The cost of an electric furnace is normally less expensive than a gas furnace and an electric furnace is typically cheaper to install. The cost of operating a electric furnace is typically more expensive than a gas furnace.
A new gas furnace commonly ranges from $2,300 to $3,000, while a new electric furnace ranges from $1,000 to $1,500, according to the San Francisco Chronicle. The cost of fuel for a gas furnace is typically lower than the electric needed to achieve the same temperature. An electric furnace will typically last twice as long as gas however, with the average electric furnace lasting 30 years compared to 15 years with gas.