To Repair, Or To Replace: Dealing With An Older Furnace

A new furnace can cost as much as $14,000. What bill-laden homeowner can afford that kind of a cost? On the other hand, an older furnace can be as little as 60% efficient. Even with a highly efficient furnace, heating can be one of the biggest costs that a homeowner has to contend with. Thus, if you have an older furnace, you are caught in a catch twenty-two: you can't really afford a new furnace, but you can't really afford not to update your furnace. The good news is that a new furnace might not be as out of reach as you first might think.

How Much You Can Save with a Newer Furnace

To get an idea of how much you can save with a newer furnace, you need to first get an idea of how much an older furnace costs you. If you have an sixty-percent efficient furnace, you will waste $400 of every $1,000 that you spend on heating your house. Thus, every heating season, you stand to lose hundreds of dollars. If you replace your older furnace with a highly efficient furnace, you can reach efficiency levels of up to 95%. This means that you can save, $350 for every $1,000 that you spend on heating. 

Affording a Newer Furnace

Not every new furnace will cost $14,000, so you need to look for a furnace that will be highly efficient without being too expensive. You will probably not be able to buy your new furnace out of pocket, so you will need to take out a loan. As long as your financing costs are not more than the amount of money that you save from month to month on your heating costs, a new furnace will help to save you money. 

Repairs or Replacement

Furnaces are not made to last forever. The older a furnace gets, the more likely it is for the components of the furnace to wear out. Thus, living with an older furnace will cost you twice: you have to pay for higher heating bills, and you have to pay for repairs. Buying a new furnace is often a better money-saving strategy than trying to live with an older furnace. 

Having your own home often means having a constant string of costs that you have to contend with. Anything you can do to keep your costs down will help you to free up money that you can spend on your wants rather than on your needs. For more information about whether you should repair or replace your furnace, contact a local HVAC company like Kohl Heating & Air Conditioning