To give you some idea on what to expect, a new furnace may cost you anywhere from $3,000 to $7,000. Furnace replacement cost depends on a few factors including what size furnace you need, what efficiency rating (AFUE) you’d like your furnace to have, if you would like variable speed options and also if you want a gas or electric furnace. What company you use for the furnace installation can also play a key role in the price of the unit.
What Can Affect the Cost of a New Furnace
Size
Your HVAC company needs to ensure that your new furnace is the proper size for the home. Being too big or too small can cause a misuse of energy and efficiency – causing your energy bills to increase unnecessarily. As you may expect, a larger sized furnace is going to cost more than a smaller size. Multiple factors come into play in calculating the proper size of the furnace, including the size and layout of your home and the weather in your area.
Efficiency of Gas Furnaces
The efficiency of a gas furnace is measured in AFUE – Average Fuel Utilization Efficiency. This is the heat output of the furnace divided by the amount of energy it consumes. For example, a furnace with an 80% AFUE rating means that it converts 80% of the fuel it uses into heat and loses 20% of it during the combustion process. Like most products, furnaces are becoming more and more efficient. An AFUE of 90% or higher is considered high efficiency. 80% is considered standard.
Gas vs. Electric
Electric furnaces cost less upfront. However, they may be less efficient and costly for you overall. If you live in an area where winter temperatures often drop below freezing then the electric furnace will probably cost you more than its gas counterpart. Here in Cincinnati, OH most homes utilize gas furnaces. If you are in an area where the temperatures don’t often dip below freezing, then this may be a smart choice depending on the cost of gas vs. electric in your location. This also may be the best option if you do not have a natural gas connection already in place. All modern electric furnaces have an AFUE of 100%
Can I Switch?
If you currently have an electric furnace and would like to switch to gas you can do so as long as it is possible to run a gas line into your home. Gas furnaces produce combustion byproducts that need to be vented safely out of your home. You may need to install or modify your existing ventilation and exhaust systems to accommodate a gas furnace.
Vice versa you can also switch from gas to electric if you choose and your electrical system can support the voltage and amperage needed for an electric furnace.
Ductwork
The cost of your new furnace will be substantially higher if this is a brand new installation that requires additional ductwork or ductwork to be modified or added within the home. If your existing ductwork is properly installed and in good working order with no need for ductwork modifications, then your installation will be more affordable.
At Quality Comfort our estimates are always free of charge and we will go through all of your new furnace options to find what suits you, your home and your budget best. We also offer financing plans including 0% options to qualified customers. Because we have multiple lines of HVAC equipment, you have more options to fit your budget and efficiency needs.
Brand
There are some brands of furnaces that come with an elevated price tag due to the brand name. Some manufacturers spend a lot of money on marketing their furnace brand to homeowners across the country, thus causing an increase in their cost to the contractor, which gets passed on to you, the homeowner. Most furnaces these days are built with most of the same parts and features. We believe the company installing the furnace affects the efficiency of the equipment much more than the brand name.
Replacing Furnace and AC Together
Installing a new furnace and air conditioner at the same time saves money on labor costs and ensures that the system matches so it can perform efficiently. If you are upgrading to a high efficiency furnace, especially if it is variable speed, ask your HVAC professional if your current air conditioner pairs with the furnace you are installing.
If your air conditioner is much newer than your furnace then it is very common to only replace the furnace instead of doing both at the same time. Just know that if both units are about at replacement age that you may save money by doing full HVAC replacement.
Tax Credits
Often times there are tax credits available for new furnace installations. Right now there is a credit up to $600 available for certain models of furnaces. To learn more you can visit energystar.gov.
Get your free new furnace cost estimate
If you are in southwestern Ohio, contact Quality Comfort Home Services for a free in-home estimate on a new furnace. You can give us a call at 513-620-4822 or book your estimate online anytime.
