Is your current furnace is old, damaged, or inefficient? It may be time to consider installing a new one. Your furnace is absolutely critical to you and your family’s enjoyment of your home. This furnace plays a large role in providing the comfort and security that your family needs. However, when you consider installing a new furnace you want to make sure you get the most value for your money. The following cheat sheet will help you make the most of this important investment.
Gas Furnace Cost
Gas furnaces are the most common heating systems in the Midwest. Generally, gas furnaces are powered by natural gas; however, you can use a conversion kit to use propane as fuel instead. A new gas furnace installed can cost anywhere from $8000 down to $2000. Most people spend somewhere around $4800. If you need to install new gas lines or duct work that will add to the upfront cost.
Electric Furnace Cost
In areas where natural gas is not readily available or in homes that don’t get heated much electric furnaces are very popular. Another option is a heat pump. Installing a new electric furnace or heat pump can cost anywhere from $7,000 down to $1,500.
Furnace Efficiency Considerations
In addition to initial upfront cost, when you decide to replace your furnace you should consider the energy efficiency of your new system. Every furnace you consider will have an annual fuel utilization efficiency. In general, a higher rating means less fuel will be consumed. New furnaces range from 80-96% efficient. When considering furnace efficiency, you’ll want to know:
- The energy consumption of the old unit
- What government rebates are available
- The energy consumption of your new furnace
- The annual energy savings of your new furnace
- How long the energy savings will take to recoup cost of new furnace
Which Furnace to Buy
When deciding which new furnace to buy consider the fuel source, service life and efficiency. If your home relies on your furnace a great deal during the winter, the long term savings of a more efficient gas furnace may make that system optimal. If, on the other hand, you use your heater sparingly, a lower cost less efficient furnace may right for you.