If your furnace is on the fritz, you may be wondering how much is the cost to replace furnace. The answer, unfortunately, is not a simple one. The cost of replacing a furnace can vary widely depending on many factors, including the type of furnace you choose and the size of your home.
In this blog post, we’ll break down some of the most critical factors that affect the cost of replacing a furnace so that you can make an informed decision about what’s best for your home and your budget.
When to Replace Your Furnace
A furnace is a significant investment. Proper maintenance can last 15-20 years. However, there will come a time when it needs to be replaced. Here are some signs that indicate it’s time for a new furnace.
The furnace is more than 15 years old.
The average lifespan of a furnace is 15-20 years. If your furnace is on the older end of that spectrum, it may be time to start shopping for a replacement. Of course, this isn’t an exact science—a well-maintained furnace could last longer, while a neglected one might need to be replaced sooner. But if your furnace is approaching the 15-year mark, it’s worth considering a replacement.
Energy bills are going up.
One of the most common signs that it’s time for a new furnace is an increase in energy bills. As furnaces age, they become less efficient and work harder to heat your home, which uses more energy and drives up your utility bills. If you’ve noticed a steady increase in heating costs over the past few years, it could be time to invest in a more efficient model.
The furnace is making strange noises.
Another sign that it might be time for a new furnace is strange or loud noises from the unit itself. These noises can be anything from banging or popping to strange humming or whining. If you notice any of these sounds coming from your furnace, it’s best to call a professional for an inspection. In many cases, these noises can be fixed with repairs, but replacement may be your best option if the unit is old or heavily damaged.
Cost to Replace Furnace
Now that you know some signs indicating it’s time to replace your furnace, you may be wondering about the cost. The average cost for replacing a furnace is between $2,000 and $5,000, with most homeowners spending around $3,500 on the project.
Of course, a wide range of factors can affect the cost of replacing a furnace, from the type of unit you choose to the size of your home. We’ll break down some of these cost factors below.
Factors that Affect the Furnace Replacement Cost
Type of Furnace
There are several different types of furnaces on the market today, each with its advantages and disadvantages. The type of furnace you choose will have a significant impact on the overall cost of replacement. Here are some of the most common types of furnaces:
- Gas Furnaces: Gas furnaces are one of the most popular types on the market today. They’re relatively efficient and typically cost less to operate than other types of furnaces. However, they do require access to natural gas lines, which can add to the overall cost of installation.
- Electric Furnaces: Electric furnaces are another popular option for homeowners. They’re often seen as more efficient than gas furnaces since they don’t produce harmful emissions. However, they can be more expensive since electricity rates are typically higher than natural gas rates.
- Oil Furnaces: Oil furnaces are less common than they used to be, but they’re still an option for some homeowners. They tend to be less expensive than electric furnaces but are not as efficient as gas furnaces. Additionally, oil furnaces require access to an oil tank and regular fuel oil deliveries, which can add to the overall cost.
Size Of Home
The size of your home is another essential factor to consider when determining the cost of replacing your furnace. A larger home will require a larger furnace than a smaller home. Also, homes with multiple stories will typically require numerous or larger furnaces than a single-story home. The bottom line is that the bigger your home is, the more it will cost to replace your furnace.
The climate zone you live in will also play a role in determining the cost of replacing your furnace. Homes in colder climates typically require a more powerful furnace than homes in milder climates. Additionally, homes in areas with longer heating seasons will also need a more powerful furnace than homes in areas with shorter heating seasons.
Simply put, if you live in an area with extreme temperatures or long winters, it’s going to cost more to replace your furnace than if you live in an area with milder temperatures and shorter winters.
In addition to the cost of the furnace itself, you will also need to factor in the labour cost when budgeting for a replacement. The labour costs associated with replacing a furnace can vary depending on the job’s complexity and the technician’s experience level. In general, however, you can expect to pay between $50 and $100 per hour for labour.
The replacement cost of a furnace can vary depending on many factors, from the type of furnace you choose to the size of your home. Generally, you can expect to spend between $2,000 and $5,000 on the project, with most homeowners spending around $3,500. Keep in mind that these costs are just estimates, and your actual costs may be higher or lower depending on the specific details of your project.