Need a New Furnace But Worried About the Cost? Check Out These Tips to Help

Even though installing a new furnace usually means enjoying less expensive heating bills once the work is done, it can still be difficult to cover the initial cost of the new components and installation. For families coping with a loss in household income, health issues, or another situation that is causing financial stress, the thought of installing a new furnace may seem completely hopeless, even when one is desperately needed to replace a non-working, inefficient, or dangerous heating system. If your family is in need of a new furnace but your household income is not sufficient to cover the costs, the following information just might help.

Explore options available on the state level

Many states, particularly those that routinely experience severe winter weather, offer some type of income-based heating assistance program. Many of these, including New York State's Home Energy Assistance Program (HEAP), offer assistance with both heating bills and the cost of replacing or repairing heating system components for households that meet basic program requirements. According to current information from their site, the NY HEAP program may offer as much as $6,500 to assist with paying for a new furnace for qualified applicants. To find out if your state offers this type of heating or weatherization benefits to help keep your family safe and warm this winter, check here

Explore additional options through energy companies and other agencies

In addition to state programs, many power companies and other agencies offer some type of option to help their consumers with the cost of upgrading their heating systems to more energy efficient models. While these programs rarely cover the full cost of the replacement, they do often offer a substantial rebate, tax credit, or savings on the purchase of certain models that can help significantly lower the total cost of heating system replacements and upgrades. To find out what type of rebates, tax credits, and model savings are offered on a state-by-state basis, start here

Look locally for more specific assistance

Other good sources of financial help to cover the cost of upgrading, repairing or replacing your home's heating system may come directly from your local community. Here are three places to look: 

  • Your church—Many churches maintain a fund to assist their members with emergency assistance, such as making needed home repairs or helping with a furnace replacement bill, contact your pastor, church elder, or church secretary to help locate these options and answer any questions you may have
  • Community agencies and charitable organizations that offer assistance to low income families—These agencies and organizations often work with local churches, schools, and other groups to identify people that need some help and can usually be found through your local Chamber of Commerce office or other civic organization in your community
  • Your family—In many cases extended family members may be able to offer assistance with some or all of the cost of repairing or replacing your heating system - consider talking opening with adult siblings, parents, or other family members about the problem and whether they can gift or loan you the funds you need 

If you have some of the funds you will need, but not enough to pay the full cost at the time of replacement, consider speaking candidly with your furnace installation contractor about additional options. In some instances, furnace contractors or the furnace manufacturers they work with may offer to finance the cost of a new furnace installation over a few years at an affordable interest rate or offer you a discount on a late model refurbished furnace. To start learning more about your options, contact local companies like Laroc Refrigeration-Metal Division.