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The cost of a heating system depends largely on the type and size of the heating system. For example:

• A geothermal heating and cooling system costs about $15,000 and ranges from $7,000 to $30,000. 
• Electric radiant floor heating costs between $9,000 and $20,000 for a 1,600-square-foot home.
• An HVAC heating and cooling system costs around $3,000, with a range between $400 and $6,000.
• Heat pumps cost $1,780 to $3,630 to install.
• And furnace prices range from approximately $700 to $3,000.

To find out how much your new heating system will cost, contact heating and air companies near you and ask for free cost estimates.

The most common type of home heating system is a forced-air heating and cooling system. This type of heater involves a furnace, which is commonly powered by natural gas, forcing air through a series of ducts that distribute the hot air through different rooms in a house. Furnaces can run on other types of fuel, including electricity, propane and oil. This type of heating system is quite popular because it doubles as a path for air conditioning in the summer.

Geothermal heating tends to be the most efficient way to heat a house when compared to traditional HVAC systems, according to the U.S. Department of Energy. Geothermal heat pumps (also called ground-source heat pumps) transfer energy to and from the ground to supply heat, cool air and hot water.

Note that one of the most important ways to boost efficiency, save electricity and lower your heating bills is to make sure your house is weather-tight and well-insulated.

A new heating system generally takes a few days to install. Jobs that require new ductwork will take more time. And switching to a different type of heat fuel — propane, natural gas, oil or electricity — may require longer installation times as well, as they could require routing piping, regulators and other adjustments to your home.

The better care you take of your heating system, the longer it will last. The International Association of Certified Home Inspectors estimates the following lifespans for heating systems:

• Heat exchanger: 10-15 years
• Heat pump: 10-15 years
• Furnace: 15-25 years
• Electric radiant heater: 40 years

If your heating system is broken, hire a contractor or a repair service to take a look at it. They can help you determine if it makes financial sense to replace your system or spend money on repairs. The good news is that replacing your old furnace will give you the opportunity to take advantage of newer, more efficient furnaces that can save you money on heating bills from the first cycle. 

In a hot water baseboard heating system, a boiler heats water and then the water passes through the system’s pipes and into the baseboard radiators in your home. Baseboard heating systems are generally quiet, and you’ll experience less heat loss when compared to a forced-air system. However, you can’t use radiant basement heating for cooling purposes.

A central heating system consists of a boiler, heat pump or furnace. The furnace contains several parts, including burners that deliver and burn fuel, a blower, heat exchangers, a blower and a flue. The furnace will push air through the heat exchanger. Then, it will pump the warmed air through your air ducts to distribute heat throughout your home.

In the summertime, a central heating system can also provide air conditioning to cool and dehumidify your home.

Dual fuel systems combine two types of heat fuels — typically gas and electric, the latter in the form of a heat pump — to boost heating performance and efficiency. These systems work with your furnace to deliver both hot and cold air.  A major advantage lies in the power of a heat pump, which provides cool air in the summer and heat in the winter.

A radiant heating system can be installed in your floors or wall panels. A radiant floor heating system warms your home from the ground, providing uniform heating throughout your home. These systems are quiet, and they don’t require ductwork.