I get a flat rate for electricity here because my rent includes all the utility. So I was thinking of mining on my own to acquire more bitcoins. Is investing in a lot of money worth it to acquire some bitcoins? Also, how much money do I need to have to set up a decent mining system.
If you just in it for profit, don't
If you in it to be part of and learn from the eco system, please do. One of the fails of bitcoin is the armsrace in hardware, which satoshi predicted would happen if we let it, and surprise surprise our greedyness did 
In the concept it was meant to have every person who wants to be part of bitcoin have his own node and own miner, so we all maintain the network in the most decentral way possible, yet then came asics....
But alot of people say just buy some bitcoin and wait...