**This blog has been updated on October 20, 2020 to reflect pricing changes and updates to information for furnace installations.
It’s impossible to give an exact price because every home and every system is a little different. You should be leery of any HVAC professional or company that gives you a price sight unseen. An accurate estimate requires an HVAC technician to review your existing furnace and system. Most reliable HVAC companies offer a free in-home estimate with no obligations so that you know exactly how much it will cost.
With that in mind, we can still give you a price range for the average home. In New Mexico, the cost to install a new furnace ranges from $2,800 to $9,500.
That might seem like a wide range, but there are a lot of factors that go into this calculation:
- The size of the furnace
- The energy efficiency rating
- The location of the furnace in the home
Cost factor #1: The size of the furnace
As a general rule, the bigger the furnace, the more you’ll pay for it. The cost chart below estimates the price that you’ll pay based on your home’s square footage and the type of furnace.
Most of the time, you’ll replace your old furnace with the same size. Make sure to get your furnace sized by a professional. They will take into account the square footage of your home, the climate in your area, and your energy efficiency and motor speed preferences. All of these things affect the size of furnace you buy. An HVAC professional will perform a load calculation to make sure you get the perfectly sized furnace.
Cost factor #2: The energy efficiency rating of the furnace
When it comes to energy efficiency, you have to pick your poison. Lower efficiency furnaces cost less to install, but you will pay more in energy bills later. A more efficient furnace costs more upfront to install. The upside is that you pay less in energy bills and they usually provide more comfort. An HVAC professional will help you find the furnace that fits your preferences and budget.
Cost factor #3: The location of the furnace in your home
There are several places a furnace might be located: the attic, crawl space, garage, or a hallway closet. Some of these places are easier to get to than others. The harder the furnace is to reach, the more time it takes to install. This can increase the cost of installation.
Cost factor #4: The existing ductwork
Ductwork distributes the heated air through your house. Sometimes you need more ductwork installed so that you get the most out of your furnace. Your HVAC technician will take this into account when he creates your estimate.
Concerned about financing your new furnace? Check out our financing options today!
Additional tips for choosing a new furnace
Do your research before the furnace goes out
If you think you’ll need a new furnace soon, start doing your research right away! You want to have your homework done before your furnace actually goes out. This way you won’t feel rushed into a decision because you have no heat.
Get estimates from more than one HVAC company
If you want to upgrade to a higher efficiency furnace, make sure to compare different options. Most HVAC companies will give you a free, no obligation estimate. Get several estimates from a few trusted contractors for comparison. Get a good, better, and best option from each. Just make sure you don’t accidentally compare a good option to a best option.
Take your cooling system into account
When you convert to refrigerated air, the furnace usually has to be upgraded at the same time. This is because the furnace is the air handler for both heating and air conditioning. An evaporator coil has to be added to the furnace when you switch from a swamp cooler to refrigerated air.
If you’re not quite ready to convert to refrigerated air, but you are planning on it in the near future, you can get the evaporator coil installed right away. This will save you some money and headache when you are ready to convert. Talk to your HVAC professional about prepping your furnace for a conversion.
Evaluate warranties and maintenance options
Find out if your HVAC professional will honor the manufacturer’s warranty. Also make sure to ask about a labor warranty. TLC offers a 1-year labor warranty on all furnace installations. If your furnace fails within the first year due to our installation work, we will fix or replace it free of charge.
The bottom line is that even though the internet can’t give you an accurate furnace estimate, you don’t have to be blindsided by costs. Chances are that your new furnace will fall within the price range of $2,800 to $9,500. To find out exactly what your new furnace will cost you, get a free estimate today. If you’re concerned about the price, you can check out our financing options.