A furnace will last as long as you allow it to. If installed and maintained professionally, there is no reason for a furnace to last anything less than 25 years. Does this mean you should keep a furnace for 25 years? Absolutely not!
Every furnace we install comes with a 10 year warranty on parts. So for the first 10 years you don’t pay for materials on any service that you may need. However, after the warranty is finished, you may end up having to pay for a part. For example, a blower motor has the life expectancy of 10-15 years and is expected to go as part of normal wear and tear. This is a 500-700 repair. This repair alone justifies a new furnace – we will provide the reasoning in a moment.
As time passes, our equipment becomes less efficient and newer, more efficient technology is released to the market. Electricity and gas consumption is significantly reduced in each new model that is released by manufacturers. Newer equipment consumes less energy resulting in lowered utility bills for your home.
Government rebates incentivize homeowners to upgrade to more efficient equipment. You have to ask yourself, “why is the government paying me to change my furnace/AC/water heater?” Ontario wants you to use less energy so that they put less strain on their power plants. The government knows that new HVAC equipment will reduce your environmental footprint, thus, reducing both their cost of operation and your own.
The lifetime of a furnace should not be determined by how long it runs. It should be measured by diminishing returns. At some point, usually 10-15 years, you will be spending more money to run your old unit than buying a new one. New HVAC equipment will save you on operating costs; this includes energy bills and service. The government is giving you $1250 just to upgrade your furnace right now. They know that you will reduce energy consumption by at least 25%. With $1250 upfront and a few hundred dollars of saving per year, you will pay for your new equipment within 2-4 years. If you need a repair on your old equipment and you don’t have a warranty, this is money that could have been invested in to your new equipment.
Consider this. Your blower motor goes on your 15 year old furnace and you need to spend $600 on replacing it. Alternatively, you purchase a brand new furnace for $3000. You save that $600 repair because you are under warranty, you get $1250 cash rebate, and you save $300/year. In 4 years, you have already paid for your new furnace!
One way or another, you are currently paying for a brand new furnace. Either you have it installed in your home or it’s still in the warehouse.
Call us anytime. We are always here for you. 416 254 8081.