How Much Does It Cost To Replace a Furnace?
If your furnace is giving you signs of replacing it, then the first thought that will cross your mind is how much the furnace replacement will cost or how much the furnace installation will cost.
With Ontario winters, one cannot take the risk of waiting till the last moment to replace the furnace. The decision has to be taken beforehand and it becomes more difficult if you have no idea how much the replacement is going to cost you.
How Much Does a New Furnace Cost?
On average, a new furnace can cost between $2,500 and $7,500, including installation. However, The cost of a new furnace can vary based on several factors, including the size of your home, the type of furnace you need, and the complexity of the installation.
Gas furnaces tend to be the most affordable type of furnace, with an average cost of $2,500 to $4,500, including installation. Oil furnaces are typically more expensive, with an average cost of $4,000 to $7,500, including installation. Electric furnaces are the most expensive type of furnace, with an average cost of $2,500 to $6,000, including installation.
What’s The Average Cost of Furnace Replacement in Ontario?
The Average Cost of Furnace Replacement in Ontario falls around the price range of $3000 to $7500. Although the final cost varies depending on various factors such as the model, installation type, warranty, brand, and size.
Factors That Affect The Cost Of Replacing The Furnace
Cost Depending On The Budget You Have
There are different furnaces that fall into different price range categories. And depending on your budget you can choose your new furnace. We can simply divide the furnaces into three categories i.e., high-range, mid-range, and low-range.
- High-range furnaces cost over $5500. These furnaces come with a premium brand and have a complicated installation.
- Mid-range furnaces fall into the range of $3000-$5500. These furnaces come with a good brand with standard installation processes and a good warranty.
- Low-range furnaces cost less than $3000. These furnaces come with low-end models that offer sub-standard installation and little or no warranty.
Furnace Prices by Brand/Manufacturer
Furnace prices can vary significantly based on the brand and manufacturer. Some popular furnace brands and their average price range in Canada are:
- Goodman: 6,000+
- York: 5,500+
- KeepRite: 5,500+
- Armstrong: 5,500+
- Comfortmaker: 5,500+
- Coleman: 5,500+
- Bryant: 6,000+
- Amana: 6,500+
- Rheem: 6,750+
- Lennox: 7,500+
- Carrier: 7,500+
It’s important to note that these prices are just a general estimate and can vary based on factors such as the specific model, size, and efficiency rating.
Furnace Prices by Size and BTU Output
The cost of a furnace also varies as a factor of the model size and its BTU output. The output rating is determined by the square footage of your house and other factors such as the layout, insulation, and climate. Some general price estimates based on BTU output are:
- 40,000 BTU to 60,000 BTU: 4,000
- 80,000 BTU to 100,000 BTU: 4,600
Furnace Prices by Efficiency (AFUE)
Furnace prices can also vary based on their efficiency, measured by the Annual Fuel Utilization Efficiency (AFUE) rating. In general, higher-efficiency furnaces will have a higher initial price tag, but they will save you more money on energy bills in the long run. Some general price estimates based on AFUE rating are:
- 92% AFUE: 4,500
- 95% AFUE: 5,500
- 98% AFUE: 6,500
Cost Depending On The Type Of Furnace You Pick
Cost Depending On The Warranty
As you already know the better the warranty the more will be the cost to replace your furnace. But, choosing a good warranty along with your furnace is always a good option. It is good to have a furnace backed up with a good warranty. Also, if a company is providing a warranty along with its product, it means it is a good sign that the furnace is well-built and will last you longer. A low-built quality furnace will come with less or no warranty at all. So, it can be a good factor to consider while choosing your furnace.
Cost Depending On The Installation Type
The installation plays an important role in your furnace replacement cost. It is always recommended to opt for a professional expert for your installation who is certified and skilled in installing furnaces. No matter how expensive your furnace is, if it is not installed properly then you will not be benefitted from it.
A professional may cost you more but it is important to choose someone who knows what he is doing and doesn’t damage your new furnace. Also, the overall price will go up if you have your current furnace in oil and want to convert it into gas. If your furnace can be installed upside down or sideways, then it is a sign of a good furnace. For furnace installation near Toronto call Smile HVAC.
