A fireplace adds beauty and comfort to your home’s interior. It not only provides natural warmth on a cool winter night but also adds incredible value to your house.
But here’s the thing: a wood-burning fireplace brings a whole slew of safety risks into your home, including burns, accidental fire spread, and carbon monoxide leaks among others. Plus, it’s bad for the environment overall because it can cause air pollution.
This is where an electric fireplace comes in. It’s cost-effective, has zero emissions, and can heat up a room more efficiently than a traditional fireplace. But does an electric fireplace add value to a home? And if it does, does the value outmatch that of a wood-burning fireplace?
Let’s find out!
Does an Electric Fireplace Add Value to a Home?
Installing an electric fireplace is a great way to add value to your home. It can add as much as $5,000 to the resale value of your home, depending on the aesthetic value it provides.
However, it needs to be said that an electric fireplace doesn’t add as much value as a wood or gas fireplace.
This is because some people think it doesn’t feel as “authentic” as a wood-burning fireplace. The latter is also much trickier to install than an electric fireplace as it sometimes needs to be inserted in the wall to work, further increasing its value due to expensive installation costs.
There’s also the fact that an electric fireplace can be expensive to run, which can be a turn-off to some buyers.
Most electric fireplaces consume between 1 kWh and 1.5 kWh of electricity per hour, equating to roughly $0.15 to $0.23 per hour on average depending on the state and heat level.
That doesn’t seem like much, but the costs can pile up when you’re running the fireplace 24/7 during winter. It’ll add an additional $150 to $170 to your energy bill at the end of the month with constant usage.
In comparison, firewood costs anywhere between $50 to $100 per cord. A single cord can last 6 to 10 weeks when used as the primary source of heat in the winter.
Finally, and perhaps most importantly, electric firewood doesn’t work without electricity. So if you’re experiencing a power outage, you won’t be able to use the fireplace unless you have a generator.
All these factors contribute to a lesser overall added value with electric fireplaces.
How Much Do Electric Fireplaces Cost?
On average, electric fireplaces cost anywhere between $700 to $1,000, which is frankly a good investment considering the value they add to your home.
You can even find some models for as little as $200!
In comparison, traditional fireplaces can run from $850 to $3,500, not including installation costs.
With these numbers, you can see that you’ll pretty much always recuperate your costs.
An investment of $700 for an electric fireplace likely leads to around $4000 in added value.
6 More Benefits That Come With An Electric Fireplace
Just because electric fireplaces don’t add as much value to your home as traditional fireplaces, doesn’t make them any worse.
Electric fireplaces are greatly sought-out in today’s modern world. They’re so easy to use and require very little maintenance.
Not only that; some buyers are willing to pay more for a house with an electric fireplace because they’re overall much safer than a traditional fireplace.
Here are some reasons why you should get an electric fireplace for your home:
1. Minimal Maintenance
Traditional fireplaces need to be cleaned every few months to prevent soot and ash from spreading into your room. The same is said with gas fireplaces; the vents need to be cleaned bi-annually, which can cost over $100 for professional cleaning.
You won’t have this issue with electric fireplaces. Apart from the occasional light bulb change every few years, they don’t need much maintenance at all.
They don’t require replacements or regular cleaning; simply remove build-up dust to keep the surface clean and shiny.
2. Safer Than a Traditional Fireplace
With electric fireplaces, you don’t have to worry about inhaling toxic smoke and fumes as well as accidentally burning nearby flammable objects.
Likewise, you won’t have to constantly keep an eye out when your children or pets are playing near the fireplace.
3. Cost-Efficient
Electric fireplaces are much cheaper to run than heaters. They’re more energy-efficient, too, losing only about 1% of the heat they generate.
In comparison, wood-burning fireplaces lose 80 to 90% of their heat up the chimney.
4. Easy to Install
Electric fireplaces are surprisingly easy to install. Unlike wood-burning fireplaces and gas fireplaces, they don’t require exterior venting or gas lines. You can even install them yourself if you have a bit of carpentry and electrical knowledge!
Furthermore, most of them can be plugged into a standard 120 Volt outlet. No dedicated outlet is required. You can install them anywhere you want, provided they’re at a safe location, and against a wall.
5. Doesn’t Take Up Much Space
Apart from the fact that they’re easy to install, they don’t take up much space in your home. This is good news for people who want a fireplace but have a relatively small room. They’re available in multiple sizes, and can be as small as 14 inches!
Plus, you can find them in both horizontal and vertical models to fit the size of your room.
6. Customizable Settings
One of the more annoying aspects of traditional fireplaces is that the heat is difficult to control and adjust. With electric fireplaces, you can adjust the heat whenever you want without even standing up.
Most come with remote control and an on-screen LED to view temperature settings and functions. They also come in multiple color themes and functions that make them a delight to use. The convenience they provide is unmatched.
Final Thoughts
If you want to increase the value of your home, consider installing an electric fireplace. Unlike traditional fireplaces, it doesn’t take up much space in your home.
Plus, they can be installed anywhere, provided a socket is nearby. The advantages they bring to your home are more than worth the investment of installing them!
