How Much Does a New Furnace Cost?
Last Updated: January 19, 2022
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A furnace that is properly maintained should last 15 to 25 years. If the age of your existing furnace falls within that range, you should strongly consider replacing it before it's the dead of winter and you suddenly don't have a way to heat your home. While you may not relish the idea of buying a new furnace, modern units tend to be much more efficient, which translates into energy and money savings. To learn more about furnace replacement, including how much a new furnace costs, continue reading.
Things to Consider When Buying a Furnace #
Some of the main criteria to keep in mind when choosing a new furnace include:
- Self-Contained vs. Central Unit: A wall or floor furnace is a small furnace that is used to heat one room or a small area of the home. These types of furnaces, while they must be vented, do not contain ductwork. Compare this to a large, central, forced-air furnace that distributes heat to the rest of the home via ducts.
- Type of Fuel: The most common types of furnaces, according to how they are powered, are natural gas, oil, propane, and electric. There are also furnaces that burn wood and corn, but nowadays, in newer homes especially, oil and gas furnaces predominate. The type of fuel you use for your furnace will likely be based on what your current furnace uses, but if you're willing to pay more, you can upgrade the installation (and possibly save by switching to a cheaper fuel source).
- Heating Capacity: The heating capacity of your furnace is measured in BTUs (British Thermal Units). It is critical to have a furnace with enough output to adequately warm your entire home. There are several online tools, including this one at eHow.com, that show you how to choose a furnace size, or you can speak with an HVAC professional.
- Efficiency: Furnace efficiency measures how much fuel a unit converts to heat, and how much is lost up the chimney. The national minimum efficiency standard is 78%, while some new models are up to 98.2% efficient. The latter cost more, but will cut fuel costs and are better for the planet.
Furnace Average Costs #
The actual cost of a new furnace is subject to vary based on your location, the product selected, the complexity of the installation (i.e. whether the existing ductwork and exhaust flue also need to be upgraded), and other factors.
- A wall furnace averages $750 to $1,500 installed.
- Floor furnaces cost $1,500 to $2,000 installed.
- The average electric furnace cost is $1,750 to $3,500 installed.
- The typical gas furnace cost is $3,000 to $6,000 installed, although higher efficiency models and/or complex installations could push the cost up to $7,500 to $10,000 or more.
- Oil furnace cost is roughly $2,500 to $5,000 installed, but similar to gas furnace prices, it's not unheard of to spend $10,000+.
- The average propane furnace cost is $3,000 to $6,000 installed. Again, though, costs could reach or exceed $10,000.
- If installing a high-efficiency furnace, it might be necessary to upgrade the chimney at a cost of $500 to $2,000.