The cost of a brand-new HVAC system can be pretty high. This is especially true if you want your new HVAC system to be energy-efficient and help you keep your monthly utility costs low. Few people have the cash on hand to replace their whole HVAC system. So, how do you pay for a new HVAC system? We’ll explain some creative ways to pay for it that you may not have considered before.
1. Personal Line of Credit
You may already have a personal line of credit from your bank which comes with a relatively low-interest rate. This can be a great option to finance your HVAC system. If you do not already have such a line, or it won’t cover your HVAC system, then you can look into the lines of credit that your bank offers. Some offer lines specifically meant to cover home upgrades and renovations.
2. HVAC Company Financing
The HVAC company that will be installing your equipment may offer financing either through their own program or through a third party. It is important to assess this financing and be sure that it works for you, has a reasonable interest rate, etc. However, choosing your HVAC company’s financing may offer benefits that other sources cannot, such as including a maintenance plan, covering some repairs costs, and other perks.
Are you looking to speak with an HVAC expert? Contact the team at Advantage Airtech ClimateCare
3. Third-Party Financing
If your HVAC company does not offer its own financing, there are other companies out there dedicated to financing HVAC and other home improvement projects. Search for companies that service your area. Be sure to pay attention to the details of these agreements, just as you would financing from other sources. You don’t want to accidentally get involved in a scam.
4. Credit Cards
When you know that you will soon have the money to cover your whole HVAC system and you have access to a credit card that has a very low starting rate, even 0% for six months, a credit card may be a very wise way to cover your new HVAC system. Ensure that you can have the whole system paid off before the introductory rate increases. Or, be sure that you can afford the payments after it. Otherwise, credit cards have one of the highest interest rates and can significantly increase the overall cost of your system.
5. Government Loans
In Canada, you do have some options to receive government loans to pay for at least part of your HVAC system. If you are buying a significantly more energy-efficient system than you have now, you may be eligible for the home retrofit grant.
Typically, your HVAC company will be aware of the government grants available for your specific equipment and they can guide you to choose the best one for your circumstances.
Do you have questions regarding financing a new HVAC system for your house? Contact the team at Advantage Airtech ClimateCare to get the best advice.