Keeping your home warm during the winter months is one of your biggest priorities. And when the temperatures reach their lowest points, having a reliable furnace is about more than just comfort. It can be a safety, health and financial concern. In the winter months many homeowners are faced with the decision of whether or not to replace or install a furnace. Of course, when you research, how much does a new furnace cost to install, you'll realize it can be a relatively large investment.
The main thing to keep in mind is the price you pay upfront for the furnace will determine the price that you pay down the road. The average cost of a furnace installed can range anywhere from $2500-$14,000 depending on quality of the furnace purchased, the size of the home, and whether additional work needed to be done, such as installing ductwork. However, furnaces can last, on average, if installed properly and maintained for over 20 years. Plus, a newer furnace can save you significantly more amount of money by keeping your home's energy costs low.
Are High Efficiency Furnaces Worth the Extra Money?
High efficiency furnaces cost more up front than a traditional furnace, but the higher furnace cost also comes with more energy savings, reliability and longer life spans. So is it worth extra money? Here's a quick break down of the cost vs. savings:
- A high efficiency furnace will save you from 15-25% on your Minnesota home's heating costs, which comes out to around the same cost as a monthly payment to buy the new furnace.
- Most payment plans only last around 4-5 years (the average lifespan is 15-20 years), meaning you could buy three furnaces over the lifetime of just the one.
- You'll also qualify for a federal tax credit and rebates, so you'll get up to $1000 of the initial cost back.
If your next furnace lasts longer than 15 years, or if gas prices go up in the future, you'll be saving even more money than that making extra cost of a high efficiency furnace definitely worth the investment.
How Much Does Replacing Your Furnace Improve Your Home's Value?
If your furnace is nearing the end of its life, or it's becoming too inefficient to be worth keeping or repairing, replacing it can be a great option. A new furnace will help you keep your Minnesota home more comfortable, and it will keep your utility costs low—it may also increase your home's resale value. If your current furnace is in poor condition, replacing it can make for a great selling point, and it will keep the value of your home as high as possible.
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.