Homeowners may sometimes be discouraged from investing in a new furnace because of the upfront expense that the investment entails. Even when they know that their current furnace is inefficient and out-of-date, it's often easy for homeowners too continuously procrastinate about this important purchase.
However, it's important to be aware of the fact that a new furnace can save you money in the long run if your old furnace is no longer operating properly. The following are five significant factors that allow a new furnace purchase to pay off in the long run:
Lower utility bills
The most important factor that will allow you to save money after you purchase a new furnace is utility costs. A new furnace will inevitably be more efficient than an older model. It will therefore cost less to fuel than an older model.
Statistics show that a modern high efficiency furnace with all the latest advancement in HVAC technology can result in a reduction in annual utility bills of between $200 and $600. With savings that are this high, the energy efficiency of a high efficiency model will pay for the upfront costs over the lifetime of the furnace.
Increased home resale value
When you sell your home, your furnace is going to remain. However, the buyer is going to get it, so he or she can be expected to offer more money for the house if its furnace is modern.
If you invest in a new furnace, you're likely to get the money you spend back when it comes time to sell your home.
Longer lifespan of other HVAC components
You can expect a new furnace to benefit the entire HVAC system of your home. With a new furnace, your ductwork will be more effective and your air will be cleaner. HVAC system components won't have to work as hard because your furnace will be more productive and efficient. You could therefore pay less on maintenance demands for other HVAC components if you invest in a new furnace.
Before you make a purchase on any furnace or piece of HVAC equipment, you should do some research on tax credits you could be eligible for if you purchase a high efficiency model.
The federal government offers a variety of different tax credits for homeowners who invest in more efficient heating and cooling equipment. One example is the non-business energy property tax credit. This is a tax credit of 10 percent of the costs of making qualifying efficiency improvements such as purchasing a new oil furnace.
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