HVAC air conditioning system

An HVAC system is an indispensable part of your home and the secret to your family’s comfort and wellbeing through any kind of season, all around the year. However, with your existing unit aging over time and newer technology HVAC systems getting introduced, there will come a time when you’ll need to consider replacing the old with the new. This is where the science of better heating and cooling will collide with the math of better affordability.

As per a report from Angi, the average cost of a new HVAC system could be around $7500 but could range anywhere from $5000 to $12,000 depending on the unit’s size, style, brand, features, and other factors. In fact, there are studies that indicate the cost of a new HVAC unit could rise further if you look at add-ons and upgrades like dehumidifiers, air purifiers, zoning systems, smart thermostats, and carbon monoxide alarms, and UV lamps. According to the Home guide, your HVAC system cost in such a scenario would then park somewhere between $13,000 and $17,000. Now, that’s an expense you may not be equipped to pay upfront. Here’s a blog from our experts on what determines the cost of an HVAC system and the kind of loans that are available to help you buy a new HVAC system for your home.

What determines the cost of your HVAC system?

While every home needs an HVAC system to carry out the same function – heating and cooling, the expenditure on a unit will vary from home to home. Here are a few factors that’ll explain why the HVAC unit in your neighbor’s home may not cost the same as the one that gets installed in your home.

 1) Size of your home

The capacity of your HVAC system will depend on the size of your home. A small home will call for a modest-capacity HVAC unit whereas a larger-sized property will call for a unit with a higher capacity. The more the capacity, the higher the price. 

 2) The degree of energy efficiency

The efficiency of an HVAC system determines how much you end up paying in your monthly energy bills. Higher efficiency models with high SEER scores, therefore, are more in demand and obviously costlier to buy than less-efficient counterparts.

 3) Type of System

HVAC systems vary from gas furnaces to heat pumps to split systems to packaged heating and cooling units. Your final cost will depend on the type of system you choose. 

 4) Extent of Ductwork

If your existing ductwork is in good condition and furthermore, is compatible with the requirements of your new HVAC system, then you can save considerably on installation costs. However, if you do not have the required ductwork or your existing ductwork needs an upgrade or repairs, this will raise the overall cost of your HVAC unit purchase and installation.

 5) Performance-Enhancing Accessories

Certain types of accessories can make your HVAC unit perform more efficiently. However, these additions will also escalate your purchase cost. A programmable thermostat, for example, helps make your system more energy-efficient. An electronic air cleaner helps improve the air quality within your home. The extent of accessories you decide to install will impact your overall HVAC cost.

 Types of Financing available on HVAC Systems

1) Personal Loans

Personal Loans are a popular choice for financing home improvement expenses like a new heating and cooling system.

*Fixed payment schedule and end date

*Term range from 36 to 60 months

*Origination Fees vary from 1% to 5% of the loan amount

*Interest rates vary as per your credit

 2) Credit Card

Credit Card financing is a great option for individuals with a credit limit high enough to support new home comforts.

*Get cash back or reward points on making a purchase

*No set repayment schedule like loans

*Zero Percent interest introductory period with new cards

*Higher rates of interest on existing cards

3) Manufacturer’s Financing Program

You could also consider the financing programs offered by the brand or manufacturer you’re considering for your new HVAC system. 

*Financing through credit cards or personal loans offered in-house

*Interest rates or offers vary from manufacturer to manufacturer

 4) Home Equity

Your home can also be a source for financing that new HVAC system. You could use the equity – the difference between your home’s market value and your mortgage balance, to finance your purchase.

*Lower interest rates than credit cards and personal loans

*Risk of foreclosure on payment default

5) HVAC Companies

A number of HVAC companies offer their customer loans through tie-ups with financial lending organizations.

*Convenient monthly payments to fit your budget

*Availability of revolving line of credit

There are a number of ways to finance a new HVAC system that will increase your heating and cooling comfort while bringing down your energy costs. The options covered here come with their own advantages and disadvantages and you’ll need to thoroughly evaluate each to arrive at a choice that best matches your need and comfort. Some of these options will also give you the comfort of a 0% interest loan.

If you’re looking for a company with the expertise in installing an HVAC system / HVAC air conditioning system or HVAC maintenance service in Havertown, look us up. We’re Boyle Energy – a family-run business that’s been serving Havertown and surrounding areas with honest and dependable services since 1937. We have an association with Wells Fargo that enables us to offer you financing options on your HVAC system. Give us a call and we’ll be more than happy to help you with your HVAC needs, from finance to installation.