Should I switch a cichlid tank into a planted tank?

Go for it man!
I have a 55gal planted oddball tank! I have 3 amazon swords, 1 brazilian sword,wisteria,some onion/scallion lookinplants, mondo grass,6bannaplants,2 dwarf lillies, and and a couple of chainswords!
As for the fish I have a 11 & 1/2in. florida gar ,12 in. fire eel, 5in.spiney& tire track eels(1 each),a5 in.mystus cat.a 5in oneline cat, and last but not least , my 6in clown Knife! Don't worry moving to a 150 gal soon!
Although my tank is about 4 years old i have recently started getting into the plants! It's fun and rewarding. Good for the fish too!
Are you gonna put fish too?

BTW, Mondo grass is not an aquatic plant, and will eventually die. Depending on what kind of cichlids you have, they can be kept in a planted tank.

You don't need expensive lights or CO2 to grow plants. Even with the stock light strip you can have plants, it just limits your choices.
I have a 50G with 2-15W light strips, and I can grow some crypts, anacharis, vals, java fern, mosses, water sprite, amazon sword...
I also just have the standard gravel substrate. I have just picked low and medium light plants and tried them out to see what works.

Good luck with watever you decide
James