If you’re considering a new HVAC system for your home, you’re not alone. A recent report from the National Renewable Energy Laboratory found that between 2007 and 2017, the energy costs associated with residential HVAC systems increased by 27 percent. The report also found that the average household spent $412 on their HVAC system in 2017 alone.
There are many options and payment plans available to you to make the upfront costs of an HVAC system more affordable.
Some people choose to finance their comfort system and pay it off over time. Others choose to do a cash deal. Still others look into the possibility of a lease-to-own system.
If you are eligible for a government-sponsored loan, you may be able to finance the installation.
You don’t want to be without a working HVAC system in the middle of a hot summer, or in the middle of a cold winter. If you’re eligible for a loan through the Veterans Administration, you may be able to finance the cost of a new system.
You can use a home equity loan.
Getting new HVAC systems installed isn’t cheap. The cost of a new system can run upwards of $5,000 or more. Fortunately, you can finance a new system through a home equity loan, and you can usually find low-interest rates. That way, you won’t have to take out a large lump sum when you order the system, and you can pay off the loan over time without having to worry about the cost of installation.
You can use a credit card.
People who can't afford to pay cash for a new HVAC system will often use a credit card. If you're not planning to pay the credit card bill in full each month, you'll need to budget extra for the cost of the energy savings from a new system.
You can make a payment plan with your HVAC contractor.
People who struggle to afford a new system may be able to afford a payment plan. Even if they have an existing debt, they can take advantage of a low-interest loan to help pay for the system.
If you are able to, you may wish to seek out a local organization to help with financing options.
If you are looking for a new HVAC system but don’t want to use a credit card, you could consider looking into a loan. If you don’t have a credit history or a bank account, however, it could be hard to find a lender. Fortunately, the government offers some assistance through the Low-Income Home Energy Assistance Program (LIHEAP). This program gives qualifying low-income homeowners assistance with things like heating and cooling costs.
Work with your HVAC company and try to negotiate a payment plan or discount.
We want to help everyone who is trying to find a way to pay for a new HVAC system. If you are a senior citizen, disabled, or on a fixed income, we want to help you. We offer financing options that are customized to your financial situation and can help you pay for your comfort system over time. We also offer discounted pricing for new HVAC systems with a warranty, to help you budget for future repairs.
Conclusion
One of the biggest expenses that homeowners face when looking to replace their HVAC system is the cost of installation. Fortunately, there are many options available for do-it-yourself HVAC installers that can drastically reduce the cost of installation. However, if you don’t have the skill required to install your own system, then you’ll need to look for a professional HVAC contractor in your area.
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