Cost To Replace Furnace In 2024

The cost to replace furnace in your home will vary depending on many factors.

It can be uncomfortable if there isn’t enough heat in your house. By searching for the finest furnace repair company, ensure you have dependable heating for the upcoming cold months in Edmonton.

A high-quality furnace will keep your home warm and comfortable and save you money on energy bills in the long run.

The first thing you need to do is find a reputable contractor who can give you an accurate replacement cost estimate. To get an idea of how much it will cost to replace a furnace in your home, here are some essential things you need to know.

When to Replace Your Furnace

The lifespan of a furnace is around 15 to 20 years. However, this range can still differ depending on the make and model of the furnace, how well the technician installs it, how often you use it and how well you maintain it.

If you notice that your furnace is no longer providing enough heat or it’s starting to make strange noises, then it may be time to start thinking about replacing it.

You should also consider replacing your furnace if it’s more than 15 years old since it will likely be less energy-efficient than newer models. When your furnace requires more repairs, it’s also a sign that it needs replacement.

How To Check the Efficiency of a Furnace?

The efficiency of a furnace is determined by its Annual Fuel Utilization Efficiency or AFUE rating. This rating lets you know how much fuel the furnace uses is turned into heat.

For example, if a furnace has an AFUE rating of 80%, 80% of its fuel will turn into heat, while 20% will go through the flue or exhaust.

The minimum AFUE rating for furnaces installed in Canada is 78%. But if you want a more energy-efficient furnace, you should look for models with an AFUE rating of 90% or higher. These furnaces are more expensive, but they’ll save you more money on your energy bills in the long run.

What is The Cost of High-Efficiency Furnace

Even though the Department of Energy states that an AFUE rating of 80 percent is the lowest for newly marketed furnaces, the majority of furnaces have a rating between 83 and 95 percent. An AFUE rating will never be 100 percent due to the heat that is inevitably lost as it travels up the chimney.

The average yearly cost of energy decreases with a greater energy efficiency rating. High AFUE ratings for furnaces are often more expensive upfront. Moreover, the most efficient furnaces available are 97% and have dual combustion systems. These high-end models cost between $700 and $1,500. So if you’re looking for the best option, prepare to pay a little more.

But remember, you’ll save money on your energy bills in the long run.

Types Of Furnaces

The cost of replacing a furnace in your home will also depend on the type of furnace you choose.

Electric furnace: High-efficiency gas furnaces have the lowest operating costs and are ideal for those who live in cold areas since they may achieve an AFUE rating of up to 98.5 percent. When we factor in the expected installation costs, the range of total expenditures for mid-efficiency or high-efficiency furnaces is often close to $1,700-$9,700.

Natural gas furnace: If you have access to a natural gas line, a natural gas furnace is a good option since it’s the most popular type of furnace in Canada. Natural gas furnaces are also very efficient, with AFUE ratings of up to 98.5%. Electric furnaces are often the least expensive, ranging from $1,600 to $6,200 (installation included).

Oil furnace: Oil furnaces are not as common as they once were, but they’re still a good option for those who don’t have access to a natural gas line. They’re also one of the most efficient types of furnace, with AFUE ratings of up to 80 to 90 percent. The average cost of replacing an oil furnace is between $4,300 to $9,200 (installation and labour costs included).

Propane furnaces: They are similar to natural gas furnaces but are not as common. They’re also very efficient, with AFUE ratings of up to 80 to 90 percent. The average cost of replacing a propane furnace is between $3,000 to $5,000.

Factors That Influence the Cost to Replace a Furnace

Here are some other factors that can influence the cost of replacing your furnace:

The size of your home

The size of your home will determine the size and capacity of the furnace you need. A larger home will require a bigger and more powerful furnace which will be more expensive. The heating capacity of a furnace, as measured in British Thermal Units, determines its size (BTU). A furnace may provide more heat if its BTUs are high.

The type of fuel you use

Depending on the fuel source it utilizes, the cost of your furnace will vary. Despite having higher upfront expenses than other types of furnaces, gas furnaces have minimal ongoing expenditures. The kind of gasoline you can simply and easily acquire will determine the number of things. Power furnaces need a big enough electric panel to keep them operating properly.

The brand of furnace

The brand of furnace you select will also affect the cost. Branded furnaces often have a higher initial investment than generic brands. Furnaces from manufacturers like Trane, Goodman, York, Rheem and Lennox perform the best on the market. Some brands are more expensive, but that doesn’t necessarily mean they’re of better quality. Be sure to do your research and read reviews before making a decision.

The furnace efficiency

AFUE, or Annual Fuel Utilization Efficiency, is the efficiency of a furnace to convert fuel to heat for a year. The higher the AFUE rating, the higher the efficiency of the furnace and the lower your heating costs. A high-efficiency furnace will have an AFUE rating of 90% or more.

The installation cost

Installation is another big factor affecting the cost of replacing your furnace. The installation cost will depend on the size and type of furnace you choose as well as the complexity of the job. Canada charges anything from $5,000 to $8,000 for a standard installation. Any government refunds or incentives, which may total up to $1,000, are not included in these numbers. It will be more expensive if you have a difficult or challenging installation.

Any rebates and incentives

There are often government rebates and incentives available when you replace your furnace. These can help offset the cost of a new furnace. For example, you may be eligible for up to a $1000 rebate if you replace your old furnace with a new high-efficiency model.

The overhead of the company

The company’s overhead costs like advertising, marketing, office expenses, salaries, etc., will also affect the price they charge for installation. Larger companies often have higher overhead costs and may charge more for installation.

The warranty

Most furnaces come with a warranty that covers parts and labour. The warranty length varies by manufacturer but is typically between 5 and 10 years. Some companies may charge more for a longer warranty while others include it in the price of the furnace.

The location of your home

If you live in a rural area, it may cost more to replace your furnace because there are fewer companies to choose from. The same is true for people who live in remote areas or have difficult access to their homes.

The Average Cost of A Furnace

Now that we have considered the previous considerations, we can estimate the typical cost of replacing the furnace. A basic furnace costs range from $2500 to $3500. These furnaces are often of poor quality, offering inadequate efficiency, a short lifetime, or warranties. Alternatively, a high-efficiency furnace with all the bells and whistles can cost $7000 or more.

Between these two extremes is a wide variety of furnaces offering different features at different price points. A good quality, mid-range furnace with an AFUE rating of 80% to 85% will cost between $3000 and $5000.

If you need a furnace quickly, you may have to pay a premium for the convenience. The same is true if you live in a remote area or have difficult access to your home. In these cases, the cost of replacing your furnace can be as much as 10% to 20% higher than the average.

Tips To Consider While Looking to Replace Your Furnace

• Think about the future: A new furnace is a big investment, so you’ll want to ensure it lasts as long as possible. Choose a high-efficiency model with a good warranty.
• Get multiple quotes: Don’t just go with the first company you find. Get multiple quotes from different companies and compare prices.
• Choose a reputable company: Make sure you choose a reputable company with a good reputation. Check online reviews and talk to people you know who have had their furnace replaced recently.
• Consider all your options: Many different types and models of furnaces are available. Do your research and find the one that best suits your needs.

Conclusion

The cost to replace your furnace will vary depending on several factors, but the average cost is between $3000 and $5000. Choose a high-efficiency model with an excellent warranty to get the most value for your money. Get multiple quotes from different companies and choose a reputable company with a good reputation. Consider all your options and find the best furnace for your needs.