As winter creeps closer, you may be thinking about installing a new furnace. If so, you’re likely thinking about the costs associated. When it comes to a large investment, such as a new furnace, it’s important to understand exactly what you’re paying for and why. Here are six factors that can affect the overall price:
Type of furnace
Probably one of the most obvious costs is the actual furnace itself. What is the make and model? Who is the manufacturer? Does it have added features? Is it electric, gas or oil? All of these will affect the price of the equipment.
Larger furnaces tend to cost more. However, don’t just get a smaller furnace because it’s cheaper. Work with a trusted HVAC company to determine what size furnace is right for your home – getting one that is too small or too large will cost you big in the long run!
Furnace efficiency refers to how much energy put into a furnace is converted into heating power. Typically, the more efficient a furnace, the more expensive it is. However, don’t let that detour you from high efficiency equipment . . . you’ll likely make up for a higher initial price in lower energy bills. Through time, you’ll eventually have spent less money because of the reduced operating costs. Typically, an HVAC company will provide you with three options – from good to extremely efficient – so you can make the right choice for your budget.
Zones, controls, thermostats
A zoned system involves multiple thermostats that control different parts of your home independently. While a zoned approach may cost more upfront, it can often extend the life of your equipment and save you money in the long-run on utility bills (up to 30% annually!).
Technological advancements in thermostats often allow families to have more control over their HVAC and achieve greater levels of comfort. However, programmable or wireless thermostats will cost more than traditional ones.
If your home requires new or replacement ductwork, vents or returns, your costs are likely to go up. The price will vary based on how complex the ductwork is, the materials used, how accessible it is and more. Furthermore, when you’re getting a new furnace installed, you may want to consider duct cleaning or sealing in order to improve indoor air quality and overall equipment performance.
A great way to save when you are installing a new furnace is through rebates and tax breaks. More efficient furnaces may come with these incentives from the manufacturer, the government or your utility company.
Considering a new furnace this winter? Let us walk you through your options, carefully explaining all of the costs associated, so you can make the right choice for your home.