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How Much to Replace a Furnace? A Homeowner’s Guide

Furnace replacement can be a significant expense for homeowners, but it is necessary for a comfortable and secure living environment. A faulty furnace can result in a variety of issues, including higher energy expenditures and health hazards such as carbon monoxide toxicity. However, a lot of homeowners are uncertain about the cost of replacing a furnace and the variables that affect the price.

This article will provide a comprehensive guide for homeowners on how much it costs to replace a furnace, including factors that affect the cost, varieties of furnaces available, and much more. Whether you are a first-time homeowner or have lived in your home for years, this guide will help you make informed decisions regarding the replacement of your furnace.

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Factors influencing the furnace replacement cost

Let us take a quick look at all the factors that affect your furnace replacement expenditure.

The type of furnace

There are numerous kinds of furnaces, each with its own advantages and disadvantages. The installation cost will be significantly affected by the model of the furnace you choose. Here are some of the most prevalent furnace types:

  • Gas Furnaces: The most prevalent form of furnace in North America is the gas furnace. They are highly efficient and can save homeowners significant money on energy costs. However, installing one can be costly if your residence does not already have a gas line.
  • Electrical furnaces: These furnaces do not require a gas connection, making them a popular option for homeowners without access to natural gas. However, they are less efficient than gas furnaces and can cost more to operate over time.
  • Oil furnaces: These furnaces are less common than gas or electric furnaces, but they can be a good option for householders in regions where natural gas is scarce. Nonetheless, they require an oil storage reservoir, which can be costly to install and maintain.

Size of your house

The overall size of your property will also affect the replacement furnace cost. Larger residences require larger furnaces, the installation of which can be more expensive. In addition, larger furnaces typically require more energy to operate, resulting in higher energy costs over time.

Installation’s complexity

The complexity of the installation procedure can also affect the price of replacing a furnace. Depending on the complexity of your home’s ductwork and other installation obstacles, the cost of installation may be higher. In addition, if you need to install a new gas line or make other changes to your home’s infrastructure, the installation cost may be higher.

The average cost to replace a furnace

The average cost to replace a furnace in North America is between $3,500 and $5,500. However, this cost can vary significantly based on the factors discussed previously. Here is a breakdown of the typical replacement cost for different types of furnaces:

  • Gas Furnace: $3,000 to $6,000
  • Electric Furnace: $1,500 to $2,500
  • Oil Furnace: $4,000 to $7,000

It is important to note that these are only averages, and the actual cost of replacing a furnace will depend on a number of variables, including the size of your property and the complexity of the installation.

Consider Additional Costs

When replacing a furnace, there are several additional costs to consider in addition to the furnace itself. These consist of:

  • Costs of Installation: Depending on the intricacy of the installation process, installation costs can vary significantly.
  • Ductwork: If the ductwork in your home is incompatible with your new furnace, you may need to modify or replace it. This can add hundreds or even thousands of dollars to the installation cost
  • Thermostat:  If you are installing a new furnace, you may want to consider installing a new thermostat to help you more effectively regulate the temperature in your home. A replacement thermostat can cost between $50 and $500 or more.
  • Building Permits:  In some areas, you may be required to obtain a building permit prior to installing a new furnace. This may increase the cost of the endeavor by several hundred dollars.
  • Maintenance: After the installation of your new furnace, you will need to maintain it so that it continues to operate proficiently. This can include routine maintenance such as filter replacement and cleansing and repairs as needed.

Cost-Saving Options for Furnace Replacement

There are a number of ways to reduce the cost of replacing your furnace if you wish to do so while preserving your budget. Here are some tips:

  • Shop around: Obtain quotes from multiple HVAC contractors in order to evaluate prices and locate the best bargain.
  • Select an energy-efficient furnace: Although more efficient furnaces may be more costly initially, they can save you significant money on your energy expenses over time.
  • Look for rebates: Numerous utility companies provide rebates to householders who install high-efficiency furnaces. Check with your utility provider to see if any rebates are available.
  • Consider financing: Some HVAC contractors offer financing options that allow you to pay for the project over several years.
  • Maintain your furnace: Performing routine maintenance on your furnace can help extend its life and prevent costly repairs in the future.


A new furnace is an expensive but essential investment that has to be made eventually. Investing in a new furnace may help you save on your monthly energy bills while also making your house cozier during the colder months. The price of replacing a furnace is determined by a variety of factors, such as the make and model of the new furnace you choose, the square footage of your house, and the level of complexity of the installation. 

You will be able to guarantee that you receive the best deal possible on a new furnace if you have an understanding of these elements and put into practice money-saving techniques.