When it comes to your home, furnace replacement might not be the first thing that comes to mind. Purchasing new granite countertops, paint, or a trendy new kitchen backsplash may appear to be the most significant investment.
When it comes to house improvement, though, your furnace could be the most cost-effective option. After all, it may simply be worthwhile to upgrade your outdated, inefficient heating system for a frigid Canadian winter night.
Consider the energy savings, variable expenses, ostensibly high upfront costs, and other variables. Here’s a quick guide for you:
ROI Influencing Factors
If your furnace appears to be working correctly, but your energy bills have skyrocketed, it may be squandering too much energy. Older furnaces provide less heat, wasting energy. You can decide if a new furnace is profitable after considering changing resource prices, environmental consequences, and high upfront unit costs.
That said, let’s discuss these ROI-influencing factors:
- Energy Savings
The annual fuel consumption efficiency (AFUE) rating of modern high-efficiency furnaces ranges from 90 to 98%. Older units have an AFUE of 56 to 70%, which demonstrates a waste of energy compared to newer units. Compared to outdated, inefficient heating systems, modern high-efficiency furnaces may save you up to 45% on fuel costs. Older furnaces not only waste energy by burning more fuel and producing less heat for your home, but they also damage the environment.
- Fuel Prices
You must consider fuel expenses whether you have a gas, oil, or electric furnace. Heating accounts for over 60% of our annual energy costs, according to Ontario Hydro. These variables, along with an inefficient furnace, might result in exorbitant fees.
- CO2 Emissions
Energy is far too valuable to waste. Fortunately, most of us recycle, refill, and reuse while also conserving energy. If you care about the environment, consider investing in a high-efficiency furnace. They produce less pollution and consume less power—it’s a win-win situation for all parties.
- Upfront and Long-Term Costs
Make the switch! Investing in high-efficiency equipment may be more expensive at first, but it will save you money in the long run. In any case, the cost of ongoing repairs and maintenance may wind up being more significant than the cost of replacement or continuous energy use.
- Government Benefits
Ontario’s five-year Climate Change Action Plan is to lower energy prices and contribute to climate sustainability. In effect, The Green Investment Fund and Enbridge Gas Inc. created the Home Efficiency Rebate to help Ontarians contribute to sustainability by acquiring and installing high-efficiency heating systems. New natural gas furnaces must have an AFUE of 95% or above to qualify for the return.
- Increase the Value of Your Home
The Appraisal Institute of Canada estimates that most homes may expect a 50 to 80% return on a modern heating system investment. So if you want to sell your home soon, you should get your furnace inspected or updated. No matter how beautiful your kitchen renovation is, a new furnace is a must-have in any Canadian home.
In taking better care of your home, you have to shell out money to make a more significant investment. As it turns out, a furnace replacement can benefit you and your home in a multitude of ways.
Once you feel you should replace your HVAC equipment, trust your gut. Don’t let issues arise or worsen, and accomplish the task right then and there! In due time, you will get your returns by improving your living situation and increasing the value of your home.
Are you looking for furnace replacement services in Edmonton? Legacy Heating offers the top brands for cost-effective HVAC products and specializes in furnace replacements, among other services to improve your home’s living conditions. With us, you’re guaranteed fair pricing, outstanding service, and overall quality. Contact us today for your FREE Quote!