Wiring replacement required for electric fireplace?

Recently i did an electrical inspection for setting up an electric fireplace. Unfortunately the result of inspection was not satisfactory. Ours is a 1965 house with the wiring so old but had made timely changes but not the entire system. He said the wiring is not fit for an electric fireplace as it could use more power and damage the entire wiring. The other thing is we don’t have enough space to hold gas fireplace. I had already consulted with a fireplace designer, Stylish fireplace to get a new one installed. Should I get my wiring replaced and then try electric ones or go for the gas ones making necessary structural changes to my house? We presently have a wood fireplace. Which is more economical, gas or electric in the long run? Open to suggestions and comments. Thank you!

Gas is best , I would recommend upgrading the electrical in the home also.

A gas fireplace uses hardly any electric. Most of the electric fireplaces are 1500 watts. This is not much heat. It is the same as a space heater. At worst you could install, a 20 amp circuit.

1500 watts is about equivalent to about 5,000 BTU.

Not much heat in that.

Probably costs a lot more too, where I am about 5 times more.

Thank you for the suggestions anyway. I think moving on to gas would be a better idea than electric ones. I’ll have to find more outdoor space to hold the cylinders.