Why Induction Stoves Are So Expensive (But Worth It)

Induction stoves are slowly taking over kitchens across the country, leading more homeowners to consider this cooking technology for their space. Price, however, is one of the top factors keeping people from investing in induction, despite its long-term benefits for budgets, the environment, and even personal health. These stoves are typically more expensive than their electric and gas counterparts and can come with additional costs. Beyond the specific compatible cookware you may need to purchase, installation is also a costly downside of switching to an induction stove if you were previously using gas. 

Despite these deterrents, induction cooking may ultimately be more cost-efficient in the long run. Because it transfers heat through an electromagnetic connection between a copper coil and compatible metal cookware, induction cooking is much faster than traditional methods. This leads to less energy waste and overall consumption, which will, of course, help reduce your energy costs.

Because the technology was still fairly new, for years, induction stoves were the most expensive option on the market. As the industry grew, however, upfront costs decreased. At Lowe's, for example, the cheapest 30-inch, 4-burner induction cooktop costs about the same — around $200 — as the respective electric and gas models. At the top end, the most expensive electric cooktop is almost $1,000 cheaper than its induction and gas counterparts. Prices for those two options cap at about $3,300. 

With ranges, the difference is slightly more significant. The cheapest 30-inch, 4-burner induction range costs $849 at Lowe's, while the cheapest electric and gas ranges of the same size cost $479 and $529, respectively. When it comes to the most expensive 30-inch, 4-burner model available, gas beats out the other two, with a high-end range selling for $5,399. The most expensive induction range at Lowe's costs $4,899, about $1,200 more than the costliest electric option. Of course, these numbers differ by retailer and depend on which features each customer values. Nonetheless, prices for induction cooktops and ranges are not much higher than gas models, even if they are somewhat higher than electric. 

Switching from electric to induction typically comes with no extra costs, but converting from gas to an electric outlet averages at least $300. Costs can triple if your existing electrical panel can't handle the change without being upgraded. If you don't already own magnetic cookware, such as stainless steel or cast iron, purchasing it will add to the overall cost. Cheaper pans may not work well, since they'll likely produce an off-putting buzzing sound when connected to the induction coils.

One of the benefits of switching to induction is that a significant portion of the cost of your new appliance may be reimbursed through programs like the Home Electrification and Appliances Rebate and the Home Efficiency Rebate. While retailers like Lowe's will usually flag available rebates, resources like the Energy Star Rebate Finder page can provide further information.

Still, the main reason why induction stoves will be 2026's big kitchen trend is their long-term energy savings. According to a 2019 Frontier Energy report, only 32% of the heat from a gas burner reaches the pot and its contents, compared with 75.5% for electric and 85% for induction. In a water heat-up test, three different induction cooktops averaged 10 minutes, nearly half the 19 minutes recorded by the gas cooktop. The two electric cooktops performed slightly better at an average of 16 minutes. This is exemplary of just how much energy is saved when cooking with induction, definitively tilting the scale in its favor when comparing it to electric. Although gas is typically cheaper than electricity, most of the heat produced by the stove flame is wasted on the surrounding air. 

Cooking with gas is also worse for the environment and for your health, which you just can't put a price on. It releases harmful pollutants like nitrogen dioxide and methane into the air, which are two critical contributors to global warming, and come with serious respiratory and cardiac health risks. While fossil fuel-generated electricity is equally as harmful, it is slowly being replaced with renewable energy, making induction stoves an investment for the future.