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.
Nah dont do it, it needs alot of investment , which may or may not return. The competition is so big now that only big miners could come out with a profit, like those who purchase an entire stadium size area full of ASICS.
Of course you could perhaps mine altcoins with low difficulty, but thats a gamble as you dont know which one will suceeed and wich one will lose.