When the boiler is working in your home, it’s something you don’t give much thought to. However, once it goes wrong, it doesn’t take long for it to shoot up the priority list and become a cause of concern. Given that it is responsible for heating both your water and your home, it may well be one of – if not the most – important part of your house but how much does a new boiler cost?
It is a complicated piece of machinery and is an investment that you’ll be making over a number of years. You will typically be looking at prices varying between £500 to £2,500. This makes it an important decision that should be carefully considered.
The key question – How much does a new boiler cost me?
The most important thing you need to assess when looking for a new boiler is how quickly your upgrade is going to pay for itself. If you have an old appliance, chances are it is inefficient. By getting a new one, you would be able to save on efficiency and therefore costs.
For example, if you spent £1800 on a new boiler that has 90% efficiency and your old one was working at 60% efficiency, the upgrade would save you around £237 per year on your gas bills. It will take just over seven and a half years in savings to pay for itself.
If your old boiler worked at 70% efficiency, you’d be able to save £158 annually. This will take 11.4 years for you to pay it off through your savings. That is working on the basis that your average gas bills per year cost £666 and you use approximately 17252 kWh of gas.
A long-term investment
Another thing to consider when it comes to the boiler cost is the fact that an efficient, new model can help to add value to the cost of your home. In addition, it will save you engineering and repair costs. This is another saving alongside those made with your energy bills.
How to know it’s the right time?
Before you get a new one , it is worth having your current machine serviced. This can help to eliminate many problems and ensure it is running effectively and problem-free. You can also insulate your loft, walls and windows, and draught-proof your home to make a difference. However, if the appliance is just too old or is becoming cost-prohibitive, then it might be time to start thinking about a new one.
It’s also time to start thinking about buying a new boiler if:
- You aren’t able to control your heating effectively
- It is wasting energy (for example, if it has a continuous pilot light on or is on a dry cycle)
- It is positioned on the floor rather than the wall (which is a sign it is older and less energy efficient)
- The current one has a”G” for its rating
While a new appliance will require a certain level of investment in your home, it will help to save you money, will reduce your energy wastage and will make your home more valuable. It will also save you in engineering and repair costs – an investment worth making.