Otis Singleton
Electric furnaces are more energy-efficient than gas furnaces, but they have higher operational costs. The cost of a new electric furnace varies depending on factors such as brand, size, quality, labour, and installation costs. The price of a new electric furnace unit ranges from $338 to $621 on average, excluding labour and installation. The cost of labour for installation ranges from $42 to $175 per hour, with the total labour cost for a new furnace installation ranging from $800 to $2,500. Additional costs such as ductwork, wiring, and permits can significantly impact the overall price of a new electric furnace.
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What You'll Learn
Electric furnace prices
The typical range for the cost of a new furnace is $2,818 to $6,822, with a national average of $4,743. Cost factors for this project include furnace size, type, efficiency, brand, labor and permits, and geographic location. The more British Thermal Units (BTUs) a furnace is rated for, the larger and more expensive the unit will be. Homeowners in the warmest climates in the U.S. can calculate a rough estimate of BTUs needed by multiplying the number of square feet in the home by 30 to 35 BTUs, while people in the coldest regions will need to multiply their home's square footage by 50 to 60 BTU.
Installing an electric furnace is not a DIY project. In some areas, it could even be illegal to install one yourself without a license. An improper installation is a fire hazard and could cause other costly damages to your furnace, your home, or yourself. Always work with a professional local electrician. The cost of hiring an electrician ranges from $150 to $500. Local professionals will obtain the correct permits and inspections and install your new electric furnace correctly.
If you are installing a brand-new furnace or replacing a gas-heating furnace with electric heating, you can expect to pay between $4,600 to $11,000. This type of project will be more expensive if you need to install completely new ductwork and can approach $20,000 if you have a large home that needs a brand-new ventilation system. Installation costs can also increase if you install new ductwork or remove an old furnace. These additional costs are between $1,500 and $5,000 for new ducts. The price range for removing an existing furnace is often between $250 and $335. This cost includes the labor required to remove and dispose of your furnace safely.
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Installation costs
The cost of installing a new electric furnace can vary depending on several factors, including the brand, size, quality, labour, and whether new ductwork is required.
The cost of hiring an electrician to install a new electric furnace ranges from $150 to $500, with an average cost of $75 to $175 per hour, and the average installation time is between four and eight hours. This means you can expect to pay an additional $300 to $1,400 for professional installation. If your ductwork is in good condition, the installation may take less time, whereas new ductwork and wiring can increase the time to up to 10 hours, impacting the overall labour cost.
The cost of installing a brand-new ductwork system ranges from $500 to $5,600 for a single-family home, with ductwork costing between $1 and $6 per square foot, or between $35 and $55 per linear foot. If your existing ductwork needs repairs, the cost can range from $175 to $2,000. Additionally, if your home does not have duct insulation, you will need to factor in the cost based on the square footage of your home.
Other factors that can influence the installation cost include the disposal of the old furnace, which can cost between $100 and $300, and the replacement of the thermostat, which typically ranges from $100 to $250. If you need to install a new electrical circuit, it can cost between $500 and $2,000, and if your home requires a new circuit breaker box, higher amperage, or a complete rewire, the cost will increase significantly.
Furthermore, obtaining a building permit is necessary and can cost between $200 and $500, depending on your location. It's important to note that installing an electric furnace is not a DIY project, and improper installation can pose safety hazards. Always work with a professional local electrician or HVAC contractor to ensure a safe and proper installation.
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Repair costs
If you are replacing an old electric furnace, you will need to budget for the removal and disposal of the old unit, which can cost between $183 and $336, or between $250 and $335 according to another source. You may also need to factor in the cost of a new electrical circuit, which can range from $500 to $2,000.
The cost of hiring an electrician or HVAC technician can also impact the overall repair cost. Electricians typically charge between $150 and $500, while HVAC technicians charge between $75 and $175 per hour, or between $129 and $237 per hour according to another source. Obtaining the necessary permits can also add to the cost, with building permits ranging from $200 to $500 and inspection fees varying depending on the company.
