Furnace Replacement: How Much Does It Cost?

The total size of the HVAC market was over $240 billion worldwide in 2019. If you are considering whether to replace your furnace, you are certainly not alone.

The furnace replacement cost estimate can be daunting, and it is an expense that you may want to avoid if you can.

However, consider the associated energy savings that come with replacing your old furnace. You may find that the costs are outweighed by a long list of benefits that you’ll get in return.

COMPARE COSTS

In this article, we look at the various factors that go into furnace replacement and the cost that goes along with it. Keep reading for everything you need to know about replacing your furnace!

Signs You Need a New Furnace

While ignoring signs of a failing furnace is tempting, you want to get ahead of the problem while it’s still warm outside. Planning for a furnace replacement will help you avoid being without heat when the weather is already cold.

Look out for any of the following to help determine whether you should have your furnace replaced.

Energy Inefficiency

Heating and cooling make up 40% of energy costs in most homes.

If you notice your utility bills are unusually high, a faulty furnace could be to blame. As furnaces break down over time, they become less efficient and use more energy to produce heat.

While a repair may help your furnace’s energy efficiency, it may only be a temporary fix. A new energy-efficient model might pay for itself with the savings on energy bills.

Not Enough Heat

It’s frustrating to have your heat turned way up only to find that your house is still too cold. This is probably the clearest sign you should have your furnace checked out or even replaced.

It’s also possible that your furnace is so outdated that it doesn’t heat your home evenly. If this is the case, you may find one room much warmer than another.

Old Technology

Even if your furnace is functioning well, keep in mind how old it is. If your furnace is coming up on 15 years or more, consider a replacement before the system fails entirely, suddenly leaving you without heat.

Strange Smells or Sounds

A furnace that isn’t working properly will often have observable symptoms. You may notice knocking sounds emanating from it or the sound of parts grinding together.

Additionally, check your furnace periodically for the smell of gas or burning. These can simply indicate it’s time for a furnace filter replacement, but they may also warrant a professional inspection.

Furnace Won’t Start

Finally, there’s the worst-case scenario: your furnace won’t start at all. If this continues even after a furnace ignitor replacement, you’ll likely need an entirely new furnace.

Average Cost of a Furnace Replacement

Furnace replacement costs vary greatly depending on a number of factors. The unit itself in addition to the labor, can run anywhere from $1,500 to as high as $10,000, with the average cost around roughly $4,500.

Different types of furnaces will also have different price ranges. For example, gas furnace replacement costs more than oil furnace replacement.

Other variables that determine the cost of replacing your furnace include:

Your home’s square footage
Number of floors
The material your walls are made of
Age of your home

Be sure to consult a professional to get an accurate estimate of the cost to replace your furnace. Many HVAC companies will give you an instant quote after asking a few questions, but some may want to inspect your home before giving you a quote.

Benefits of a New Furnace

No one wants to have to spend money on furnace replacement, but there are several benefits that may outweigh the replacement cost.

Save Money On Repairs

In the long run, replacement often costs less than the total amount you would have spent on repairing your old furnace. A new furnace will be less prone to breaking down and require less maintenance and repair.

Lower Utility Bills and Emissions

Even if your old furnace was working as it should, newer models are often more energy-efficient by design. In addition to saving money on repair costs, replacing your furnace will often save you money on power or natural gas, depending on the type of furnace.

With increased energy efficiency, a newer model will also produce fewer carbon emissions. By upgrading, running your heating system will impact the environment less.

Improved Performance

After you replace your furnace, you may be surprised how much more effectively it heats your home. Not only can it produce more heat, but improved airflow may also result in more even heating.

Additionally, newer furnaces tend to make less noise.

Best Time to Replace Your Furnace

Nobody can choose when their furnace needs to be replaced. However, being proactive can save you time and money on your replacement.

With the heat of summer, you might think it’s the best time of year to replace your furnace. However, since HVAC companies are already busy with air conditioning repairs, their prices will be high for any service, including heating equipment.

Similarly, in the cold winter months, any heating equipment will come at a premium since it’s in high demand.

The best time of year to have your furnace replaced is in early spring or fall. During these times of the year, HVAC companies get less business, meaning you can get your furnace replaced faster and often at a lower price.

The Bottom Line on Furnace Replacement

Your furnace is crucial to your home’s climate control system. Without it working properly, you won’t be able to heat your home.

If you’ve started to notice some problems with your heating system, the furnace may be responsible. Get a headstart on having your furnace checked out to determine if you need a new one.

If you still have questions about the cost of furnace replacement, get a free quote from a local contractor today!