Well, December has been a busy month. We had our furnace replaced back a few weeks ago, and so far, so good. I took advantage of the Eco Energy rebates and dropped the almost $5000 to get our 20 year old furnace put out of it’s misery. If you’ve been even thinking about replacing your furnace, you should be getting off your duff and getting it done now! I’ll give you a few thousand reasons below.
Eco-Energy Rebates
This is the big enchillada. Install a decent furnace and you can get anywhere from $750 to $1580 back from the feds and the province. Not a bad deal. My rebate will be the full $1580. Note that you have to have an audit done before you get your furnace updated or you’re sh!t outta luck for the rebate.
Ontario Power Authority
Make sure the unit you are installing has an ECM motor (varies it’s speed electronically) and OPA will send you another $125. The contractor installing your unit does all the paperwork for you, as an added bonus.
Home Renovation Tax Credit (HRTC)
This credit applies to most renovations (including replacing a furnace) you do on your home. It kicks in after the first $1000 spent, and can reach as high as $1350. For example, we spent about $4700, and hence will get a tax credit of about $555 ($4700-$1000=$3700*0.15=$555). Any time the feds are giving out money, get on the train.
Save Money on Natural Gas & Hydro
According to the research I’ve been doing, I should be saving about $35 a month on my heating now. $300+ per year in my pocket, as opposed to Enbridge is a good thing in my books. As long as you are using a furnace with an ECM motor, you will likely save a load on hydro. The ECM motor only spins up to the speed it needs as opposed to a non ECM model that has two settings – off and full blast. Throw in another $10 a month savings.
The Final Bill
So my furnace replacement was $4700 up front. This included a top of the line 2 stage, 60 K BTU, ECM driven furnace, installation, removal of the old unit, and so on. For reasons that I’ll go in to in another post, it also included the air conditioner coil for a replacement unit that we’ll be getting in the spring. But net, the furnace is only going to cost me $2565. Here’s the math…
Up Front Cost $4700
Federal Eco-Energy Rebate $790
Ontario Eco-Energy Rebate $790
Ontario Power Authority $0 - see note below
Home Reno Tax Credit $555
Total after rebates $2565
Not a bad deal for a furnace that should last 20+ years, and save me about $400 every year from here on in. Payback time for the furnace is now about 6.5 years.
More info can be found at http://oee.nrcan.gc.ca/residential/personal/retrofit-homes/retrofit-qualify-grant.cfm for the Eco-Energy Grants, http://everykilowattcounts.ca/residential/coolsavings/ for the Ontario Power Authority rebate, and http://www.cra-arc.gc.ca/hrtc/ for the Home Renovation Tax Credit. There’s just too much freakin money on the table not to replace your furnace if you been thinking about it. There’s more than a few caveats to watch out for, so read through the stuff carefully, and make sure that you get an audit done before proceeding with any work.
Just to give them a plug, because I think they were very decently priced and did a fair job, my job was done by Darrin at DC Mechanical (705-434-9627). I had 5 quotes done, and DC was definatley the lowest bid. Job was done on time, and on budget. The only place the lost a few marks was on clean up, but for a few hundred bucks less than their nearest competition, I can forgive this. They are not registered with OPA, so I lost out on the $125 rebate, but we did a little negotiating and I got a small freebie with the job.
Furnace works great, and I’m set for the next couple of decades.