It is important to note that attempting to repair or install an electric furnace without professional help can be dangerous and may lead to costly damages. Therefore, it is recommended to consult with licensed professionals who can provide accurate cost estimates based on your specific needs.
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Running costs
The cost of running an electric furnace depends on the price of electricity in your area and how often you run your furnace. The national average cost of electricity is about 12 cents per kilowatt-hour (kWh), with gas being generally half the cost of electricity per kWh. One kWh is about 3,412 British Thermal Units (BTUs). For example, a 1,500-square-foot house would need 60,000 BTU to heat, which is about 17.5 kWh per hour. If you run your furnace for seven hours a day for 30 days, your energy bills will cost about $306 per month. If you live in colder climates, such as Minnesota, New York, or Washington, it will cost more to run your furnace simply because you use it more often and require a larger system.
The size of your furnace will depend on the square footage of your home and the climate zone. If you live in a warmer region, such as Texas, California, or Arizona, you can purchase a smaller furnace. However, if you live in colder climates, such as Minnesota, Wisconsin, New York, or Michigan, you will need a larger heating system to keep your home warm.
It is important to note that electric furnaces have higher operational costs than gas furnaces. Electric furnaces are more energy-efficient than gas furnaces, which have an annual fuel utilization efficiency (AFUE) of 80% to 96%. However, gas is currently a cheaper fuel source than electricity.
When considering the running costs of an electric furnace, it is essential to factor in the potential for increased heating bills. Poor insulation can lead to higher energy consumption, as the furnace will need to work harder to maintain the desired temperature. Additionally, the fan setting can impact energy usage, as constantly running the blower will increase the energy bill.
Furthermore, some power companies charge "peak hour upcharges," where electricity rates are higher during the day when most people are at work. These charges can significantly impact the overall running costs of an electric furnace.
Overall, while electric furnaces offer energy efficiency and environmental benefits, they may result in higher monthly expenses compared to gas furnaces, especially in colder climates or homes with inadequate insulation.
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Brand comparisons
The cost of an electric furnace varies depending on the brand, size, quality, and features. Prices can range from $585 to $1,074 for the furnace unit, and the installation cost can range from $767 to $3,523 or more.
Well-known brands with a long track record, such as Winchester and King, tend to be more reliable but also come at a higher price point. These brands can offer extensive warranties, exceptional customer support, and smart home technology. On the other hand, less-known brands like Goodman offer quality furnaces at lower prices. For example, a Goodman brand furnace costs around $900, while a more established brand like Carrier will likely command a higher price, with installation costs of around $3,075.
Another option is to go for a budget brand, which will cost less upfront. However, these may not be as durable and may break down or wear out faster, leading to additional costs. An example of a budget brand is Revolv, which is the cheapest electric furnace brand, with units costing around $700.
It is also worth noting that the size of the furnace is an important consideration, as a furnace that is too small or too large for your home will result in higher energy bills. Additionally, the cost of installation can vary depending on factors such as local labor rates, whether ductwork is required, and the size of your home.
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Frequently asked questions
The cost of a new electric furnace varies depending on factors such as brand, size, quality, and labor rates. The furnace alone can cost anywhere from $338 to $621 on average, while the total cost including installation can range from $767 to $3,523 or more.
In addition to the brand, size, and quality, the cost of installation can depend on factors such as labor rates, geographic location, and whether new ductwork or electrical wiring is required.
The cost of labor to install a new electric furnace can range from $42 to $175 per hour, depending on the technician's qualifications and location. The total cost of installation can be anywhere from $800 to $2,500 or more.
Yes, there may be additional costs such as the disposal of the old furnace ($100-$300), thermostat replacement ($100-$250), permits ($200-$1,500), and ductwork ($35-$55 per linear foot).
Electric furnaces are generally cheaper to install than gas furnaces, which can cost between $3,800 and $10,000. Oil-run furnaces are more expensive, with prices ranging from $6,750 to $10,000.
