Friday, November 20, 2009

How to quadruple dip on refunds

The main reason we had a home energy audit done last month was so that we could qualify for government rebates when we bought a new furnace. Because, as I mentioned before, the furnace is long overdue to be replaced. It's so overdue in fact, that when the first guy came to give us a quote last week, he opened up our existing furnace only to discover that the manufacturer date on it was 1977. That's as old as Ryan.

And a furnace ain't supposed to live that long.

And, to top it off, because it's so old -- it's a 60% efficient one (that's what they built back then) but I was told it likely isn't working at 60% anymore. Today's modern furnaces are 95% efficient.

So, last week, we had two different companies come in and give us an all-in quote (cost of the unit, parts and installation) and here's what it came down to -- buying a new furnace is without a doubt the most expensive thing we've purchased for this house. Recarpeting the basement or buying a 50-inch TV was chump change compared to this.

The good news is that our purchase will qualify for about a $1,500 government rebate after we have a second energy audit done.

But, it doesn't end there and that's how this purchase will eventually turn into a quadruple dip of rebates. The furnace purchase and installation also qualifies for the 2009 home renovation tax credit and an Ontario Power Association (OPA) credit (of $125). And, because we're buying the unit through Costco -- the promotion at the moment is a $500 Costco gift card with every purchase. And finally, because we're Costco Executive members, we get 2% cash back on all our purchases.

At the end of the day, the grand total will be cut almost in half. And, because the new one is far more efficient than the current one, our heating bills should be $400 to $500 less per year.

So now tell me, why did we keep squeezing 'just one more year' out of that old clunker of a furnace?

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