Is Replacing Your Furnace A Cost-Effective Decision?
Furnaces only last so long before they wear out and need to be replaced. If your furnace is starting to act up more frequently and runs more than you think it should, now might be a good time to consider replacing it. By replacing your old furnace with a new one that is more efficient, you can save time, money, and headaches. Each situation is different, but replacing your furnace now will probably be a cost-effective decision if it is old, and if you are experiencing problems with it. Here are several things to know about furnace replacement.
Signs That Should Alert You To Replace Your Furnace
There are several main signs that you can look for that may help you make the decision to replace your furnace soon. One of these is the current age of the furnace. If your furnace is around 15 years old, buying a new one will offer a more efficient way to heat your home. If your furnace is acting up and needs repair services once a year or more, this is another sign that now is a good time to replace it.
You may also be able to tell by looking at the ratings on the furnace. New furnaces are up to 98% efficient, and they are measured in terms of Annual Fuel Utilization Efficiency (AFUE) ratings. If your old furnace has a rating that is less than 80%, you are probably wasting a lot of money on energy costs, because furnaces with ratings lower than this do not operate efficiently.
Finally, if you are spending more each year to heat your home, this too could be an indication that your furnace needs to be replaced.
Money You Can Save By Replacing Your Furnace
It is difficult to say exactly how much money you could save by replacing your furnace, because it really depends on the age and efficiency of your existing furnace. It also depends on the type of furnace you choose to replace it with. There are several things to know about this though.
The first thing is that it costs on average around $3,879 to replace a furnace. This may seem like a large amount of money, but you should realize that new furnaces can last up to 30 years. Spending this amount for a furnace that will last this long will only cost you $129.30 per year if you do the math.
You should also realize that the average cost for furnace repairs is around $268. If you have to get repairs done twice a year on your current furnace, you will be spending well over $500 just to keep your furnace running.
The other factor to consider is the amount of money you will save on energy costs. This is easiest to do if you look at a chart that shows you the savings you will experience by upgrading to a furnace with a 95% AFUE rating. For example, you could save $1,452.50 each year if your current furnace has a size of 70,000 BTU, a rating of 80%, and was made in 1987. This is a significant amount of money to save just by replacing your furnace. If you do this, you could easily pay for the upgrade in less than three years.
Spending the money on a new furnace might not be in your budget right now, but you should look for a way to afford it. Replacing your furnace could help you save a lot of money. Contact a company that offers furnace replacement, such as those at http://www.homesmartcolorado.com/, to learn more about your options and costs for replacing the old furnace in your home.