HVAC systems play a crucial role in our homes, especially here in Northeast Ohio, where the weather can be unpredictable. However, the comfort that HVAC systems provide comes with a cost. If you’re planning to upgrade your system to a modern, high-efficiency one, you’re probably already aware that the initial cost of a new system is considerable.

So, how can you afford an HVAC system? Can you finance one? The short answer is – absolutely! Our helpful Hey Neighbor Heating & Cooling team discusses the pros and cons.

The pros of financing your new HVAC system installation

There are several great reasons to finance your HVAC system purchase, including:

1. You’ll eliminate the high up-front cost. Perhaps the best reason to finance is that you’ll avoid the initial cost of this significant home improvement. Even if you have the funds on hand to pay for your new HVAC system, a loan will free up that money to be invested elsewhere.

2. You’ll save a great deal on energy costs. A loan enables you to have that new, energy-efficient HVAC system installed sooner than you might be able to otherwise. This helps you save thousands of dollars in energy costs over time, and these savings will also help you pay off the loan. Win-win!

3. To achieve maximum savings, we recommend looking for the Energy Star label. This means the equipment has been tested for efficiency and performance under federal standards. Remember, though – efficiency metrics vary depending on the type of HVAC equipment.

Modern air conditioners use the Seasonal Energy Efficiency Ratio (SEER) to calculate how efficiently they use energy to cool your home. Furnaces and boilers use Annual Fuel Utilization Efficiency (AFUE), and heat pumps use Heating Seasonal Performance Factor (HSPF).

Just like an SUV that gets more miles per gallon indicates lower fuel consumption, a higher-efficiency HVAC system reduces your energy bills. For example, a high SEER-rated AC will cut your electric bill, while a furnace with a high AFUE rating will reduce your gas usage.

The cons of financing a new HVAC system

The main drawback when financing an HVAC system is the interest payments. While your initial cost may be very low – or even zero! – in exchange, the total cost becomes higher due to accumulated interest. It’s also important to know that interest rates vary widely depending on the loan type, and of course, HVAC financing is at its most ideal when you have favorable terms.

A home equity line of credit (HELOC) can be one of the best options, especially if you have good credit. These loans often have interest rates below 5%, and they typically have a repayment period of 10-20 years. The main downside of a HELOC is that it places a lien on your property, making it challenging to sell your home if you plan to move before the loan is paid off. Contact your bank or credit union for more details.

Hey Neighbor Heating & Cooling financing

As we mentioned above, a properly working, efficient HVAC system in Northeast Ohio is essential. Nobody likes to be too cold or hot, and we all like high energy bills even less! At Hey Neighbor Heating & Cooling, we offer financing options that make a new, energy-efficient heating and air conditioning system affordable for any homeowner.

We offer 12 months same-as-cash, a quick-and-easy application process, convenient monthly payments, and competitive interest rates. Nice!

Get financed today!

Financing your new HVAC installation can be a smart decision. You can take full advantage of the loan and buy equipment with higher efficiency than you might otherwise be able to afford, and the energy savings will help cover the cost over time.

If you’re ready to upgrade your HVAC system but need help financing, we invite you to schedule a no-obligation visit with one of our neighborly Comfort Consultants. They’ll help you get the right equipment for your home with terms that’ll fit your household budget. We offer attractive financing options to help your family get back to being comfortable ASAP – contact us today at 844-HEY-NEIGHBOR or conveniently contact us online to learn more about financing.