How Much Can I Save With a New Furnace?

September 28, 2014

Buying a new furnace is certainly an investment, but fortunately, it’s one that pays for itself. If your existing furnace is more than 10-15 years old, you’re undoubtedly tired of the high energy bills and frequent breakdowns. Corrosion, caked-on dirt, and simple old age are signs your furnace is wearing out. Investing in a new system is the solution. Here’s an idea of how much you can save with a new furnace.

Save on Energy Bills

The minimum Annual Fuel Utilization Efficiency (AFUE) rating for furnaces today is 78 percent. However, if your furnace was installed before 1992 and has an old-fashioned pilot light, it’s probably closer to 65 AFUE, meaning only 65 percent of the fuel used actually warms your home. The rest is lost with combustion fumes when they vent to the exterior.

Today’s most efficient furnaces are rated 97 AFUE or even higher. If you switch from a worn out, 65 AFUE model to a high-efficiency 95 AFUE condensing furnace, you can expect to save 32 percent on your heating bills.

Say, for example, your annual heating bills total $1,200 for the winter season. A 32 percent savings comes to $384 every year. Multiply that by the next 10 years your furnace will run and you save $3,000 over the lifetime of the furnace (and some furnaces last much longer than 10 years with regular maintenance and inspection). Now that’s an investment that pays for itself!

Save on Repair Costs

An old, worn out furnace is likely to break down at least once a year. The cost to repair the problem varies, but if you must replace a part, you can expect the cost to be relatively high because older furnace parts are harder to come by.

Newer furnaces are built to last. Their parts are sophisticated and durable for a hardy machine designed to power through the Ohio winters for many years to come. It likely won’t require any repair work for several seasons as long as you hire a professional to perform preventative maintenance every fall. This prepares the furnace for the upcoming winter and catches problems early so they can be remedied quickly, preventing you from footing a hefty repair bill.

It’s impossible to calculate exactly how much you might save on repair costs by investing in a new furnace, but the savings are clearly there. On top of the monetary benefits, a new furnace keeps you warmer and more comfortable all winter long. What are you waiting for? Upgrade your furnace today.

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