My house was built in 1921. Along the main floor and basement there is knob and tube wiring that goes to most of the outlets and lighting. At the panel, there is two 30 amp fuses set in, individually, what looks like a porcelain "box" or something. Pretty old system. Also at the panel, is another box with four more fuses in it and a little black box with handle that looks like you can pull it out or something. I'm not sure. I have two meters also and it looks like the second fuse box has one meter, and the first two 30 amp fuses has the other. This second panel has two 15 amp fuses and two 25 amp fuses and whatever that little black box thingy is. Connected to this panel is some other outlets in the house. Two in the kitchen, the oven I think, another outlet in the basement and one in the garage.

My basement is unfinished, but I'm going to finish it this winter. I want to install baseboard heaters, because there is no heat down there. My main floor is gas fired hot water radiators. I have some questions.

First, I'm not sure what my service is? 60 amp, 100 amp?
I want to change it all over to a breaker panel, and whether it is worth it or not and how cheap and easy would it be?
I would like to install basically 5500 watts at 240 volts for the basement, so about two 20 amp 240 circuits (fuses?), as it is about 700 square feet and doesn't need to be "toasty".
Do I even have the capability to install these heaters in the first place? Will I have to upgrade my service AND panel? There is no spot for more fuses either way.

I hope the background info can help and I hope I'm making sense. Thanks everyone for your answers!

KingsX

Okay I'll see what I can find out. Thanks again everyone for your help. This turned from installing heat in my basement to rewiring my entire house! But not because of this post, I have been thinking about it for a while now anyway. And you guys made it easier for me. I'm sure I'll have more questions in the future. Thanks again!