When facing furnace repair, many homeowners wonder if its more cost-effective for them to simply replace their broken furnace with a brand new one. While individual circumstances are important, there are a few general guidelines that can help you make the right decision.
1. Is the repair expensive?
If repairing your furnace is approaching the cost of replacing it, just replace it. A furnace which is in need of a major repair, or has a handful of smaller issues, is likely to need more repair next year, and the year after that. At one point, it will be broken beyond repair and you’ll have to replace it– so it’s best to save yourself some money and replace it now.
Generally, if repair is approaching the thousand dollar mark, replacement is a better option. A repair this costly could be a cracked heat-exchanger, or a fried circuit board (which sometimes happens due to flooding), both of which generally mean the unit needs to be replaced.
Is this the second time you’ve had to repair your furnace? Don’t get stuck in the sunk-cost fallacy. Just because you’ve put money into the furnace before doesn’t mean its wise to keep doing so. You can’t change the past, but you can make sure you’re saving money down the line.
2. How old is your furnace?
Old furnaces are more likely to need repair, but there are other reasons to replace them too. For example, older furnaces without variable speed motors make a lot of noise. You’ll be impressed at just how quiet the new furnace purrs.
There’s also danger in keeping a very old furnace around. They are more likely to have potentially deadly problems, like a broken pilot light, a leak in the gas line, and more. Replacing your furnace can save you the stress and danger of dealing with these issues.
Don’t forget that you’re adding value to your home when you replace your furnace. A new furnace can fetch you a higher price for your home. Potential buyers don’t want to deal with any hassles and will prefer a home with a new furnace.
3. Do you want to save money on your heating bill?
How efficient is your existing furnace? New furnaces are incredible pieces of equipment. They can have up to 98 percent efficiency. This means that 98 percent of the fuel is turned into usable heat for your home. So, you’ll pour less energy into your furnace to get the same amount of heat.
Also, a steadily rising heating bill is an indication that your furnace has seen some wear-and-tear, and replacing it can send your bill back to the price it was years ago. While you’re at it, consider switching to a gas furnace, it can save you a ton of money.
These three criteria should help you decide whether it’s best for you to repair or replace your furnace. Ultimately, your personal circumstances will be the determining factor, so reach out to your local furnace team now to get some professional guidance that’s tailored to you.