As the cold winter months approach, homeowners may start paying more attention to the “H” in HVAC (Heating Ventilation and Air Conditioning). Heating your home can make up to 29% of your utility bill, costing more than any other system in your home. Those who have struggled to maintain comfortable indoor temperatures during cold snaps might consider replacing their furnace, but how do you know it’s time?
Signs You May Need a New Furnace
Furnaces that have been well maintained can last between 15 and 20 years, but there are other factors that can help you determine if it needs to be replaced:
High Utilities
Are utility bills suddenly higher than usual despite using the same amount of energy? A new furnace could work more efficiently to reduce these costs.
Costly Repairs
Could you have paid for a more efficient unit with all the repairs done? Replacing the unit would cost more upfront, but could save on repairs and utilities over time.
Temperature Control
Do you have a hard time maintaining consistent temperatures in your home? A new unit would work more effectively to keep your home comfortable during cold spells.
Loud Noises
Is your furnace making rattling, humming, popping or screeching noises? This is a sign that the unit will soon need to be repaired or replaced.
Gas Leak Hazard
Are there cracks or soot on and around the furnace to indicate a possible leak? Act now to cut or eliminate the risk of carbon monoxide leaks with a new, safer furnace.
Cost of Replacing Your Furnace
Aside from a reduction in your energy bills and enjoying more comfortable home temperatures, a new furnace can give you peace-of-mind when it comes to the health and safety of your home. But how much is this going to cost you?
The cost of your new furnace will vary based on a few factors, including the efficiency of the type of furnace you choose and how big your home is. Below is a breakdown of the average price range and differences between some of the most common furnace types:
Electric ($2,000-$7,000)
Popular choice among homeowners without access to a natural gas line or who prefer to avoid carbon monoxide leaks. Pulls air through a heat exchanger to warm it, then blows the warm air through the air ducts.
Gas ($3,800-$10,000)
The most popular heating choice, especially in cold northern regions. Works similarly to electric by burning cold air with natural gas to create heat and distributes it through the home with fans via the air ducts.
Geothermal Pump ($4,000-$17,000)
Has the highest up-front cost with lower monthly bills and a tax credit to help homeowners offset the installation. Uses the consistent below ground temperatures by taking cold air from the house and running it through underground pipes and back into the home. The reverse happens during the summer, cooling the warm air from the home down.
Total HVAC Replacement
Consider conducting an energy audit to see if there are energy leaks occurring within your home and where. If it is discovered that the air conditioning unit and ductwork are also in need of repair, it may make sense to replace the entire HVAC system in one fell swoop.
By updating your home with the most efficient HVAC system you may be able to increase your property value and carbon footprint at the same time – a win-win for your family and environment. But a new AC unit could cost an additional $2,250-$5,500 and ductwork around $15 per linear foot on top of a new furnace. The average cost of a total HVAC replacement being between $5,000 & $12,500.
Finance with PACE
If you’re ready for a new furnace or complete HVAC system but are reconsidering because of upfront costs, consider Property Assessed Clean Energy (PACE) financing. With PACE you can finance a new furnace or the whole HVAC system with the following features:
- Same-day approvals
- No money down
- No minimum FICO score
There are many unique safeguards and benefits built into PACE financing, so you can feel confident in achieving a safer, more comfortable home. Contact us today at 844-736-3934!
Important Disclosures
PACE financing is subject to approval. Underwriting requirements and restrictions apply. PACE financing is secured by a lien on the subject property and often required to be repaid upon refinance or sale. Homeowners are encouraged to use PACE financing responsibly. PACE financing is private financing that must be repaid in full. PACE financing is not a government subsidy. Renew Financial is a private company and not a government entity. The installation or construction of property improvements financed with a PACE assessment is provided through a home improvement contractor or other third-party provider, and not by Renew Financial or a government entity. Homeowners should perform due diligence before selecting a home improvement contractor. Financing provided in California through Department of Financial Innovation and Protection License No. 60DBO-90653.
All content provided on this blog is for informational purposes only. Renew Financial makes no representations as to the accuracy or completeness of any information found by following any link on this site. Renew Financial is not a financial or home improvement advisor and information contained in this post should not be viewed as legal or financial advice.
