For those who are planning to get a new furnace installed in their homes, this article providing cost estimates. Read on to know more…
For a home owner who is doing a house repair job, the last thing he would like to hear is that a new furnace is needed. A new furnace can mean expenses in the range of thousands of dollars, and this will eat up into the budget of the other repairs planned. However, it is important to understand that a furnace lasts for approximately 15-20 years, and if your furnace is indeed that old, then putting some of the other repairs on hold and going in for a new one is the wisest thing to do. A new one may cost quite a bit, depending on the type, model, and various other factors, discussed below.
What is a Furnace?
To start with, let’s take a look at what a furnace is and does. As people in the colder countries will know, a furnace is a heating system installed in homes and buildings to heat the living space. With regions in the northern hemisphere having colder temperatures, this household appliance assumes great importance, especially in the winters. They come in various types and models, and in the US, the most common fuel used in modern furnaces is natural gas. However, furnace can also be powered by electricity, LPG, coal, furl oil and wood.
The furnace is often neglected when buying a house, and this is partly because of the long life of about 20 years. However, it is very important to know what type of furnace is installed, and when, so you can make a decision to replace it if need be. Most houses have furnaces that were installed some time in the 90s unless they were replaced for any reason. In the 90s, furnaces had an efficiency of about 60-80%, as compared to the 90-97% they have these days. What this means is that, older furnaces could use only 60-80% of the heat generated to heat the house, while the rest 20-40% was lost in the transfer.
Furnaces today can use up to 97% of heat generated to heat your house, losing only 3% in the process. However, these furnaces are expensive, and if you have an older furnace that works properly, then there is no need to change it. For those who need to go in for a new one, high-efficiency gas furnaces are recommended, as they easily translate to money saved in the long run. In addition to this, a few suppliers in the US and Canada offer rebates and other incentives on purchase of new energy-efficient furnaces as well.
How Much Does a New Furnace Cost?
The cost of a new furnace can run into thousands, depending on the size of the area to be heated, and they type of furnace you opt for. If you are looking for an estimate of new furnace prices, then you can contact various HVAC (Heating, Ventilation and Air Conditioning) contractors and get quotes from them, or alternatively, you can ask someone you know who has recently gotten a new one installed.
There are different types of furnaces available, and the cost of each will differ depending on the type, area, and efficiency. The most common type of furnace are gas furnaces, as these are the most economical to run. If you have to heat just a small area, then you don’t need ducts to carry the warm air, and a simple wall or floor furnace can serve your purpose well. This will cost you about $900-$1500, with about $1000-$2000 in installation charges. If the heating space is larger, and duct work is needed, then you can expect the new furnace cost to rise to anything between $1000-$4000, with separate installation charges.
While oil furnaces are not so common – as gas is much cheaper to run – oil furnaces are available, and can cost in the range of around $2000-$5000, depending on the area to be heated, the efficiency, and the capacity. Replacing a central heating system of mid-efficiency (70-80%) can cost you anything between $1700-$4000, though depending on complexity and location it can even go as high as $5000-$7500 or more. Replacing a high-efficiency furnace (90-97%) can cost you anything between $2500-$6000, and for complex installations it can be as much as $6000-$10,000 or more.
Besides this, there are a few more expenses that need to be taken into account when calculating the cost of a new furnace. This includes charges for fire inspection, required by some local governments for a replacement furnace ($25-$75). Other expenses come in the form of installing a chimney liner ($300-$1800), an air cleaner ($700-$900), and a programmable thermostat ($200-$300). Depending on how complex replacing your existing furnace proves to be, these charges or expenses may either go up or come down. A contractor will be in the best position to tell you more about these additional charges.
Replacing or installing a furnace is not an easy task, and can take professionals about 8 hours to complete. Choose a good company to get the installation done – there are a few companies that offer either services or guarantees after installation. While you should be worried to some extent about cost of new furnaces, the price alone should not deter you from getting something that will prove to be better in the long run. Before buying, remember that the furnace you buy now will last you for at least 20 years, and you will be paying heating bills all those years. Go in for something that will be more economical over the course of 20 years, rather than saving a few bucks now.
PS: Please note that the figures mentioned in this article are only cost estimates and the actual prices may differ, depending on various situational factors.