All good things come to an end, and that includes your furnace. It’s a powerful system you have there, but when it hits a huge repair bill, you have to wonder if it’s still worth keeping around or if it’s time for an upgrade.
Through all the furnace repair in Jackson Township, OH that we’ve handled, we’ve seen various issues and a gradient of repair estimates we have to give to our customers based on the specific problems with their furnace. That’s where the 50% rule comes into play: the deciding factor that helps homeowners either upgrade their furnace, or stick with it for a bit longer. Here’s what it is, and how you can use it to your advantage.
The Deciding Factor
The 50% rule essentially states that if a furnace repair is estimated to be 50% of the total price of a new furnace installation, then it’s better to just go with the new installation. There are a few reasons for this:
- You’ve already sunk a lot of money into repairs over the years.
- The new furnace has higher efficiency, so you’ll spend less on a monthly basis.
- This isn’t the last repair you’re going to see for this furnace, and there’s no telling how expensive the next one will be, but older furnaces generally need more work done so it’s safe to assume it will be a big bill.
If your furnace is 10-15 years old, it’s inefficient. Even if it was top-of-the-line when you bought it and had it installed, natural degradation decreases its efficiency over time, and that much is unavoidable. Be sure to watch for signs that your furnace might be failing, which you can read about here.
What if it’s 40% of the cost?
It’s important to note that this rule is more of a rule of thumb. It ultimately comes down to you, but it’s not black-and-white at the 50% price. If the estimate is still really high, you might just decide to go with the new furnace. Here’s why that could be a good idea.
- There are current government tax credits through the Inflation Reduction Act that can offset the cost of a new furnace. This might make it a perfect time to explore whether it’s the right year to replace your furnace. Check out our advice on when it’s time to replace your heater rather than keep repairing it.
- You could spend less on monthly bills and encounter fewer repairs over the next few years as well.
- It’s an excuse to upgrade other parts of your home heating as well.
When we say “other parts”, we mean upgrading your insulation, checking for drafts near doors and windows, and basically having an excuse to take some time and ensure your home is as efficient as possible. If your current heating system is struggling to provide even heat across the house, you might also find this guide helpful: why your house has cold spots when the heater is on. Sealing your home will also help cut down on your energy costs at the same time.
Farewell, Old Furnace
If you do decide that it’s time to replace your furnace, we can help you with that, but if you just want to repair it in the meantime, we’re available as well. Whatever you need for your furnace, we’re here to help–just give us a call or fill out our submission form today and we’ll get back to you as soon as possible.
Contact us today to schedule your furnace repair as soon as possible.
