So it’s a cold winter morning and you crank up the thermostat on your furnace to increase the temperature, but nothing happens. You call in a professional only to be told that there is a major issue with the system and it needs expensive repairs. Do you go for the repairs or buy a new machine?
This is often the confusion of homeowners when the cost of heat pump repair is the same as that of buying a new appliance. If you find yourself in a situation like this, here are some tips to help you decide.
Consider the Safety of Your Home: Your machine should not pose any problem to your property or the inmates of the house. If the issue with the furnace presents a safety hazard, you must replace it immediately. You wouldn’t want to risk the safety or health of your loved ones if your furnace is experiencing issues such as leak of carbon monoxide gas. Not replacing your system in such cases would mean risking your life.
Consider the Lifespan: Take into account the lifespan of your machine. While furnaces ideally run efficiently for up to around 20 years with proper maintenance, there are some that run even more than that. Check to see the lifespan of the model that you own. You can use this as a guide to determine if you should continue to use this or buy a new one.
Compare Repair and Replacement Costs: What are the costs in buying and installing a new machine? Make sure to also include the cost of transportation and installation of the unit. If you cannot afford the replacement, go for repairs. Make sure to schedule regular maintenance of the system to ensure that it continues to run efficiently for a long time.
Efficiency: The efficiency of the machine plays a key role in ensuring that you don’t incur much costs to run it well. If your system is not efficient, the energy costs will be high. The older the system, the less efficient it is. For example, a machine that is 20 years old will have just around 70% efficiency. However, a new one will have as much as 95% efficiency, which can in turn lead up to 25% savings in your energy bills. To save money in the long run, it is best to replace your system rather than repairing it.
There are different factors that influence the cost of heating system repair and replacement. Make sure to consider all the factors before you take a decision.