The most asked question from a homeowner when faced with replacing an existing furnace is, “How much does a new furnace cost?” Whether your home’s furnace is just old and inefficient, or broken down beyond repair, eventually it will need to be replaced.
What’s the ballpark cost of a new furnace?
Most furnaces last about 20 years. Well maintained furnaces will usually last years longer. And furnaces that have been neglected over time will fail prematurely.
Cost will vary depending on several factors. This includes the brand and type of the new furnace being installed, local permit fees, difficulty of the installation itself, and most importantly the selection of the installing heating contractor. How much does a new furnace cost the homeowner should also factor in long term costs, after the installation, to include operating costs, maintenance and repair costs. The true cost of a new furnace is not what you pay on the day of installation. It is the total cost in the long term of maintaining the new furnace and consideration of utility and repair costs over 15-20 years of use.
If you spend $2,200 to have a new furnace installed, yet accumulate $1,000 in repair costs over a 15 year period then your cost has now reached $3,200, not counting maintenance service and utility usage. Most new furnace manufacturers now offer a ten year parts warranty with the option to purchase extended labor coverage for 5 or 10 years. These extended labor warranties range from $99 to $400 depending on the brand. They are well worth the investment as modern furnaces are more prone to breakdowns simply because of their complexity and the number of parts they contain compared to furnaces of yester year.
High efficiency furnaces (those rated at or above 90% AFUE) will cost more initially to install, and although they cost less to operate, they are more prone to breaking down and need more regular service to keep running smoothly. They typically will not last as long either (12-15 years in most cases). This is mainly due to the effects of condensation issues and problems with the secondary heat exchanger which standard 80% efficient models do not encounter. In the long term, high efficiency models will end up costing you more money, even after factoring utility savings.
Most all new furnace models are available in single, dual or multi-stage heating BTU output, with or without high efficiency variable speed blowers and other bells and whistles. So how much does a new furnace cost? Depending on the model selected, a high efficiency furnace will range anywhere from $2,500 to $5,000 installed. An 80% efficient model will fall in the $2,200 to $3,000 range in most areas of the country.
What’s the cost of a new furnace in Colorado Springs?
In the Colorado Springs area, the average cost from Basset Heating & Air Conditioning to install a new 80% efficient furnace with a standard blower motor is about $2,500. For one with a variable speed blower it’ll cost about $3,000.
Basset Heating & AC offers a 10 year parts warranty with an extended labor warranty option on all of their furnaces. They will also register the warranty for the homeowner and provide you with a copy of the warranty registration. The average cost to install a 90% efficient model is about $3,000 with a standard blower motor and around $3,500 with a variable speed model. To answer the question of how much does a new furnace cost? One must consider more than just the initial price.
Regardless of the brand and model you ultimately choose, the most important choice when installing a new furnace is the heating contractor that will do the work. Will they be there if a problem arises? Will they honor the warranty? Can you get service if the new furnace stops working at 1:00am on a Sunday morning? In the long term, paying too low of a price at the time of installation is an indicator of what kind of service to expect down the road if the new furnace suddenly develops problems. Many companies low ball bids to get the job, then aren’t around or will not respond after hours if a problem occurs.