Are you looking to install a furnace in your home or apartment building?
Whether you’re a homeowner or property manager, installing a furnace can help you create a better living environment. Furnaces are affordable, efficient heating systems that can improve indoor air quality.
However, it’s important to understand the costs associated with installing a furnace before you buy. How much does it cost to install a furnace? Read on to find out.
How Much Does a New Furnace Cost?
If you’re buying a brand new furnace, you can expect to pay anywhere from $1500 to $6400. The exact price you pay will depend on the model, size, fuel type, and installation labor.
Installation costs run anywhere from $1,500 to $2,500 for a mid-efficiency furnace. Installing a high-efficiency furnace will cost between $3,000 to $5,000.
Average Cost to Replace a Furnace By Type
The type of furnace you choose will have a major influence on the final cost. Here are your main options:
Gas Furnace Cost
You can expect to pay between $2,000 and $5,200 for a new gas furnace. If you opt for a high-efficiency gas furnace, you can expect to pay 30 to 50 percent more. However, you’ll save $100 to $200 on utilities each year, and your furnace will last 15 to 25 years.
Electric Furnace Cost
An electric furnace will cost you anywhere between $1,900 to $5,600 to install. These furnaces can last 20 to 30 years, but they cost 3 to 4 times more to operate than a gas furnace.
However, these furnaces are low-maintenance and easy to operate. They can also fit in mobile homes and small spaces.
Oil Furnace Cost
Installing an oil furnace will cost between $2,500 and $6,000. These furnaces will last between 15 and 25 years, and they use non-toxic, non-explosive, and biodegradable fuel.
However, they come with higher fuel prices than gas furnaces, and they’re noisier.
Propane Furnace Cost
You can expect to pay between $2,200 and $5,700 to install a propane furnace. These furnaces are common in rural areas, and they usually last between 15 and 20 years.
Propane furnaces are low-maintenance and use non-toxic fuels. However, they’re highly flammable and require a large external tank.
Solar/Geothermal Furnace Cost
A solar/geothermal furnace is eco-friendly, but it costs significantly more money upfront. You can expect to pay between $10,000 to $35,000 for this type of furnace.
However, they come with higher system efficiency and long-term energy savings.
Other Factors to Consider
In addition to the price of the furnace itself, you also need to factor in labor costs, which typically range from $600 to $3100. Typically, furnace installers charge by the hour at a rate of $70 to $100 per hour.
If you need to install new ductwork, you can expect to pay even more money. Typically, air duct cleaning costs between $300 to $700. Duct repair will cost you between $200 and $700. You can contact a heating service to get an exact quote on installation prices.
How Much Does it Cost to Install a Furnace? Time to Buy
Now that we’ve answered the question, “How much does it cost to install a furnace?” it’s time to start shopping. First, figure out how much you have in your budget to pay for a new furnace.
Then, you can consider the different furnace types and models. And, check back in with our blog for more home improvement tips!