The price of installing an electric fireplace in your home can vary greatly depending on the type and quality of the unit. According to Fixr, the national average cost of electric fireplace installation, including the unit and the electrician’s services, is $750.

While this figure might not sound too extreme, there are scenarios where homeowners can spend up to $10,000 for a custom-built fireplace that requires additional electrical work, tiling, and masonry. In fact, Dreifuss Fireplaces reveals that the cost of a commercial-grade electric fireplace, before installation, can approach $20,000.

Apart from the installation costs, prospective electric fireplace owners should also take other factors into consideration. While it’s obvious that electric fireplaces will raise your electricity bill, there are additional hidden expenses that can contribute to the overall cost of ownership over time. So, if you’re planning to purchase a fireplace for your new home, here are some key factors to keep in mind.