This is great - now I know what I want for Christmas - a new compressor. The biggest one Binford makes!
Back to reality: if you have as electric stove and/or clothes dryer, your house already has 240V circuits. The previous owner of my house plugged his 240V tools into the dryer outlet while the shop was being built. The local hot tub rental guys use the same trick. A 60 Amp subpanel was eventually installed in my shop. The first thing to look at is your existing panel - is there room to add more circuits?
If you have installed 120V circuits before, 240V isn't too tough; it's basically 2 hot wires instead of 1.
