I can’t help you with the propane question but I may be able to help you lower your expenses while you explore your options. Anything you do to lower your heating and cooling costs for your electric will serve the same purpose in reducing the costs of propane use as well.
A few questions. What state do you live in? How large is your home? How many floors? What direction do most of your windows face? Are you 2X4 of 2X6 construction? How many BTU’s are you averaging? Lastly, what type of electric heat do you have? Baseboard, forced air, etc?
My home was built in 1979 and is 100% electric everything. I have lowered my electric bill by nearly 30%. Our bill this winter climbed to about $212 for our family.
Your bill isn’t just heat. It’s also water heating, appliances, and fixtures. Saving year round on the non heat related costs will help soften the blow from the winter bills.
Also, contact your utility and see if they’ll supply you with the previous owners past energy usage. This will show you what to expect and will also serve as a useful benchmark as you reduce your costs. While you are on the phone with the utilities, ask if they have a time of use program for after you install your propane. Consider carefully before signing up.
Regarding the propane. You’ll have the option of switching your hot water heater and range. Keep the costs of these optional changes in mind as you look into the heat issue. It can be expensive, even more so if you’re not planning to stay in your current home for a great many years!