Part of adequate preparation for the winter season means ensuring your heating requirements during this cold period are covered. The most common furnace types in the US are electric, oil, and gas furnaces. Their pricing depends on many aspects, including the type, size of your home, and the furnace’s efficiency. A typical natural gas furnace, which is the most popular, will last between 10 to 15 years before needing replacement. On the other hand, an electric furnace lasts the longest and can clock up to 30 years with good servicing. However, electric furnaces are inefficient and more costly to run in the long run than their natural gas and oil counterparts. 

Approximate Total Furnace Costs by Type

If you’re looking to replace or install a new furnace, you probably wonder how much it will cost you to have it up and running before winter sets in. Purchasing a furnace is not an everyday affair, and many people are often clueless about the total price ranges. In fact, most people may only replace or install a furnace once or twice in their lifetime. Remember that the total furnace cost includes the cost of labor and installation, which can be pretty substantial. Labor and installation costs will vary depending on the prevailing labor rates in your area of residence. The brand type and efficiency level will also play a vital role in influencing the total cost. 

  1. Gas Furnaces 

Gas furnaces are the preferred choice for many Americans looking to heat their indoor spaces in winter, especially in places where the season is more pronounced. The total cost of purchasing and installing them could be between $1,700 and $10,000. Various brands sell their gas furnaces at between $700 and $6,200, while the cost of installation and labor could be anything between $1,000 and $3,500. While they typically cost more than electric furnaces in their initial purchase, gas furnaces score more in fuel utilization efficiency, which can be up to 99%, making them cheaper to run. You might want to consider a gas furnace for your home if you have a natural gas connection. 

  1. Electric Furnaces 

Electric Furnaces are generally linked to heat pumps and work by heating the air in the exchanger before supplying it across the duct system. While they are generally less efficient and more costly to maintain and run, they have the longest lifespan and are more environmentally friendly. Replacing or getting a new one will cost you anywhere between $1,500 and $7,000, including installation and labor. The cheapest electric heater brand costs $500 and $2,700 on the upper side. Installation and labor costs range from $1,000 to $3,500. One major setback with electric furnaces is the relatively high cost of running due to their high electricity consumption. 

  1. Oil Furnaces 

While they rank higher in efficiency than electric furnaces, oil furnaces are far less popular today than in the mid-20th century. They have been overtaken with time by gas furnaces due to their availability and cheaper gas prices. Today’s oil furnaces have an efficiency of between 80% and 90% and are still a great option, particularly for those without gas supply connections in their homes. To have a new oil furnace running in your home will cost you between $4,300 and $10,000, including labor and installation. The cheapest oil furnace will cost you around $1,800, while the most expensive is approximately $3,200. Labor and installation range between $2,500 and $6,000, depending on your location, among other factors. 

Factors Affecting Furnace Costs 

As you may have noticed, there are stark differences between minimum and maximum costs of purchasing and installing particular furnace types. These total costs are dependent on various factors. Below are some of the most common; 

  • Fuel Utilization Efficiency: Overall energy costs significantly influence the unit costs of various furnace models. The United States Department of Energy (DOE) expects any furnace in the market to have an annual fuel utilization efficiency rating of no less than 80%. Most furnaces in the market have between 80% and 95 % yearly fuel-efficiency ratings, and the higher the efficiency, the higher the unit cost. 
  • Furnace Size: Furnaces capable of heating more extensive spaces cost more than those designed for smaller spaces. You can use the size of your home to determine which furnace size will best suit its expected heating needs by calculating the expected British Thermal Units (BTU). 
  • Furnace Brand: Furnace prices are also informed to a certain degree by the brand one opts to buy. Some are perceived to perform differently, and it’s best to research them before settling on a particular brand. 
  • Installation Costs: Labor and installation costs will vary greatly depending on your location. To get the best deal, get quotes from various installers and make your comparison before engaging a particular one. However, it’s crucial not to base your decision solely on the cost but also on the quality of service. Remember, cheap could mean expensive if shoddy work is done during installation. 

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