Having a new furnace installed is a big undertaking. It is important to know what you are in for, but it is even more essential to learn how to avoid it. Next, we will discuss signs that it may be time to replace your old furnace.
The first thing you probably think about is its age when deciding if it is time to replace your furnace. The average lifespan of a furnace is 10 and 20 years, but it is common for repair costs to stack up. The stacking up of bills usually pushes people to install a new furnace early. There are a couple of ways that you can look at it. Replacing a furnace under seven years old is a sound financial decision, only if your bills and repair costs equal 50% of what it would cost to replace it. Bills for furnaces over ten should equal 10% – 20% of what it would cost to replace them.
Here is another way to think about it that considers its age again. If it’s older than ten years and the repair costs more than $500, it’s time for a new furnace. The reason is that $500 is enough money to use as a down payment on a new, more efficient furnace.
The relationship between age and how much you spend on repairs is one of many cost factors to consider. The cost of a new furnace is high. It can be hard to invest that much money when things are tight. Contrary to popular belief, furnace replacement can actually save you a lot of money. For example, switching from a furnace rated 80% – 85 % in efficiency to a furnace rated 95% – 97% is an excellent investment. Not only will you save on repairs but on energy bills as well.
When it comes to furnaces and money, you should also be aware of changes to energy consumption. Differences in cost to run them vary by season. Of course, you do not need the same heating power in the summer as in the winter. You are losing efficiency if your bills are higher in one season than in other years. Due to the loss of efficiency, furnace replacement saves 35% on average.
Signs That It Is Time To Have A New Furnace Installed
Beyond aging and saving money, some repair issues call for furnace replacement. Hire a professional immediately if: