Is Furnace Worth Replacing?
The furnace has traditionally been the lifeblood of every home. With the help of this mechanical equipment, you can regulate your home’s temperature without too much effort, even in extreme weather conditions.
The fact that most furnaces are highly durable is one reason why many homeowners decide to spend money on repairs instead of investing in a new furnace. After all, repairs aren’t cheap either. On average, $150-$600 will be spent for repair or replacement services depending on the severity of the problem with the furnace. Meanwhile, if you want to buy a new unit, expect to pay around $5,000 (with installation) for 80% efficient models and up to $10,000 (with installation) for 90% efficient models.
Furnace Age: On average, furnaces last 15 years or longer before needing severe repairs. Older units typically consume higher amounts of energy (i.e., 20%-30% more) than newer models with improved energy efficiency features. This means that older furnaces can cause your monthly utility bills to skyrocket despite their excellent performance. If you notice that your furnace has frequent issues or isn’t performing as well as it used to, then replacing the unit altogether is highly recommended.
Ducts: Another factor that adds up to your utility costs is ductwork. Not all homes have well-sealed ducts that can distribute heat evenly throughout the house. If you haven’t had a professional check your ductwork in a while, make an appointment with a service technician right away.
Safety: Older furnaces may not be equipped to handle specific types of appliances and equipment inside your home. For instance, if you have any high-power electrical devices such as hair dryers, microwaves, or even electric water heaters installed in the same system as the furnace, there is a good chance that electrical fires will occur when these appliances are turned on simultaneously. Hence, it is essential to ensure quality and safety when buying new equipment to replace older ones.
Energy Bills: On average, installing a new furnace is equivalent to paying off your current heating system in just over 12 years. At the same time, more unique units are typically more energy-efficient than older ones, which can lower your monthly utility costs significantly. Installing an 80% efficient furnace will save you around $200 per year on one unit while establishing a more advanced 90% efficient team can help you cut down on another $150 annually. These savings add up pretty quickly and provide excellent justification for replacing old or inefficient furnaces.
Warranty: The warranty is one of the most significant benefits of buying new equipment instead of having repairs made. It’s not uncommon for manufacturers to offer warranties on parts and labor either through free replacements or fixed-price service contracts. Older furnaces typically don’t come with these types of warranty options. Hence, it’s more prudent to buy new equipment if reliability concerns you.