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What installed price


hesaidshesaid's Avatar
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12-12-09, 08:21 AM   #1  
What installed price

have you paid or heard of, in the US, for "resi. HVAC equip" [but not water heaters]?
TIA.

 
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12-12-09, 08:34 AM   #2  
Could you be any more vague? Lol

All depends on the specifics...I can have a new HVAC unit installed for about $2700 + crane rental.

Others may be as high as $7500-10000...depends on the house, the construction, the system, does it need new ducting, etc etc etc....

No way to answer w/o specifics. The only way to know is to get multiple estimates in YOUR area...


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hesaidshesaid's Avatar
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12-12-09, 09:36 AM   #3  
Posted By: Gunguy45 Could you be any more vague? Lol

All depends on the specifics...I can have a new HVAC unit installed for about $2700 + crane rental.

Others may be as high as $7500-10000...depends on the house, the construction, the system, does it need new ducting, etc etc etc....

No way to answer w/o specifics. The only way to know is to get multiple estimates in YOUR area...
Thanks. I forgot to ask for the year of installation so I can correct for inflation. And I need the state.

I'm looking for prices anywhere in the US; the price can be adjusted for ZIPcode later.
ZIPskinny - Get the Skinny on that ZIP (demographics by ZIP Code)

I'm purposefully being vague; any HVAC single family resi. installation qualifies for this survey.

With your post, I have [in kilobucks]
~2.7
7.5
10
giving me a sample avg. of ~$6.7k.

The more samples I get, the more accuracy. I want to get to where if someone says they paid $X for their installed HVAC stuff I can say that they paid more (less) than 50% or 70% or 90% of the people.

Getting what you paid for is another issue. I can't help with that, much. . .

I already have over 70 replacement age samples for this equip., and with these many samples my numbers should be pretty close, once they're corrected for sample size. These were gathered for repair/replace decision data.

The prices are to answer the "Did/will-I-likely-pay-too-much" question.

 
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12-12-09, 12:13 PM   #4  
Wouldn't it be nice though to sub-categorize some?, like for: Conventional forced air furnace, water boiler only, water boiler and piping and radiators, steam (same), furnace with AC complete replacement/install, heat pump, geothermal heat pump - for example? What good is it to include high or low end stuff in the sample data if that does not apply to the type of equipment the particular homeowner is replacing/installing?

I mean, if your data says heating replacement costs $7500...um, based on what type, and for what all components in that system?

I like the idea of what you are trying to do though. One can never have too much information.

 
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12-12-09, 06:41 PM   #5  
There are far too many variables. Bring in the current rebates and it will skew the results even further. It's like asking how much you paid for your car without knowing the make and model. You can't compare what someone paid of a Toyota Corolla to a Ferrari.

 
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12-12-09, 07:47 PM   #6  
Posted By: ecman51` Wouldn't it be nice though to sub-categorize some?,
Yeah, but it's hard enough just getting data on major categories.

 
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12-13-09, 06:25 PM   #7  
Here's some resi hvac quotes in $K I pulled off the Internet. Anybody got any to add?

2.7
3.8
4.2
5.3
7.5
8.4
10
10
10
12
12
13
29
39

 
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12-14-09, 04:58 AM   #8  
Well, that really narrows it down.


Measure it with a micrometer; cut it with an ax.

 
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12-15-09, 06:59 AM   #9  
Posted By: the_tow_guy Well, that really narrows it down.
So, I guess you don't have any to add. . .???

Well. . .it's a work in progress. . .

It took me a year to get ~70 samples of HVAC replacement ages, and with a sample this large and some of Excel's stat analysis functions I think I can draw some meaningful conclusions as to repair/replace decisions.

This collection goes more toward a buy/not-buy/get-more-quotes decision.

 
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12-15-09, 09:53 AM   #10  
Apples & oranges; $10,000 is a rip off if the house is 1,200 square feet, but a bargain if it's 5,000 sq feet. Ditto on all the other numbers. Too many variables involved for any kind of meaningful analysis. You would need a matrix that includes square feet, how many stories, insulation values, doors/windows, and probably a half dozen other factors like the rebates that was mentioned. Throw into that variable economic factors.

Were you doing this with some goal in sight or just an an academic exercise?


Measure it with a micrometer; cut it with an ax.

 
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12-15-09, 12:05 PM   #11  
Posted By: the_tow_guy Apples & oranges; $10,000 is a rip off if the house is 1,200 square feet, but a bargain if it's 5,000 sq feet. Ditto on all the other numbers. Too many variables involved for any kind of meaningful analysis. You would need a matrix that includes square feet, how many stories, insulation values, doors/windows, and probably a half dozen other factors like the rebates that was mentioned. Throw into that variable economic factors.

Were you doing this with some goal in sight or just an an academic exercise?
It depends on what level of detail and certainty you want.
The median US household income is about $50k. Quoted prices depend somewhat on median incomes by ZIPcode
ZIPskinny - Get the Skinny on that ZIP (demographics by ZIP Code)
so if I get a quote of $10k (which matches the median value of my samples) and I find my area's median income is $40k, I know the median quote for my area should be $10k 4/5 = $8k, so unless I'm getting a lot of bells and whistles with this HVAC equip. the price is a bit high.

But the HO should only use this if he/she doesn't want to go to the trouble of getting at least 5 bids. It's a back up plan. You already now know $39k is off-the-wall (technically, it's an "outlier") to some degree of certainty.

 
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12-15-09, 02:01 PM   #12  
5 bids is a little excessive isn't it?

 
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12-15-09, 03:02 PM   #13  
Posted By: airman.1994 5 bids is a little excessive isn't it?
Depends if they cluster or not when you do a dot plot of the bids

...a....bcd..e....f
0.....|.....|.....|.....
relative price..$

In the example, a & f are outliers and the true cost for doing the job in your ZIPcode, today, is probably c or d.

Also depends on how much money is riding on the purchase.

 
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12-15-09, 04:45 PM   #14  
Posted By: the_tow_guy Well, that really narrows it down.
Yeah. And then consider what the 29 and 39 would do to the average for someone asking what the average of say 10 installations is. As I see that huge spread in $k numbers, it pretty much renders such data useless. Even with thousands of samples, what good does it do if figures range from 2.7 to 39?

 
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12-16-09, 05:50 AM   #15  
Posted By: ecman51` Yeah. And then consider what the 29 and 39 would do to the average for someone asking what the average of say 10 installations is. As I see that huge spread in $k numbers, it pretty much renders such data useless. Even with thousands of samples, what good does it do if figures range from 2.7 to 39?
If they're truly outliers, I'll chuck 'em.

"In the case of normally distributed data, roughly 1 in 22 observations will differ by twice the standard deviation or more from the mean, and 1 in 370 will deviate by three times the standard deviation; see three sigma rule for details. In a sample of 1000 observations, the presence of up to five observations deviating from the mean by more than three times the standard deviation is within the range of what can be expected, being less than twice the expected number and hence within 1 standard deviation of the expected number – see Poisson distribution, and not indicative of an anomaly. If the sample size is only 100, however, just three such outliers are already reason for concern, being more than 11 times the expected number."

Excel tells me the standard deviation for this whole group is 10.0. If I throw out the two endpoints I'll get a tighter spread.

It'll take me several tries to see how well this method works and to see whether it helps make buy/reject decisions or break ties.

 
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