Cost Depending On The Location You Are Located
Generally, the prices are the same within Ontario. But, if you are from a far more rural location where there are no local options and long driving hours are required to reach, then you need to pay a bit more. But, if you are located in larger areas like Toronto or Mississauga where there is stiff competition and many companies are available, then you may have to pay lower prices for your furnaces.
Furnace Installation Cost and Other Important Factors
1. Installation and Labour Cost
The actual labor cost for furnace installation is often in the 1,200+ range. This cost covers the hours of labour from the main technician and any helper rates, as well as various built-in costs such as licensing, insurance, vehicle expenses, and more.
2. Factors Affecting Installation Cost
Various factors can affect the installation cost of a new furnace, including:
- The location of the furnace (e.g., accessibility)
- Venting upgrades
- Modern safety codes require upgrades to venting and piping, electrical wiring, etc.
- Other extras such as chimney liners and condensation draining
Gas Furnace Replacement: Should You Repair or Replace?
If your gas furnace is experiencing problems, you may be wondering if you should repair or replace it. In general, if your furnace is more than 15 years old and requires significant repairs, it is likely more cost-effective to replace it. Additionally, if your furnace is not energy-efficient, replacing it with a more efficient model can save you money on your energy bills in the long run.
However, if your furnace is relatively new and requires minor repairs, it may be more cost-effective to repair it. Your HVAC technician can provide you with an estimate for the cost of repairs and help you determine if it is more cost-effective to repair or replace your furnace.
Benefits of Installing a New Furnace
Installing a new furnace in your home offers several benefits, including:
1. Improved Energy Efficiency
A new, high-efficiency furnace can help reduce your heating and cooling costs by up to 60%. This means you can enjoy warm temperatures in the winter and cool temperatures in the summer without incurring extra energy costs.
2. Enhanced Efficiency
One of the biggest benefits of installing a new furnace is the boost in efficiency. A more efficient furnace will help you save on heating costs during the winter months and provide a better overall performance.
3. Increased Comfort
Modern HVAC systems come with features that help maintain comfort throughout your entire home. This can include zoning systems, variable-speed operation, and more. These features can help eliminate cold spots in your home and provide a more consistent indoor temperature.
How to Save Money on Furnace Replacement Costs
There are several ways to save money on furnace replacement costs. One way is to choose a more affordable type of furnace, such as a gas furnace. Additionally, choosing a furnace with a lower efficiency rating can help you save money on upfront costs.
Another way to save money on furnace replacement costs is to choose a reputable HVAC contractor who offers competitive pricing. Additionally, shopping around for quotes from multiple contractors can help you find the best deal.
Finally, taking steps to properly maintain your furnace can help you avoid costly repairs and extend the life of your furnace, ultimately saving you money on replacement costs.
Furnace replacement is a significant expense that can be challenging for many homeowners to afford. However, it is essential to consider the long-term benefits of a new furnace, such as improved energy efficiency, reduced energy bills, and increased home comfort.
Ultimately, furnace replacement is an investment in your home’s comfort, safety, and energy efficiency. If you are unsure whether furnace replacement is worth the cost, it is best to consult with a reputable HVAC contractor who can provide you with a detailed estimate of the total cost and the long-term benefits of a new furnace.
How much is a new furnace for a 2,000 square foot home?
On average, the cost of a new furnace for a 2,000-square-foot home in Ontario ranges from $3,000 to $7,000 for a standard gas furnace. However, if you opt for a high-efficiency furnace, the cost can range from $4,000 to $10,000.
How much is a new furnace for a 1,500 square foot home?
On average, the cost of a new furnace for a 1,500-square-foot home in Ontario ranges from $2,500 to $5,500 for a standard gas furnace. If you opt for a high-efficiency furnace, the cost can range from $3,500 to $7,500.
How much is a new furnace for a 3,000 square foot home?
On average, the cost of a new furnace for a 3,000-square-foot home in Ontario ranges from $4,500 to $9,500 for a standard gas furnace. If you opt for a high-efficiency furnace, the cost can range from $6,000 to $12,000.