Enter the purchase price, installation cost, labor cost, and maintenance and repair cost into the calculator to determine the total furnace cost.
Furnace Cost Formula
The following formula is used to calculate the total cost of a furnace.
FC = P + I + L + M
Variables:
- FC is the total furnace cost ($)
- P is the purchase price of the furnace ($)
- I is the installation cost ($)
- L is the cost of labor ($)
- M is the cost of maintenance and repairs over the lifespan of the furnace ($)
To calculate the total cost of a furnace, add the purchase price of the furnace, the installation cost, the cost of labor, and the cost of maintenance and repairs over the lifespan of the furnace.
What is a Furnace Cost?
A furnace cost refers to the total amount of money spent on purchasing, installing, and maintaining a furnace. This includes the initial purchase price of the furnace, the cost of professional installation, and any ongoing costs for repairs, maintenance, and energy usage. The cost can vary greatly depending on the type of furnace (gas, electric, oil), its efficiency rating, size, brand, and the complexity of the installation process.
How to Calculate Furnace Cost?
The following steps outline how to calculate the Furnace Cost using the given formula.
- First, determine the purchase price of the furnace ($), denoted as P.
- Next, determine the installation cost ($), denoted as I.
- Next, determine the cost of labor ($), denoted as L.
- Next, determine the cost of maintenance and repairs over the lifespan of the furnace ($), denoted as M.
- Finally, use the formula FC = P + I + L + M to calculate the total furnace cost ($).
Example Problem:
Use the following variables as an example problem to test your knowledge.
Purchase price of the furnace ($), P = 1500
Installation cost ($), I = 500
Cost of labor ($), L = 200
Cost of maintenance and repairs over the lifespan of the furnace ($), M = 300
