Is your gas furnace old? Is your gas bill high? Does your furnace break down frequently? If you answered yes to any of these questions, then it may be worth it to consider a new high efficiency gas furnace. An old furnace will generally be less effcient due to age, dirt, and corrosion. Which may lead to a higher than necessary gas utility bill. Let's explore some of the ways that a new furnace can save you money.
Federal energy tax credits are one way to lower the initial cost of a new furnace. The current energy tax credits are set to expire December 31st, 2013. So time is just about up to take advantage of the energy tax credits. A new gas furnace with an A.F.U.E. (annual fuel utilization efficiency) of 95% or higher qualifies for a $150.00 tax credit. If you purchase a furnace with a variable speed blower motor ( a.k.a. an advanced main circulatory fan) then you can qualify for an additional $50.00 tax credit. In addition, if you purchase a new air conditioner ( SEER 16 or higher) or a new heat pump ( SEER 15 or higher), then you can qualify for an additional $300.00 energy tax credit. For example, let's say you purchase a 96.7% efficient 2-stage variable speed gas furnace and 16 SEER air conditioner, you would qualify for a $ 500.00 energy tax credit. Remember, these energy tax credits are set to expire in a few weeks, so time is critical.
To learn more about the federal energy tax credits, click here : http://www.energystar.gov/index.cfm?c=tax_credits.tx_index
Certain utility providers also have rebate programs available to help offset the cost of high efficiency HVAC equipment. AEP has a program that offers a $50.00 rebate for a programmable thermostat (with heat pumps), $150.00 for new indoors unit with a variable speed blower, $100.00 for air conditioner SEER 14.5 or higher, $350.00 for a heat pump of SEER 14.5 or higher (both ac and heat pump would need to replace a unit that was 13 SEER or less to qualify), and a complete system bonus of $150.00. The maximum rebate would be around $700.00 for a complete new system.
To learn more about AEP rebates, click here : http://dsireusa.org/incentives/incentive.cfm?Incentive_Code=OH97F
One of the biggest ways to save money with a new furnace is the efficiency savings over the life of the furnace. I have a good real life example of this. 10 years ago, I replaced my mother's furnace for her. Her old furnace was 30 years old, over-sized, and dirty. I replaced it with a standard 80% A.F.U.E. gas furnace that was right-sized. I did not use a high efficiency model furnace (90%+) because her house is small (only about 750 sq feet). I replaced the furnace the first week of December that season. The following spring (about mid-April), my step-father called to inform me that their gas utility provider had lowered their monthly budget by $40.00. Since, they are on the budget program, that means they saved $480.00 a year and $4,800.00 over the last 10 years (not counting utility increases over that time which would make their savings even higher). The furnace cost a lot less than $4,800.00 which means they not only have totally recouped their inital cost of installing the furnace, but they are saving big money now. The other upside to this story is that furnace has another 10 to 20 years of life left in it. It doesn't take much to see the benefits of replacing an old inefficient furnace.
energystar.gov has a tool on their site that allows you to calculate your savings of one model furnace over another. Click here : http://www.energystar.gov/index.cfm?fuseaction=find_a_product.showProductGroup&pgw_code=FU
And then, underneath "furnace resources" on the right side of the page, click on "savings calculator".
One final thing, Minutemen Heating and Cooling is offering a $100.00 discount towards a new furnace installation (no other discounts apply) or $200.00 discount towards the installation a new complete system (both furnace and ac). This offer expires with the energy tax credits on December 31, 2013. Just mention that you read this blog to qualify for the discount.
I hope this has been informative. Call Minutemen Heating and Cooling today for a free estimate to install a new HVAC system in your home. You can reach us at Phone 614-837-5062.
Thanks!
Jim Harless
