Many factors and features can influence the cost to replace a furnace. It can be very uncomfortable to have no heat in your home. Hamilton’s cold months are a great time to find the best furnace repair company.
An efficient furnace will keep your home and office warm while preventing winter cold from freezing your pipes.
It is crucial to make sure your furnace is in top condition. However, it is equally important to note when the furnace reaches 15 years old. A furnace is usually repairable, but if it has too many problems, it is a good idea for you to buy a new one.
Why You Should Replace Your Furnace
There are many reasons to replace the furnace.
- Furnace more than 15 years old
- Regular repairs.
- Unusually high energy bills.
- Cold spots, despite numerous attempts to repair them.
When you replace your furnace, it is crucial to choose a high-efficiency unit.
How to Determine Furnace Efficiency
By looking at its annual fuel utilization efficiency (AFUE) rating, you can determine the furnace’s efficiency. This rating indicates how efficiently the furnace converts fuel into heat and how much energy it loses during combustion.
A furnace with a 90% rating uses 90% fuel to produce heat and loses 10%. The AFUE rating determines the furnace’s efficiency.
Canada’s government requires that furnaces have a minimum AFUE rating of 92%. A high-efficiency furnace has a rating between 98% and 99%. As the furnace ages, it loses its efficiency rating due to pollution, worn parts, and dirty filters.
The Average Price of a Furnace with High Efficiency in 2021
A high-efficiency furnace in Canada costs $3,000 to $7,000.
Types Of Furnaces
Choosing an affordable and efficient furnace is vital when replacing your furnace. These are the most common furnaces in Canada.
- Natural gas furnace: It’s inexpensive to run and costs between $3,500 to $6,000 initially, depending on its efficiency. The AFUE for gas furnaces is between 95-98%.
- Propane furnace: The furnace’s AFUE rating is 80-94%. This furnace is efficient but not the best. Propane is reliable, but it requires storage space. A propane furnace can cost between $3,000 and $5,000 depending on its size, efficiency, and other factors.
- Electric furnace: An electric furnace operates at a standard efficiency rate of 100%, eliminating energy waste. The price ranges from $1,000 up to $3,000. Because electricity costs are generally high, these furnaces can be quite costly.
- Oil furnaces: These may not be as common as natural gas furnaces, but they are ideal for areas without gas. They are cost-effective at between $1,000 and $3,000.
Factors that Influence the Price of a Furnace Replacement
The cost of replacing a furnace will depend on many factors.
Brands influence the price. Well-known prices typically have a higher price tag.
They typically use high-quality materials. The best furnaces on the market are Trane, York, Goodman and Rheem.
Although they are more expensive, they offer a more comprehensive range of quality, warranty, cost, and other benefits. High-efficiency furnaces can reduce energy consumption in the cold months.
The Fuel Source
The fuel it burns will affect the price of your furnace. While gas furnaces are more expensive than their original purchase, the operating costs of these furnaces are meagre. It all depends on what type of fuel is available. An electric furnace requires a large enough panel to keep it running.
Your Home’s Size
When it comes to furnaces, there is no one size fits all. Your furnace will need to heat your entire home if you have a larger house. British Thermal Units (BTU) measure a furnace’s heating capacity. A furnace with high BTUs can produce more heat.
Yes, furnaces with higher AFUE ratings perform better. These furnaces convert heat into energy more efficiently, but they are also more expensive. An efficient furnace will also reduce your monthly energy bills. The initial purchase price is worth it in the long term.
Rebates and Incentives
Through companies like Fortis, the government offers rebates up to $1,000 for homeowners and property owners. Governments often offer rebates for ENERGY STAR MODELS. For assistance with the multifaceted rebate process, contact a furnace specialist.
Each business has its operating costs, such as rent, vehicle purchase and maintenance, product marketing, etc. These operating expenses affect furnace prices to ensure that they remain profitable and competitive.
Most furnaces include the cost of installation in their overall price. Installation costs will go up if a furnace is more difficult to install.
In Hamilton and across Canada, a standard installation costs anywhere from $5,000 to $8,000. These prices do not include rebates and incentives offered by the government, which can be as much as $1,000. You will have to pay more for a good contractor.
The cost of installation also depends on the location of the furnace. For instance, installation costs will be higher for a furnace in a crawlspace.
