Winter is definitely here and if you are freezing your buns off at home, then you might be thinking about repairing or replacing your worn-out furnace. Which one is the better option though? In other words, which one will be both effective and economic at the same time? Well, that depends on the present condition of your furnace and how much it will cost to repair it as opposed to replacing it.
The standard rule of thumb is if your furnace has been burning for more than three-quarters of its life-expectancy and the repair costs would be more than one-third of its replacement cost, then it would make perfect sense to buy a new one.
How do I know how long my furnace’s lifespan is? Glad you asked. You can check the label or ask your furnace contractor about the manufacturer date in order to figure out how long your furnace is supposed to live. As a general rule, most furnaces work effectively for 15 to 20 years. However, if your furnace is properly maintained through regular furnace servicing and is of high-quality to begin with, it is possible to squeeze out 5 to 6 more years of heating use from it.
Cost Efficiency VS Cost Effectiveness
Here is a furnace fact that might help you with the furnace repair vs replace decision-making process. Getting a new furnace is definitely going to cut down on your heating costs. Today’s furnaces, while more expensive, can burn fuel at an 80%- 98% efficiency rate. This means that your new furnace will probably run $1,000-$2,000 extra but at the same time can save you roughly $300 a year. So, if your new furnace is able to stay healthy within the next 5-7 years, the added savings will make up for the added costs. That is a big if though, as well as a long time to wait and see if your investment pans out.
A Cheaper Way
Minor repairs on your furnace plus securing your ducts could be the way to go. Believe it or not, the effectiveness of your heating furnace does not necessarily reflect its efficiency. The tubes that carry the heated air from your furnace to every room in your house might have leaks, and therefore heated air could be escaping into your attic or roof instead of the areas in your house you need it the most.
Just how much heated air is wasted due to un-secure ducts? A whopping 1/3rd of heated air leaks into attics, basements, and crawl spaces because of faulty ducts.
The solution to this problem, however, is rather simple. Your heating contractor can easily secure your ducts by removing insulation, sealing up any gaps, and reinstalling the insulation securely so that the problem never occurs again, or at least for a long time.
This simple furnace repair service, although not exactly dealing with your furnace directly, can save you time, money, and energy looking for a needless new one. Besides that, it will save you roughly 20% on heating and cooling bills, which definitely beats the pants off the savings a new, more efficient furnace can provide.
At M&M Mechanical, we are dedicated to helping each of our customers get the full value of their furnace. Thank you in advance for choosing us, and we look forward to hearing from you. Contact us today for more information.