Affiliate Disclosure: This Old House‘s Reviews Team is committed to delivering honest, objective, and independent reviews on home products and services. To support this business model, This Old House may be compensated if you purchase through links on our website. Show If you need to repair or replace your furnace and are wondering about general furnace costs, keep reading for a detailed look at furnace types, pricing factors to consider, and common repair costs. Unless you’ve installed a heat pump as your HVAC system, you likely have a furnace that blows hot air through the ducts and vents of your house during the colder months. However, if your furnace breaks down, it can be challenging to determine if its better to repair or replace it and how much those two options cost. The This Old House Reviews team researched the most common furnace costs and created a guide on how different types of furnaces work, how much they cost, and pricing factors to consider before buying a new furnace. After reading this guide, use the tool below to connect with a professional HVAC contractor near you and get an estimate on HVAC repairs or a replacement: Types of FurnacesAlthough most furnaces work in the same way, they have different fuel types. Keep reading to learn about the three most common types of furnaces on the market. Natural Gas FurnaceGas furnaces are the most common type of furnace. Although slightly more expensive than electric furnaces, new gas models are much more efficient, saving you money on your monthly energy bill. According to the U.S. Department of Energy (DOE), many modern, high-efficiency gas furnaces can reach a rating of up to 98.5% Annual Fuel Utilization Efficiency (AFUE), making them the cheapest to run and great for homeowners who live in cold climates. If your home receives natural gas, a natural gas furnace may be your best option. If you want to spend less money upfront, purchase a mid-efficiency model with around 80%–88% AFUE. We found that the range of total costs for mid-efficiency or high-efficiency furnaces is generally near $1,700–$9,700 and includes the estimated installation rates. Electric FurnaceRather than burning fuel, electric furnaces use electrical currents to heat the air in the exchanger before distributing it throughout your ducts. Although they’re less efficient and more expensive to run than gas or oil furnaces, they’re better for the environment and have longer lifespans of 20 to 30 years. They’re also relatively cheap to purchase and install. For eco-conscious homeowners who want a lower upfront furnace cost, an electric furnace could be a good option. It’s also a great alternative to gas or oil furnaces since it doesn’t require cleaning or other maintenance related to the ash or soot from burning fuel. As the cheapest option, electric furnaces usually cost between $1,600 and $6,200, which includes installation costs. Oil FurnaceAlthough oil furnaces were popular in the early to mid-20th century, they have become much less common due to the availability and lower price of natural gas. However, if your home isn’t connected to natural gas and you want a furnace that will lower your energy bill more than electricity, consider an oil furnace. The oil furnace models that are produced today typically have efficiency ratings of around 80%–90%. Keep in mind that the upfront costs for an oil furnace are typically higher than electric furnaces. Including labor and installation costs, you can expect the total cost of an oil furnace to be around $4,300–$9,200.
Cost of Furnaces ExplainedHere are a few factors that affect the price of a furnace:
Common Furnace RepairsFurnaces typically last 15 to 20 years, but if your furnace isn’t working properly, check to see if it can be repaired before paying for a new unit. You can enter your ZIP code into the tool below to connect with an HVAC contractor in your area. Additionally, if you’re located in North Carolina, Maryland, or Virginia, you can get a quote from Michael & Son for your furnace repair or replacement. Here are a few common furnace repairs and their associated costs:
Frequently Asked QuestionsTo share feedback or ask a question about this article, send a note to our Reviews team at . How much is it to replace a furnace?A new furnace replacement can cost between $3,000 - $7,600, depending on the size of your home, the efficiency of your new furnace, and the sophistication of the equipment. That includes labor and permit fees, not just equipment costs.
Is a new furnace worth it?With the increased comfort & reliability of a new furnace, as well as the monthly energy savings, you'll be getting money's worth for a minimum 15-20 years when you install a new furnace.
How long does a furnace usually last?THE AVERAGE FURNACE LIFESPAN
A well-maintained furnace can last at least 15 to 20 years, but completing annual maintenance and being diligent with repairs can extend its life even longer.
Should I replace a 40 year old furnace?Overall, use the following to judge whether to replace your furnace due to age: Repair: If the system is less than 15 years old, it's often best to have it serviced rather than install a new one. Replace: Any system over 15 years old is prone to frequent and expensive repairs and may need to be replaced.
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