Tips & Resources
If you’ve been balancing the cost of repairing an older furnace against the cost of getting a new one, this may just be the perfect time to explore your options. During the fall, HVAC companies have not hit their busy season. The sooner you call, the easier it will be to schedule a maintenance check for your current furnace and get advice and information on a new one.
There are several factors to consider when making the decision to repair or replace your furnace.
Over time, a furnace loses its ability to heat your home consistently.
Your furnace also becomes less efficient as it ages. And, because advances in technology are happening all the time, a new furnace will be much more efficient than your old one, even at its peak.
Once your furnace starts to need repairs, chances are it will continue to need them. Even if individual repairs are not that expensive, the costs will begin to quickly add up. Of course there is also the inconvenience of scheduling service calls and having your furnace out when you need it. A good rule of thumb is to replace your furnace if the repair cost is at least 50% of a new one. For old furnaces, approaching the end of their usable life, that percentage drops down to 10% because of the likelihood of more frequent repairs.
One of the more serious problems with an older furnace is a cracked heat exchanger. When this occurs, the unit will leak carbon monoxide, which poses a serious health risk to the people in your home. Carbon monoxide poisoning is potentially fatal.
On average, a furnace lasts 12-20 years. While age is certainly a consideration, evaluating the cost to keep the furnace running is a better indicator of whether to replace or not. Today’s modern furnaces are so efficient, the cost savings on your energy bills can significantly offset the cost of the furnace. New furnaces also have many available features such as programmable thermostats that let you automatically lower the temperature in your home when no one is there.
Manufacturers’ rebates and federal tax credits offer big savings as incentive to purchase new energy-efficient equipment. The latest models are better for you and better for the environment. Ask your HVAC professional what offers are available in your area.