The cost of replacing a furnace depends on its features
Furnaces with special features affect their price. For example, speed blowers increase the furnace’s speed. Variable speed blowers reduce energy and improve efficiency. Furnace efficiency reduces wear and tear as the furnace can adjust to the temperature. You can also find silent combustion technology and a 2-stage gas valve.
The cost of replacing your furnace can be affected by where you live. Propane and natural gas furnaces are popular choices in many parts of Canada.
Rural Canadians will pay more for furnaces due to the insufficient manufacturing facilities in their area. These residents may find it difficult to service the furnace, which means that the furnaces are sold at a high cost to cover the operating costs.
The most significant factor that influences the price of a furnace is its warranty. Warranty is essential because they protect your furnace for many years in the event of a problem. The cost of replacing your furnace could be affected by multiple warranties.
- Manufacturer warranty: It covers manufacturing defects and any corresponding repairs. Special perks are available if you register your unit within 60 days after installation. This warranty is optional.
- Extended warranties: These are service contracts offered to customers and paid for by the manufacturer. You can purchase an extended warranty at the time of the purchase or sign up afterward. This warranty extends the warranty beyond the original warranty. This warranty can impact the cost of replacing a furnace after it is purchased.
- Home warranties: This warranty covers any breakdowns caused by frequent use. Instead of paying the total cost to replace or repair your furnace, you can pay a monthly or annual service fee.
Different types of Furnace
There are generally three types of furnaces.
- Two-Stage with an efficient motor
- Modulating furnace.
Although each furnace may have a similar BTU, they might have different efficiency. The furnace type can impact the initial cost and monthly energy bills.
A furnace equipped with an efficient motor can help you save up to 15% on your energy consumption. A modulating furnace is more efficient than a furnace that uses a motor, but it will likely be more expensive.
The Average Furnace Cost
We now assess the average cost of replacing a furnace, considering all these factors. The price range for a very low-end furnace is between $2,500 and $3,500. These furnaces are generally poor quality and don’t provide sufficient efficiency, long life expectancy, or warranty.
Premium furnace models start at around $4000 to $7000. The size of your home, as well as the efficiency level, will affect the price.
A furnace unit of high quality has many benefits, including quieter operation. A quieter furnace saves money on your monthly operation costs. You can see why the furnace’s lifetime is essential. The initial cost of operating the furnace over its lifetime will be a fraction of what you’ll pay.
Although the initial cost of a furnace is higher than the monthly cost, it’s still a significant investment. The colder months are when you will see substantial cost savings.
Here are some tips to help you replace your furnace
1) Learn More
Depending on where you live, the cost of replacing your furnace can change every year. Many Canadian companies will provide a guarantee period for the furnace installation quote.
You have plenty of time to decide on the various brands, units and benefits. Only view quotes from companies who send professionals to your home to get an accurate estimate of the cost. Don’t settle for just one furnace quote. Get at least three.
2) Do You Know What Products Each Company Offers?
Please do your research on the products that a company sells to ensure equal or greater quality. Many companies sell substandard products. It is a rule of thumb that the quality of furnaces is only as good or better than the quality of their installation and vice versa.
3) Check online reviews
Excellent service does not always come with good products. It can be comforting to have qualified professionals guide you in selecting, buying, operating, and fixing your furnace. It is essential to know the cost of a new furnace. Moreover, customer service is appreciated.
You should always check the reviews before you commit to a company. A company should have a minimum of three reviews and a rating of 4.5 stars.
4) Are you comfortable with the furnace replacement cost?
Comfortable with the process, price and customer service can bring you peace of mind.
5) Be cautious about the “Starting at” cost to replace your furnace
When asking for a quote on a new furnace’s cost, get one. Most “starting at costs” are less than the final cost. Low prices usually mean more inferior quality products, poor efficiency and no warranties. It is crucial to get a quote to determine the exact cost of a new furnace.
Summary: Cost to Replace Furnace
A furnace replacement in Hamilton costs $2,500, including installation. Lennox and other brands can sell their furnaces for $7,000 to $8,000. The most affordable brands are American Standard, Armstrong Air, Trane and Armstrong Air.
Research the brands of furnaces you are interested in purchasing. You should not purchase a used furnace for less than a new unit. You should confirm that the seller offers a warranty on the furnace’s condition for repair or replacement.