Can You Save Money Renting Your Furnace?

Can You Save Money Renting Your Furnace?

Do you keep hearing strange noises coming from your central air furnace? Feel cold air blowing through your vents when heat should be coming out? You probably need to replace and update your furnace. When it comes time to replace your furnace, you have a decision: rent or buy. Look at the pros and cons of renting vs. buying a furnace before you make your choice.

Buying a Furnace

The initial cost of buying a furnace can put this option out of the reach of many homeowners. According to HomeAdvisor, the national average cost of a furnace is $4,242 within a typical range of about $2,500 to $6,000. This does include installation and the furnace itself will cost less, but you need a professional to install your furnace safely and properly. Improper furnace installation can be a fire hazard or pose the risk of carbon monoxide poisoning and gas leaks.

When it comes to deciding which kind of furnace you should buy, you may be tempted by cheaper electric furnaces. They can cost half as much as gas furnaces, but you will be paying for the choice for years to come every time you get your hydro bill. Electric furnaces are cheaper and easier to install because they don’t need any special storage tanks or fuel lines. Unfortunately, they remain the least energy efficient way to heat your home.

A gas furnace may cost more at first, but you will see savings on your hydro bill. Natural gas is often a less expensive form of fuel, especially in the U.S., and gas furnaces can be as much as 98% efficient, saving you even more money every month.

Oil furnaces are another option, but with the rising cost of oil, few people tend to buy them. They’re also more expensive from the start.

Renting a Furnace

Renting a furnace is a popular option for homeowners who have a tight budget, especially if their furnace suddenly stopped working one cold winter day. When the temperatures are freezing, there’s no time to set money aside for a new furnace. Fortunately, renting a furnace comes with benefits besides the low initial cost.

Renting a furnace with the right company should get you 24/7 access to expert furnace repair services and free replacement during the terms of your contract. Because the furnace company owns the furnace and you pay a monthly fee, they want to see it in good repair and keep you on as a customer. Renting is the only stress-free way to keep your furnace in good repair at a low cost.

In addition to better access to repairs, you save money on essentials like furnace filters and humidifier pads. There can also be some flexibility if you want to upgrade things like air-quality add-ons. When you rent a furnace, make sure you go with a company that promises not to raise your monthly fees for a fixed term.

Renting a furnace can prove to be a cost-effective way to replace an old or broken furnace. A new furnace will also reduce your repair costs and could even reduce your energy bills if you upgrade to a more energy efficient model.

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