How Much Does a Refrigerator Cost?

Last Updated on February 4, 2024
Written by CPA Alec Pow | Content Reviewed by CFA Alexander Popinker

If you’re shopping for a new refrigerator, one of the first things you’ll want to know is how much it will cost. Refrigerator prices can range quite a bit depending on the size, features, efficiency, brand, and style you choose.

This guide will break down the major factors that affect refrigerator pricing so you can determine your budget and find the best value.

Buying a refrigerator is an important investment for any kitchen. As one of the most-used appliances in your home, you’ll want to choose a reliable fridge that keeps your food fresh for years to come.

With some advance planning and research, you can find an affordable refrigerator with the right capacity, efficiency, and features to meet your household’s needs.

How Much Does a Refrigerator Cost?

Refrigerator prices are influenced by many variables, but generally fall within the following ranges:

Economy models: $400 – $700

Mid-range refrigerators: $700 – $1,200

High-end refrigerators: $1,200 – $3,000+

Of course, sale prices and special deals can bring prices lower, while premium brands and custom features may raise costs above these ranges.

As a rule of thumb, high-efficiency and smart refrigerators cost more than basic models, while top freezer styles are generally the most affordable. Brand, size, and extra features will also impact the price.

For example, a basic 18 cubic foot top freezer from a budget brand like Frigidaire can cost around $600, while a smart French door refrigerator over 25 cubic feet from a premium brand like Samsung may run $2,500 or more.

Best Buy offers a wide range of refrigerators with prices ranging from $399 to $4,999. They also have a section for on-sale refrigerators with prices starting from $499.

Sears offers a variety of refrigerators from top brands like GE and Bosch with prices ranging from $399 to $4,999.

Bed Bath & Beyond offers a selection of refrigerators with prices ranging from $199.99 to $2,999.99.

ABC Warehouse offers a variety of refrigerators with prices ranging from $299 to $4,999.

It’s important to balance your budget with factors like energy savings, convenience, and design. We’ll look at how these features affect pricing in more detail below.

Factors That Determine Refrigerator Cost

From energy use to capacity to style, many factors influence the price when buying a refrigerator. Being familiar with these can help you choose the right fridge without overspending.

Energy Efficiency

Energy Star certified refrigerators that meet the latest federal efficiency standards can cost $75-$100 more than less efficient models. However, they quickly pay for themselves through energy savings of $40 or more per year. Over a 10-15 year lifespan, an Energy Star fridge can save over $500 on utility bills.

Features like variable speed compressors, inverter technology, and improved insulation help maximize efficiency. While pricier upfront, they yield long-term savings.

Size and Storage Capacity

In general, the larger the refrigerator, the higher the price. Standard sizes include:

• Compact: Under 18 cubic feet
• Mid-size: 18-20 cubic feet
• Large: 20-25 cubic feet
• Extra-large: Over 25 cubic feet

A $100-300 price increase for every 5-10 cubic feet of additional storage capacity is typical. Measure your kitchen space carefully to avoid overbuying.

Design and Configuration

Common refrigerator styles include:

• Top freezer: Most affordable, $500-$1,500 range
• Bottom freezer: Easy access, $650-$1,750 range
• Side-by-side: Large capacity, $1,100-$3,000 range
• French door: Stylish, $1,400-$3,500 range

You might also like our articles about the cost of refrigerator fan motor replacement, Everything Breaks, or appliance repair.

French door and side-by-side refrigerators command the highest prices due to their storage flexibility, wide shelving, and upscale aesthetics.

Bottom freezer models are also popular for ergonomics. If budget is a concern, a top freezer configuration will offer the best value.

Advanced Features

Smart refrigerators with touchscreens, apps, cameras, and connectivity add $250 or more to the cost. Built-in ice makers, ice dispensers, and water dispensers also increase prices $100-$250 in most cases.

Consider how much you will use these conveniences before spending extra. Simple manual defrosting can save money.

