Need to replace whole house furnace. I'm currently paying gas...
One of my 4-plex units I recently purchased in a hot suburb in the Cleveland Ohio area has a furnace that needs replacing. I knew this was going to be a cost early on, so that's not a big deal in and of itself.
It is a whole building furnace, that supplies heat to all 4 units. The owner (myself) is currently paying the gas because the units are not sub-metered. It's < $200 per month now, but of course I expect winter will be substantially more. In any case, I would say that it's going to costing me a minimum of $200 per month in perpetuity.
I am very keen on the notion of using this as an opportunity to significantly change my cash flow on the building by eliminating the gas bill (for me, anyway:) I see a few options:
1.) Just replace the furnace, keep paying the gas. Cost me 2-3 grand and the continued monthly bill in perpetuity.
2.) Sub-meter each apartment in the building with its own gas meter. This would require FOUR meters, FOUR new furnaces, and also at least two more hot water tanks since there are 2 for the whole building now. Possibly other issues such as insufficient supply line for 4 meters or whatever other gas related extra work.
3.) Put in elec baseboard heat or electric-hydronic baseboard heat in the units. Everyone just has an electric bill to worry about. Possible upgrade panel work if existing is insufficient to add this. Probably toss in 4 new elec water tanks as well.
4.) Any other ideas I haven't thought about.
I would love to hear ideas. I think this is going to be an awesome long term building. I would like to make it even awesome-er.