I would recommend you not install electric baseboard heating and abandon the boiler. Heating a home with electric baseboard would be much more expensive each year compared to a new oil boiler. Whoever pays the electric bill will not be happy.

I also think the electric baseboard conversion will save you much money on initial installation costs. You will probably have to upgrade the main circuit breaker panel. This could be expensive for a house built in 1922. Electric wiring will have to run to each room. Does the current boiler provide hot water? If it does you will need to purchase and wire an electric hot water heater. If you add up all these costs it may approach the cost of a new boiler.

Get some more quotes. You only need a basic boiler. No need to spend the extra money on a high efficiency version.

Nat gas service not available to your home?...agree with Mike...

IMO

What is your location? Does the house currently have no heat?

Get more quotes. HVAC contractors are very busy during the coldest winter months. You could buy some space heaters to get by until February 1st. If you sign a contract for an boiler installation the contractor may lend you space heaters until the installation is scheduled.

I agree adding the mini splits to provide cooling in the summer is a good strategy for a house built in 1922. The mini split could provide most of the heat for a house in the DC area. The oil heat would be the backup heat for very cold days we are currently experiencing. However that is an expensive option.

I hope the water supply has been shut off and the water lines have been drained. If there has been no heat for several days you may have a ruptured water pipe. You need to something quickly.

It is good to do window upgrades before installing new equipment. I suggest the HVAC contractor do a heating load calculation in order to size the equipment properly. I am confident equipment installed in a house built in 1922 is grossly oversized by today's standards. Bigger equipment means wasted fuel and high costs.

I had my 1940 oil boiler and oil tank removed, and replaced it with a Buderus gas boiler. IIRC, that cost about $9,500 in 2012, including the removal of the oil tank from my basement. The new boiler system is connected to my original cast iron radiators.

In 2013 I had the same contractor come back and install central A/C in the attic, which required running vents to all the rooms on the 1st and 2nd floors. IIRC, that cost me about $8,500. My house is small (about 640 sq ft for each floor), so he ran four vents for each floor.

If you are in DC, prices for you should be similar, plus inflation over the last five years. The conversion to gas is well worth it, and even our standard efficiency system (85%?) is very economical.

Bruce

Depending on 1. Insulation 2. Size of home. I would not recommend electric baseboard hest. We had electric baseboard heat as backup installed in Cody, Wyoming about 5 years ago. We normally heat with woodstove, but duecto age and injury thought it would be a good idea in case someone became ill/hurt. After insralled a month 'trail run' was done using baseboard only. We are conservative with electric use. House 1800+ ft2. 23ft ceilings. Large ceiling fans for downward push of warm air. Good insulation and air leak test (done by professional company). Kept house at 68-70. Our electric company is a co-op. Our electric bill was over $500!!!!. We never used the electric heat again!! Luckily no illness/injury caused us to need to use it. Neighbors with newer homes/good insulation had $300 bills. Depends on the cost of electricity in your area and how cold where you live.

What was the outside temperature and how many KWh for the $500 month? Also, how does your electric company bill? I had an exceptionally high bill one month and discovered that for the previous 6 months, the meter had not been read and they had been just estimating. When they read the meter, they did a "catchup" billing.