Can Buying a New Furnace Save You Money?
As we leave fall behind, understanding if your furnace is ready for another cold New England winter is of top importance. No one wants to wake up in the middle of the night shivering because the furnace stopped working.
When it comes to deciding whether to repair or replace your heating system, saving money is always a major factor. Here are a few variables to consider when navigating the best decision for your home in your budget:
1. Analyze the Costs
According to Consumer Reports , the cost breakdown when it comes to deciding whether to replace or repair your furnace is that if the costs of repairing equate to 50% or more of the cost of purchasing a new furnace, you are better off getting a replacement. For example, if the repair fee is $1800 or greater, and a new furnace is $3500, you should go ahead and purchase the new furnace.
2. Furnaces should be replaced every 15 years
If your furnace is over 15 years or nearing that timeframe, it’s time to upgrade to a newer and higher efficiency model. While the cost of purchasing a new furnace is expensive, the benefits greatly outweigh the cost. For example, the value of your home goes up, longevity of your heating system increases, as does your energy efficiency.
With modern technology, furnaces are now operating with up to 98.5% efficiency. What this means is that 98.5% of the energy used becomes heat for your home, while the other 1.5% is lost. In contrast, old furnaces operate at best, with 70% efficiency. The older the furnace, the less efficient it is. Especially in climates where winters can be severe, energy efficiency is a worthwhile investment.
3. Accumulating Repair Costs
If you are experiencing another breakdown and deciding whether or not to replace or repair, it would be more cost-efficient to replace. Overtime, the accumulation of repair costs are better allocated toward a new furnace with top-of the line technology and materials. When choosing to replace, there are also opportunities to incorporate additional energy-efficient technologies.
4. Moving Soon?
Installing a new furnace can greatly increase the value of your home. Depending on how old your furnace is, and depending on when you plan on moving, replacement may be the most cost rewarding option for your household.
5. Consider the Planet
While considering the planet may seem irrelevant to saving you money, there are actually quite a few incentives for transitioning to an energy-efficient furnace. In a previous blog where we talked about whether furnace tune-ups are worth the expense we shared how Massachusetts residents can access big savings by considering lowering your carbon footprint.
Ultimately, deciding whether to repair or replace your furnace is a personal decision and depends on multiple variables. The cost incentives vary among homeowners, especially when it comes down to energy efficiency and plans to move. As winter nears, coming to a decision is a time-sensitive concern. Our team at Total Temperature Control is here to help you decide on the best solution for your family.
You’re always welcome to contact the trusted heating, cooling, and air quality experts at Total Temperature Control.
Whether you need 24-7 emergency service or a solution to improve your indoor comfort—at home and at work—call us at 781-224-2400 or submit a convenient contact form.
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