To repair or replace heating equipment – that is the question.
The first thing you should find out is how much is a new furnace designed specifically for your home will cost. Other factors to consider include how quickly it will take to recoup the money you spend on a new unit, and if it would be more cost-efficient to make repairs on the current unit.
The price of a new furnace depends on the quality and efficiency of the unit, as well as the ease of installation. A basic 80-percent-efficient unit installed in a single-level home may only cost a few thousand dollars. A high-efficiency furnace installed in an attic could easily cost double that amount.
Consider All The Costs
To decide whether it’s time for a new system, take note of all the options and the costs of repairing or replacing the unit. A technician can provide you with the costs involved, including added expenses for items such as ductwork and a thermostat. Depending on the size of your house and the brand of new equipment you choose, a new hot-air furnace typically costs $1,500-$4,000, while a boiler for a hot-water system might run $4,000-$8,000. The national average is approximately $4,000.
What Brand Is the Best for Me?
There are many different brands of furnaces available. Carrier, Lennox, and Trane are the brands that most people are familiar with, and they all sell quality products. The brand is important, but the quality of the installation is far more valuable to prolong the life of whatever brand you choose to purchase.
What Factors Should You Consider When Determining Whether to Buy a New System?
Replacing a unit depends on its age, the cost of repair, and how much money a more efficient system will save you. If the equipment is beyond three-quarters of its life expectancy and repairs will cost more than one-third of replacement, then it is time for a new unit. Proper installation is critical to the performance of any unit.
When your furnace suddenly quits working, you hope there’s a simple solution. Some repairs can be big and costly, forcing you to decide whether you should repair or replace it. Consider the following:
- Age of existing unit: If the unit is 15 years or older, planned replacement should be considered.
- Efficiency: If the unit efficiency rating is 80 percent or lower, consider upgrading to a high-efficiency unit.
- Safety: If there is a problem that presents a safety hazard, replacement is the easy answer. Some problems, like faulty electronics and sticky valves, can be repaired, but you’ll need to do a cost-versus-benefit analysis.
Will I Save Money on My Fuel Bills If I Buy a New Unit?
The efficiency rating of the furnace will determine the gas or propane expense. If you currently have an 80-percent- efficient unit and upgrade to a 95-percent-efficient unit, you should save 15 percent in fuel expense for your heating system.
Most major manufacturers offer a 10-year parts warranty and 20-year-plus warranty on the furnace heat exchanger. Talk to your technician about the challenges with your home’s heating system before the winter weather arrives.