Replacing a furnace is a headache all homeowners would prefer to avoid, particularly as we approach the colder months of winter. Unfortunately, most furnaces last between 20 and 30 years, meaning your furnace will ultimately need replacing at some point despite regular maintenance and tune-ups.
According to Consumer Reports, if the cost of repairing your current furnace equates to 50% or more of the cost of purchasing a new furnace, it’s financially wise to replace your furnace.
However, if you are considering a furnace replacement, you may ultimately save money in the long run. Read further to learn more about how a new furnace could save you and your household money (and stress!) this winter:
1. Your energy bill will decrease
The biggest benefit to replacing your current furnace is that the new heating system will be more energy-efficient, ultimately decreasing your monthly energy bill. New furnace heating systems have far exceeded their older counterparts when it comes to energy efficiency. And the more energy efficient a system is, the less your energy bill will be each month.
Consider this: every furnace system has an annual fuel utilization efficiency or AFUE. AFUE, according to Energy.Gov, is the ratio of your furnace or boiler’s annual heat output compared to its total annual fossil fuel energy consumption. Therefore, a furnace with a 90% AFUE uses 90% of its energy to warm your home with 10% escaping through the chimney, windows, etc. New high-efficiency furnaces have AFUEs between 90%-98.5%, compared to older furnaces that range between 56%-70%. Essentially, the older your furnace, the more likely you will need to use more energy (and money!) to heat your home through the colder months.
While the upfront cost of replacing a furnace may be intimidating, you could ultimately recoup that cost through energy bill savings in the long run.
2. Save on costly repairs
As your furnace becomes older and outdated, it’s more than likely that it will require more and more maintenance to remain in working condition. And, if your furnace heating system requires significant or frequent repairs, replacement may be the most cost-efficient option, as mentioned above.
Once your furnace hits the 15-year mark, it’s time to evaluate if the unit is continuing to work properly or if the unit is in need of additional repairs.
If you’re unsure if your furnace should be replaced or repaired, contact a trusted HVAC technician to evaluate your system. You can always extend the life of your furnace with regular maintenance. However, if your furnace is in need of replacement, our HVAC technicians will help you determine what unit meets your needs as a household and budget as well as what model is the most energy- and cost-efficient.
3. Increase the value of your home
If you are considering a move in the near future, replacing an outdated furnace with a new, top-of-the-line system can increase the overall value of your home. Homebuyers are often more interested in properties that have newer equipment and appliances – and a furnace is no exception. Further, potential buyers may even ask for a price reduction if your furnace is in need of significant repairs or replacement. By replacing your furnace now, you increase the value (and listing price) of your home.
Consult with a real estate agent to determine how replacing your furnace can help you appeal to potential buyers.
4. Avoid the stress
A faulty furnace needing consistent repairs and maintenance is stressful, particularly as we enter the colder winter months. No one wants to come home to a cold house and a broken furnace. For some homeowners, avoiding the stress – both mental and financial – of repairs is worth replacing a furnace earlier than immediately necessary.
A new furnace is a long-term investment, ultimately saving you money via energy bills and increasing the overall value of your home. When it’s time to invest in a new furnace, it’s best to team up with a trusted team of experts to help guide you through the process.
At Pierce Refrigeration, we’re here to help you navigate replacing your furnace – from determining the best system for your home to seamless installation.
If your question isn’t answered here, contact the Pierce Refrigeration team and one of our experts will guide you in finding your solution.
Need 24-7 emergency service? Looking for advice on improving your everyday air quality and comfort at home and at work? Contact the friendly staff at Pierce Refrigeration at 800-696-1088.