Install A New Furnace Or Repair Your Existing One? Smart Questions To Help You Make The Right Decision

As the rate of inflation continues to go up, consumers across the nation are becoming increasingly concerned about the effect this economic news will have on their household budgets. Since most families consider the cost of heat as one of their major expenses each winter, many are now looking for ideas to help them limit the expected impact of rising heating fuel and electricity costs over the next few months. 

As an example, homeowners who are currently using an older furnace system may be wondering whether they should continue to do so or if it would be more beneficial to install a new, higher-efficiency furnace as soon as possible. If you are currently in this situation and pondering which option would be best, the following information can help you determine which one would be most beneficial for your family as inflation rates continue to rise. 

Is the current furnace the best fuel type for your family's situation? 

If your current furnace is still functional and your interest in replacing it is mostly due to expected increases in fuel costs, the type of furnace you currently have can be an important factor in making the right decision. For example, a homeowner with an existing oil furnace who expects to pay twice as much or more for heating oil this winter may find that opting to install a new high-efficiency electric furnace or heat pump could provide substantial savings on monthly heating bills. In order to determine if switching to a different furnace type could be beneficial, homeowners will want to compare expected costs for purchasing, installing, and utilizing the new furnace to the expected costs for using, repairing, and maintaining the existing one. 

Are repair and maintenance costs rising for your existing furnace? 

Another important factor for helping homeowners decide if they should replace an existing furnace or continue using it is whether you are incurring frequent repair or maintenance costs to keep it operating. Depending on the age and condition of the existing furnace, the total cost for repairs, maintenance, and fuel may be high enough to justify the installation of a new, higher-efficiency furnace. 

Are there any available rebates, grants, or other sources of funding to help with the cost of installing a new furnace? 

Homeowners who are considering the installation of a new furnace system should also consider conducting some research to determine whether there are any available rebates, grants, tax credits, or other funding to help offset the cost of replacing an existing furnace. In addition to performing online searches, homeowners may be able to get this type of information by discussing their situation with a reputable furnace repair and installation contractor in their area. 

Reach out to a local furnace repair service to learn more.