Tips For Saving Money When Replacing Your Home's Furnace

Posted on: 24 February 2020

Many people rely on their home's furnace to keep the interior of their house warm and comfortable when it is freezing cold outside during the winter months. A furnace can last for many years, but eventually it will reach the end of its life span and need to be replaced. Replacing an old furnace with a brand-new one is not inexpensive, so it is not surprising that most homeowners want to find ways to save money when they need to purchase a new furnace and have it installed. If you plan on getting a furnace replacement in the near future, use the following tips to help lower costs and save money:

Look for Rebates and Tax Credits

Most homeowners are not excited about having to incur the expense of replacing their furnace, but luckily there are rebates and tax credits available. In most cases, these rebates and tax credits are available when upgrading an old furnace to a new one that has a high energy efficiency rating. Rebates may be available from furnace manufacturers as well as your local utility company, so it is well worth researching your options to learn more about what rebates may be available. Tax credits can change from one year to the next, but it is always a good idea to see if there are any available.

Shop Around

When replacing your home's furnace, you will need to account for the price of the furnace itself, as well as the cost of installation by a professional. When you want to save some money on a new furnace, take the time to shop around and contact different HVAC contractors. Every HVAC contractor sets their own rates for installation, so you may find that you can save a lot of money just by hiring a contractor who has a lower fee. Just make sure that you hire a licensed HVAC contractor who is fully insured.

Invest in an Energy-Efficient Furnace

When you begin shopping for a new furnace to replace your old one, you will likely notice that different models have different energy ratings. It is in your best interest to purchase the most energy-efficient furnace that you can comfortably afford. A very energy-efficient furnace may come with a higher up-front cost, but installing one in your home can drastically reduce your winter heating bills. Thus, with an energy-efficient furnace, you can save money month after month for many years to come.