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Smart or foolish to replace 20 yr heat pump that still works

14 years ago

We have a 20 year old 3 ton 10 SEER Heil Heat pump that works fine. however our electrical power company raised rates 20% in December and I'm thinking we should look into a more efficient unit. We live in VA so get humid summers and somewhat cold winters. I have been told around $5k to replace indoor and outdoor with a 14 Seer Heil Compressor and indoor Variable speed Heil Air handler. I will get formal quotes but not sure if I should proceed with replacing the unit (assuming within what I want to spend) or just stash the quotes away for future reference should the Heat Pump die and then I at least know that the contractor I would chose has given me a price in the past and that he should be pretty close to the same price even though I'm in a dire need to replace since it is broken. Thanks

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