How much does it cost to replace an HVAC system?

A full HVAC replacement (furnace + central AC, like-for-like) costs $7,500–$18,000 installed in 2026. A heat pump (replaces both furnace AND AC) runs $12,000–$22,000 — but stacks with federal 25C ($2,000), HEEHRA ($8,000 income-qualified), and state utility rebates ($1,500–$4,000 in MA/CT/RI/NY/CA). Cold-climate heat pumps (Mitsubishi Hyperheat, Daikin VRV) cost 15–25% more but maintain capacity below 0°F. Oil-to-heat-pump conversions in the Northeast can stack up to $14,000 in incentives, bringing out-of-pocket below a like-for-like furnace replacement.