Nationwide, the average cost to install a new residential furnace is around $4,700. If you're in the market for a new gas or electric furnace, you might be understandably anxious to shell out that kind of money. The good news? There are some options to make your new furnace more affordable and to otherwise ease some of the financial burden of buying new HVAC equipment.
1. Get a Second Opinion on Your System
If you've been told you need a new furnace and your current system is 15 years old (or older), this is probably true. However, if your system is less than 15 years old, you may want to get a second opinion. If money is tight, there may be HVAC system repair options that will help keep your furnace running for another winter or two before you need a total replacement. These heating repairs can buy you more time to save up for a new system, and many reputable HVAC companies offer free second opinions.
2. Take Advantage of Rebates and Credits
If you end up needing a new system, ask about special rebates that may be offered by manufacturers. Even if direct rebates aren't available, you may be eligible for a tax credit if you get a new HVAC system installed. Typically, these rebates apply to energy-efficient systems, such as those with Energy Star designations. Still, this can be a great way to get some extra money back come tax time.
3. Inquire About Low-Interest Financing
Rather than paying for your new furnace in full, you might consider spreading out the payments over a period of a few years to ease the strain on your wallet. If you decide to go this route, explore low-interest financing options available through local HVAC companies. If you have decent credit, you might even be able to get 0% interest for a year or two. In this case, you might consider putting about half the cost of the furnace down and then paying off the remaining balance over the zero-interest period. This way, you can avoid accruing interest costs while still spreading the cost of your furnace out a bit.
Having to buy a new furnace isn't any homeowner's idea of a good time, but with help from the right HVAC company and some creative problem-solving on your part, you can lessen the financial burden of heating system problems at your home.