Furnace Cost
When it comes to the cost of installing a new furnace in your home, there are several factors to consider. Type, size, efficiency, and installation versus replacement all play a role in the overall cost.
- Electric furnaces, which power heat coils that distribute warm air throughout the home, are the most affordable option, with installation costs ranging from $2,000 to $7,000.
- Natural gas furnaces, which tend to be more expensive upfront for a high-efficiency model, but can save you in energy costs over time, range from $3,800 to $10,000.
- Oil furnaces, which are more common in colder regions, cost between $6,750 and $10,000.
Furnace Size
Similar to air conditioning units, a furnace’s size is quantified in British thermal units (BTUs). To roughly calculate the appropriate BTUs for your space, multiply the square footage of the area you want to heat by 40. For instance, a 2,000-square-foot house would require a furnace of approximately 80,000 BTUs. However, you may need a larger unit if you live in a region with extremely cold winters.
Typically, a 40,000 to 60,000 BTU furnace suitable for a 700 to 1,500 square foot home will cost between $2,000 and $3,000. For larger homes of up to 5,000 square feet, the cost may rise to around $6,500. Remember, if your home has cathedral ceilings or drafty windows and doors, you might need to increase the BTUs to adequately heat the space.
- 40,000 BTU: $2,000 to $3,500
- 50,000 BTU: $2,300 to $3,800
- 60,000 BTU: $2,500 to $4,200
- 75,000 BTU: $2,700 to $4,600
- 80,000 BTU: $3,000 to $4,900
- 100,000 BTU: $3,400 to $5,400
- 120,000 BTU: $4,000 to $6,000
Furnace Efficiency
Efficiency is the key when it comes to heating or cooling your home. A furnace that operates efficiently can help you save on your monthly energy expenses. However, when you’re selecting a new furnace, keep in mind that high-efficiency models usually have a higher initial cost. Despite this, they could end up saving you money in the long run due to lower energy bills.
To estimate your potential savings on energy bills, calculate the improved efficiency of your new appliance against your average monthly bill. For instance, if the furnace you’re considering is 25% more efficient than your current one, multiply 25% by your monthly bill to determine your potential savings.
Furnace Brand
There’s a wide range of appliance brands that manufacture residential furnaces. Like with any other appliance, the brand you choose can affect whether you’ll save money on your new furnace or end up paying more. Your options largely depend on the type of furnace you require and what’s available in your location.
Advantages of Installing a New Furnace
The furnace plays a crucial role in your home’s heating system, providing consistent and comfortable warmth. Upgrading to a new model comes with several benefits such as:
Improved Indoor Air Quality
The infiltration of outdoor pollutants into your home’s air is a common issue. Newer furnace models come with advanced ventilation systems and air filters that effectively remove air contaminants like dust, pollen, and allergens. They also manage humidity levels, hindering the growth of mold and mildew, thereby enhancing the quality of indoor air. This results in a healthier living space for your family.
Enhanced Energy Efficiency
Newer furnace models are designed to be more energy-efficient compared to their older counterparts. When you decide to upgrade, pay attention to the annual fuel utilization efficiency (AFUE) rating. This rating signifies how efficiently a furnace can convert fuel into usable heat. The higher the AFUE rating, the greater the efficiency of your furnace. If you’re targeting a highly efficient unit, you should look for a furnace with an AFUE rating of 90% or more. This is an important factor to consider in your new furnace, particularly if you intend to reduce your energy bills over time.
Cost of Installing A New Furnace
Whether you need to replace a dead furnace or install an entirely new heating system, you’re looking at a significant investment. Before you even start shopping for a shiny new furnace, you should consider consulting with a licensed HVAC (Heating, Ventilation and Air Conditioning) professional. Your HVAC pro can look at your particular house – its size, configuration, age – and help you determine the best and most cost-effective way to heat it.