outlets that are dedicated to equipment such as appliances or computers should be depreciated over 5 years.Benefits of Residential Cost Segregation Although the cost segregation process may appear complex, the benefits of conducting a cost segregation study on residential rental property are both practical and significant.

The owner pays for all the bills currently 575 per unit, which include water, electricity, internet, and cable.

I have recently reached a point where the existing electrical components of the home are in need of replacement.

Means, they draw significantly less electricity to cool or heat than an electric-powered HVAC unit.