Additional Refrigerator Appliance Expenses

Beyond the refrigerator itself, there are some secondary costs to factor into your budget:

• Delivery fees – $50-$100
• Installation charges – $50-$200
• Extended warranties – $100-$400

While not mandatory, these services can provide peace of mind with major appliances. Many retailers offer bundled delivery and installation specials.

For basic maintenance, expect to spend $50 or so per year on replacement water filters and cleaning supplies. Professional repairs may run $200-$500 for major parts like compressors.

Finding the Best Refrigerator Deals

Looking for sales, rebates, and clearance models are some of the best ways to save:

• Check for holiday promotions around Labor Day, Memorial Day, and Presidents’ Day for discounts up to 25%.
• Ask about price-matching policies at local and online stores to secure the best deal.
• Consider gently used refrigerators from classified ads or retailers of refurbished appliances. Carefully inspect condition first.
• Models that have been lightly scratched or dented during shipping can be steeply discounted by 30% or more. Cosmetic damage won’t affect performance.

Choosing the Right Refrigerator for Your Budget

• Set a spending cap based on what you can comfortably afford. Measure your space and determine must-have features.
• Compare efficient models from reputable brands for the best value. Look at warranty coverage and expected lifespan.
• Don’t overbuy capacity you won’t use. Storage needs depend on household size and cooking habits.
• Invest in durability and energy savings that will pay dividends for years to come.

With the right research and shopping strategies, you can find a high-quality, efficient refrigerator at an affordable price that fits both your kitchen and your budget.

When you buy a new refrigerator, consider the total costs of ownership, not just the sticker price. Your new fridge should serve you and your food storage needs reliably for over a decade.

Frequently Asked Questions

How much money does it cost to run a fridge?

Most refrigerators cost between $30 and $70 per year to run, depending on their energy efficiency and usage habits. An Energy Star certified model will cost about $34 per year to operate, while older, less efficient models can cost up to $75 annually.

The factors impacting fridge electricity costs are size, configuration, smart features, compressor type, insulation, door seals, and ambient kitchen temperature. Proper maintenance and smart usage habits can help save on refrigerator energy costs.

Turning down the temperature control settings slightly, regular cleaning of coils, and not opening the door unnecessarily can all trim your fridge electricity bill over time.

Investing in an Energy Star certified appliance and replacing older units from the 1990s or earlier provide the best opportunity for cutting fridge operating costs.

How long should a fridge last?

With proper maintenance, most refrigerators last 10-15 years. Higher-end models can often last over 20 years. The key components that may need service or replacement over the lifespan of a fridge are the compressor, evaporator fan motor, defrost heater, door gaskets, and thermostat.

Avoiding frequent opening of the doors, not over-packing food, cleaning coils every 6 months, and replacing water filters regularly are the best ways to maximize fridge longevity.

If any major component fails, repair costs can quickly outweigh the value of an aging appliance. Any refrigerator over 10 years old that requires major service likely makes replacement a better investment.

For the longest lifetime, choose a high-quality, Energy Star certified refrigerator from a top brand and follow all manufacturer care and maintenance guidelines.

Do refrigerators run 24 hours a day?

Yes, refrigerators are designed to run continuously 24 hours per day to maintain proper interior temperatures. The compressor and fan will cycle on and off as needed to keep the fridge around 37 degrees Fahrenheit and freezer around 0 degrees Fahrenheit.

To control energy use, refrigerators do not need to run nonstop. Modern units are engineered with insulation, thermostats, and automatic defrost capabilities so the compressor can turn off and on as needed with optimal efficiency.

Avoiding opening the door unnecessarily and not over-packing food allows the fridge to maintain temperature with minimal runtime. Normal, intermittent compressor cycling happens without any settings or timers needing to be adjusted by the owner.

While refrigerators require 24/7 electricity to operate, they do not need to run with the compressor on constantly. Brief cycling off and on is normal to preserve interior conditions while managing energy use.