Should I Replace My Old Oil Furnace?

Should I Replace My Old Oil Furnace?

Reasons Why You Should Replace Your Aging Oil Furnace

Are you patching up an old oil furnace year-after-year only to be frustrated by its mediocre efficiency and the rising cost of oil? There is no better time than now to invest in a high-efficiency gas furnace for your home.

Recently the government of Canada passed rules that made it so that all furnaces sold today can’t have an AFUE rating of less than 90%. Manufacturers of furnaces have met this standard and exceeded it. Through many technical advancements, some high-efficiency gas furnaces have an AFUE rating of 98.5%! Old furnaces typically have an AFUE rating of 56% to 70%. This means that 30% to 44% of the energy available in the furnace’s fuel does not go towards heating your home! The waste becomes just that – waste. A pollutant of the environment. A high-efficiency furnace not only saves you money on heating but significantly reduces your carbon dioxide emissions.

New Oil or Gas High-Efficiency Furnace?

There are a lot of incentives to switch to natural gas right now.

Natural Gas is Cheaper

For starters, with the rising cost of oil prices, it is estimated it costs at least twice as much annually to heat your house with oil over gas. This difference between oil and gas is only going to get better for Vancouver Island residents heating their home with gas! FortisBC, the province’s most popular provider of natural gas, recently announced that as of January 1 2015, rates will be going down for residents of Vancouver Island, Powell River, and the Sunshine Coast. Why the change? In the New Year, FortisBC will begin charging a common rate across all of BC for natural gas. Since we have always been paying more than other regions, this means that we will be seeing a decrease as rates even out. Residential customers will see an approximate rate decrease of 13% in 2015. Small and large commercial customers will be receiving a 31% and 28% decrease, respectively. But that’s not all! We will be getting additional rate decreases in the following two years as this initiative comes to completion.

Upgrade Rebates

There is a rebate program running right now to help bring down the cost of switching to natural gas. The Switch n’ Shrink program offers existing oil or propane customers a $1000 rebate when they switch to an ENERGY STAR high-efficiency gas furnace and up to $1000 if they switch to an ENERGY STAR gas water heater. Another program, called the BC Home Energy Rebate Offer, offers additional rebates for upgrading to a gas fireplace (up to $300) or gas water heater (up to $1000).

Convenience

If you live in an area where natural gas is available, it is likely already piped to the end of your driveway. Unlike an oil furnace, you will never un-expectantly run out of fuel or need to call in the oil company to deliver more. Say good-bye to that unsightly oil tank. Plus you also have the option to switch to a gas kitchen stove, fireplace, or water heating system (tankless maybe?) down the road. Enjoy instantaneous gas heat throughout your home!

Buying a New High-Efficiency Gas Furnace

High-Efficiency Gas Furnaces come in various sizes, price ranges, and AFUE ratings (90% to 98.5%). We recommend talking to a heating technician to help you to understand which is the right size and has the best features for your home and budget. We can help! Call us at 250-465-2490 today.

Further Reading

FortisBC – Vancouver Island Rate Decrease

FortisBC – Switch N’ Shrink Program

FortisBC – Home Energy Rebate Offer

FortisBC – Switch to natural gas and save (benefits of switching)

Image Source

Home_oil_furnace.jpg by Versageek is licensed under CC BY-SA 3.0

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