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What’s the Cost of Buying a New Furnace? We Break it Down By Furnace Type

Average Cost of Buying a New Furnace

Whether your furnace has kicked the bucket and needs to be replaced, or you’re just starting to think about purchasing a new furnace, you’re likely wondering what exactly a new furnace costs these days. Truth be told: new furnace price tags can be high, so having a price in mind will help you work this substantial investment into your budget.

Below we shed some light on the subject, discussing the average cost of furnace replacement and installation, as well as how those costs vary based on the type of furnace you choose.

The Average Cost of a New Furnace

For Minnesota homeowners, furnace replacement and installation costs anywhere from $6,000 and $9,000, making the average price roughly $7,700. However, the type of furnace you select will have a big impact on the new furnace cost, so we’ve broken down costs by the type of furnace below.

Gas Furnaces

Natural gas furnaces cost more to buy and install than electric furnaces. However, gas furnaces are the most popular type of furnace in the United States due to the relatively low cost of natural gas fuel.

How much does a natural gas furnace typically cost?

The cost is between $2,500 and $10,000 dollars to purchase and install. However, be aware that the cost of installation could be higher if you need to add a gas line to your home. Always check to see if natural gas is available at your home before purchasing a gas furnace, especially if you live in a rural Minnesota area.

Electric Furnaces

Electric furnaces are the most inexpensive type of furnace to purchase and install. This is because they are relatively small and don’t require special venting, fuel pipes, or storage cells. Since most Americans have electricity in their homes, getting the furnace hooked up to the power grid is a snap.

How much do electric furnaces typically cost?

Between $1,000 and $2,500 to purchase and install an electric furnace. However, the cost of electricity tends to be higher than natural gas, so make sure that you consider the total cost of ownership before you buy. This is an especially important consideration for Minnesotans and others in colder climates.

Oil Furnaces

Oil furnaces are still available for purchase today, but not widely used. They were most popular in mid-century America when oil was cheap.

How much do oil furnaces typically cost?

For oil furnaces, homeowners can expect to pay between $4,000 and $8,000 for the equipment and installation. However, keep in mind that these costs could be higher if duct work needs to be adapted.

Propane Furnaces

Propane furnaces are common in rural areas that aren’t connected to natural gas lines. Propane furnaces can be very expensive with fuel prices up to three times higher than the price of natural gas.

How much to propane furnaces typically cost?

Propane furnaces typically cost $3,000 to $6,000 to purchase and install. However, the cost will be higher if you don’t already have a propane holding tank installed on your property.

Before You Buy a New Furnace Consult an Expert

In order to heat your home efficiently and get the best bang for your buck, it’s important to have a furnace specialist conduct a home visit. A home visit will allow the professional to see what kind of infrastructure and ductwork you’re working with. They can help you select a furnace that fits the size and infrastructure of your home. Purchasing a furnace that’s the wrong size for your home, or that’s not compatible with your existing ductwork, could end up adding thousands of dollars to the total cost of your new furnace.

The Ray N. Welter Heating Company includes a home analysis in every furnace installation in order to have a clear understanding of every customer’s furnace needs, as well as make recommendations on the type of furnace that will be the best fit.

To learn more about the types of furnaces that are out there, as well as their respective drawbacks and benefits, check out our post that breaks down the different types of furnace options.

If you want to know more about our furnace installation services in the Twin Cities area, contact us online or call 612-825-6867 today to discuss the right furnace for you and for prompt, professional installation and repair services.

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What’s the Cost of Buying a New Furnace? We Break it Down By Furnace Type

Average Cost of Buying a New Furnace

Whether your furnace has kicked the bucket and needs to be replaced, or you’re just starting to think about purchasing a new furnace, you’re likely wondering what exactly a new furnace costs these days. Truth be told: new furnace price tags can be high, so having a price in mind will help you work this substantial investment into your budget.

Below we shed some light on the subject, discussing the average cost of furnace replacement and installation, as well as how those costs vary based on the type of furnace you choose.

The Average Cost of a New Furnace

For Minnesota homeowners, furnace replacement and installation costs anywhere from $6,000 and $9,000, making the average price roughly $7,700. However, the type of furnace you select will have a big impact on the new furnace cost, so we’ve broken down costs by the type of furnace below.

Gas Furnaces

Natural gas furnaces cost more to buy and install than electric furnaces. However, gas furnaces are the most popular type of furnace in the United States due to the relatively low cost of natural gas fuel.

How much does a natural gas furnace typically cost?

The cost is between $2,500 and $10,000 dollars to purchase and install. However, be aware that the cost of installation could be higher if you need to add a gas line to your home. Always check to see if natural gas is available at your home before purchasing a gas furnace, especially if you live in a rural Minnesota area.

Electric Furnaces

Electric furnaces are the most inexpensive type of furnace to purchase and install. This is because they are relatively small and don’t require special venting, fuel pipes, or storage cells. Since most Americans have electricity in their homes, getting the furnace hooked up to the power grid is a snap.

How much do electric furnaces typically cost?

Between $1,000 and $2,500 to purchase and install an electric furnace. However, the cost of electricity tends to be higher than natural gas, so make sure that you consider the total cost of ownership before you buy. This is an especially important consideration for Minnesotans and others in colder climates.

Oil Furnaces

Oil furnaces are still available for purchase today, but not widely used. They were most popular in mid-century America when oil was cheap.

How much do oil furnaces typically cost?

For oil furnaces, homeowners can expect to pay between $4,000 and $8,000 for the equipment and installation. However, keep in mind that these costs could be higher if duct work needs to be adapted.

Propane Furnaces

Propane furnaces are common in rural areas that aren’t connected to natural gas lines. Propane furnaces can be very expensive with fuel prices up to three times higher than the price of natural gas.

How much to propane furnaces typically cost?

Propane furnaces typically cost $3,000 to $6,000 to purchase and install. However, the cost will be higher if you don’t already have a propane holding tank installed on your property.

Before You Buy a New Furnace Consult an Expert

In order to heat your home efficiently and get the best bang for your buck, it’s important to have a furnace specialist conduct a home visit. A home visit will allow the professional to see what kind of infrastructure and ductwork you’re working with. They can help you select a furnace that fits the size and infrastructure of your home. Purchasing a furnace that’s the wrong size for your home, or that’s not compatible with your existing ductwork, could end up adding thousands of dollars to the total cost of your new furnace.

The Ray N. Welter Heating Company includes a home analysis in every furnace installation in order to have a clear understanding of every customer’s furnace needs, as well as make recommendations on the type of furnace that will be the best fit.

To learn more about the types of furnaces that are out there, as well as their respective drawbacks and benefits, check out our post that breaks down the different types of furnace options.

If you want to know more about our furnace installation services in the Twin Cities area, contact us online or call 612-825-6867 today to discuss the right furnace for you and for prompt, professional installation and repair services.

Leave a Reply

Your email address will not be published. Required fields are marked *

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