Several factors will come into play if you wonder how much it will cost to replace your furnace. Some of these include the type of furnace you choose to have installed. These include either Electric, Oil-burning, or ENERGY STAR-certified.
If you’re in the market for a new furnace, you may be surprised at how much more an electric model costs than gas or oil models. This cost varies but can range from $2,000 to $5,000.
Before you buy a furnace, you should consider several factors:
- Determine your home’s size, durability, and energy requirements.
- You must decide which type of furnace is best for your needs.
- Consider how much you can afford to spend on your new unit.
Electric furnaces are a popular option for homes that do not have a gas line. They are cheaper to install and operate than gas or oil furnaces. However, they are not suitable for Zone 5 or colder climates.
Compared to gas or oil furnaces, electric units are more compact. That’s why they’re usually sized in kilowatts (KWs), and each KW can be equivalent to about 3,412 BTUs.
Electric furnaces are safer than gas or oil furnaces, but they still pose a fire risk. You should always have a professional install your new unit.
Depending on the furnace brand, you can expect your unit to last for about 15 to 20 years. A higher-end model can last even longer.
ENERGY STAR-Certified Furnaces
While the initial furnace installation cost of a high-efficiency furnace may seem daunting, the long-term benefits should outweigh the price. These high-efficiency furnaces provide improved comfort and lower natural gas fuel costs over the appliance’s lifespan.
The average life of a typical furnace is 15 to 20 years, so you should be able to save quite a bit of money by purchasing a high-efficiency unit. You can also take advantage of additional rebates, warranties, and extended service agreements.
An ENERGY STAR(r) certified furnace can save you about 40% on heating costs over a year. It can also reduce drafts and noise. Additionally, it can improve your health by removing carcinogens and allergens from the air in your home.
A certified gas furnace can save up to 11 percent on energy costs. Similarly, an accredited oil furnace can save you up to 4 percent. Compared to standard models, an ENERGY STAR-certified furnace can help you save as much as $75 a year in energy expenses.
ENERGY STAR-certified products are manufactured to meet rigorous efficiency standards. This is how they get the ENERGY STAR label and seal.
Some companies offer extended service contracts that cover parts and labor costs that are not covered by the manufacturer’s warranty. In addition, these companies replace commonly failing components.
A new oil-burning furnace is a significant investment. Not only are you investing in a new heating system, but you are also committing to an extensive installation process. It’s essential to choose a professional to ensure you get a well-installed unit that will last a long time.
Luckily, there are many options to choose from. For instance, a two-stage burner means a quieter performance and gentler heating on the low stage. And while you may not think to look for a whole-house HEPA filter, you may want to consider it once you have a new unit.
The energy efficiency of your unit is one of the critical factors in determining how much you spend. Some companies offer incentives to encourage homeowners to install more energy-efficient furnaces.
Fortunately, the most efficient model you can buy can save you money over the years. Your utility company may even offer rebates.
A few additional actions can be taken to enhance the efficiency of your new oil-burning furnace. A condenser will help extract extra heat from the exhaust, for example. You can even use a humidifier in combination with your new unit.
An efficient heating unit will decrease your utility costs over time. Likewise, an extended warranty can help reduce the cost of replacement parts.