There are several costs to consider when buying a new HVAC system, including installation and its various parts. As a Clinton, North Carolina, resident, here are some financial considerations you should make when upgrading to a new HVAC system.
Research Average Costs
HVAC costs can vary widely by location. But you can still get a good idea of how much a new system will cost by looking at averages.
For example, it costs between $6,000 and $12,000 for a new HVAC unit in a 1,000-square-foot home. Where your actual costs will fall depends on the type of model you choose and whether you have the infrastructure already in place to accommodate central heat and air.
Ductwork alone can cost between $1,000 and $3,000. Since most prospective home buyers want an HVAC system, the payoff for installing central heat and air can be big.
HVAC costs can also vary by season. To save money on a brand-new system, aim to buy it during the off-season when it’s not in high demand. For example, buy a new air conditioner in the winter and a new heater in the summer.
To get a better idea of how much you’ll actually pay for HVAC products and services, call and request a quote from a reputable company. Doing so will help you plan your costs more effectively.
Look for Rebates and Incentives
A new HVAC system is a significant investment, so every little bit of money you save helps. Fortunately, utility companies often offer rebates for replacing out-of-date systems.
In some cases, you could end up saving thousands of dollars by switching to a newer model. Remember to check with your state or local utility company first to verify rebate offers.
The government has also been known to provide tax incentives to homeowners who upgrade to energy-efficient systems. The Federal HVAC Tax Credit was one such option, which provided an incentive for home improvements from 2012 to 2016. While this particular tax credit has expired, it pays to stay on the lookout for any type of energy-based incentive that can help keep more money in your pocket.
Consider Various Ways to Pay for a New System
If you’re like most homeowners, you need time to save before paying cash for a new HVAC system, and that’s perfectly acceptable. But what if your old system is on the fritz and you need a creative way of coming up with the money now?
For starters, you can see if you qualify for government grants like the Federal Low Income Housing Energy Assistance Program.This program assists low-income Americans with their heating and cooling expenses by providing small grants to help people catch up on energy bills and pay the costs of replacing old systems.
If you don’t qualify for this type of grant, reach out to local charities and organizations. Researching your options takes time, but you might be surprised at the kind of help you can find.
Invest in Maintenance for an Older System
In tight circumstances, you may not be able to afford a new system, even if your existing one is in need of repair. While upgrading to a new HVAC unit is your best option, you can still prolong the life of your old unit by scheduling regular maintenance.
Most experts recommend servicing your HVAC system at least once a year. For units that need extra love and care, however, aim for scheduling your service in the spring and fall. This will ensure your system is ready to run at the start of the heating and cooling season.
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