On average, a furnace can last 15-20 years before it needs to be replaced. If the furnace in your home is coming up on the end of its life, it’s worth replacing before a total breakdown leaves you and your family freezing in your home. It can be expensive having to replace a furnace, but there are ways to save, including investing in a high-efficiency furnace and renting to save yourself the upfront costs of a new unit.
Replacing your furnace can be an opportunity for you to save money in the future, especially on your energy bills.Today, you can find high-efficiency furnaces that use considerably less energy than your current one. Standard furnaces run at 80 percent efficiency (the minimum by law), but you can buy units that run 90 to 98 percent efficiently. That’s a difference of 10-18 percent of your heating costs that are wasted with a less efficient unit.
Another example of ‘paying it forward’ with a home upgrade is investing in a water dispenser for your home. While there is an upfront cost, the savings over time add up and there is a huge convenience benefit of buying a water dispenser. A new furnace also adds convenience benefits in the form of more equally distributed air flow throughout the house and several other benefits.
If you’re not worried about conserving energy and you want to save the most amount of money possible, the higher cost of energy-efficient furnaces mean that a less efficient furnace may be the least costly option.
However, much of that cost depends on where the price of energy is headed. How much will your heating bills cost you in 10 or 20 years? How big of a difference would it make if you could save 10 or 18 percent on that bill? Energy bills across North America are set to rise, with jurisdictions like Ontario seeing a potential rise in energy costs of 52 percent by 2035. That’s a significant jump and any efficiency you can gain from your furnace will go a long way toward softening theblow.
Whether you decide to replace your furnace with a new unit that’s high efficiency or a new 80 percent furnace, you also have to decide whether you should rent or buy. Buying your furnace could save you money over the course of its lifespan, but it will cost you immediately to both purchase the unit and have it installed. When you rent, you don’t have to pay anything upfront, which can make replacing your furnace in an emergency more palatable to your budget.
When you decide between renting and buying, keep in mind the cost of furnace repairs. If you rent, minor and major furnace repairs should come as part of your rental plan. This is where renting can wind up saving you both money and stress in the long-run, especially if you plan on keeping your furnace running as long as possible. The older it is, the more likely your furnace is to breakdown at inconvenient times. Furnace repairs have a broad cost range.
Your average furnace repair can cost anywhere from $20 to replace a thermostat to $1,500 to replace a blower motor. When that’s covered by your rental plan, you can come out ahead. If you bought, you’re on the hook for expensive repairs, often when your furnace is already quite old.
There is a lot to consider when it’s time to replace your furnace, but there are ways to save money on your next furnace replacement.