HVAC Financing for Contractors
Offer home improvement loans to customers with no hidden contractor fees or credit cards.
No hidden contractor fees or credit cards
Up to 15 year terms
Rates starting at 8.99%
Instant approvals up to $100,000
Payment direct into your bank account via ACH
Close more bids and save you and your customers money
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Make HVAC Installations Easier and Affordable for Your Customers
Making HVAC financing easier and less expensive for your customers translates directly into more closed installation contracts and higher profits. It’s tricky talking potential clients into upgrading to high quality, energy-efficient, home heating, ventilation, geothermal or air conditioning systems. A quality lending partner makes projects affordable through low, monthly payments that make for a much higher chance of winning the contracts your company needs.
A superior lending partner also makes switching to a business model that offers financing easy. Offering financing products to your prospective clients can lead to big increases in your number of customers and bottom line profit.
Close More Sales
Eliminate paying fees to banks and finance companies
Seamless Funding
Close more sales by focusing on low monthly payments
Sell More
No more compromising on price – upsell the project your customer really wants.
The Benefits of Offering Financing to Your HVAC Clients
Upgraded HVAC systems offer a major quality of life boost for customers. Increased comfort, better air quality, and improved energy efficiency all flow from installing the latest HVAC technology.
Between 50-80% of HVAC projects are financed, so having quality, advanced, modern financing gives you and your clients a fast, efficient path to achieving the great results of upgraded HVAC systems.
Good Financing Covers Even the Most Expensive HVAC Installations
The most expensive home HVAC installations (with zoning, etc.) can easily cost above $20,000. Pay attention to these features & benefits when picking a financing company to work with:
- A high enough maximum loan to cover most projects; Up to $100,000 is excellent.
- Most contractors offer a “good”, “better”, or “best” scenario when estimating HVAC projects. While most contractors would prefer that consumers choose the “best” scenario, consumers often choose “good” or “better” because of cost constraints. Financing allows more customers to choose the “best” scenario so that they can have the equipment they need at a price they can afford.
Look for Financing Services that Minimize or Eliminate Fees
With typical HVAC financing services, many lenders will often fatten loans up with additional fees. These fees can hollow out your bottom line. You might lose 7% to 8% of your profits to these intermediaries. You might even lose more money through hidden fees when financing companies force you to use a credit card.
A service that eliminates these fees and credit cards can mean that every project you finance is worth more money.
Makes Whole System Replacement More Attractive & Affordable than a Partial Install
The national average of whole-house HVAC system installation can cost between $4,000 and $12,000. The actual cost of installation is dependent on the house size, the type of new system, the existing state of your home’s ductwork. Here are a few options available to customers: Split-system central air conditioner, packaged systems central air conditioner or ductless mini-split systems.
When fixing an existing HVAC system, full replacement can cost $3,000 to $4,000 more than a change-out. It requires 4-5 days and involves tearing out all existing ductwork, then fully replacing it with new ducts. Specially fabricated manual dampers are installed at the junctions to ensure proper balance of airflow to all rooms.
At least 80% of existing HVAC installations require full replacement when they stop functioning correctly. Only 15% to 20%, still have leak-free, clean, fully functional, ductwork sufficient to properly support modern HVAC.
Readily available financing which reduces up-front and ongoing payments to very reasonable levels makes it far easier for customers to accept and afford a full reinstall without having to strain their budget.
Allows You to Offer Top Quality Materials and Installation Every Time
Using financing frees your customer from the burden of a big up-front cash payment. You can explain to your customers that financing lets you provide superior quality HVAC equipment, materials and installation without straining their budget.
Financing allows money and time for proper installation. This includes fabricating junction dampers to ensure proper air balancing, crimping and double sealing all joints, insulating the junctions to forestall mildew and mold, and strapping the ducts in place so they won’t migrate. The system’s quality and longevity makes it very cost-effective long-term – a major selling point.
Loan Application Delivered Through Your Company Website
Financing services offer multiple options for easily integrating loan applications into your website. These include custom pages, links, buttons, widgets, payment calculators and other features enabling fast, handy financing access for customers.
Boosts Your Chance of Profitable Referrals
Getting smooth, fast financing for an outstanding HVAC installation creates many satisfied customers happy with your company’s services. With a top-line system put in reach by good financing, and a pleasant, simple lending process free from difficult choices, customers will likely recommend you to friends or colleagues. Referrals may rise when clients tell their friends how painless your streamlined financing method made their experience.
Home Improvement Services
Kitchen & Bath Loans
HVAC Systems Loans
Pool & Spa Loans
Interior Remodeling Loans
Interior renovation and remodeling for new rooms and additions for anything inside your home.
Window & Door Loans
Kitchen and Bath Countertop Loans
Deck & Fencing Loans
Driveway & Patio Loans
Flooring Loans
Upgrade your floor with tile, hardwood, natural stone, porcelain, etc. includes material and installation.
Electrical Loans
From repairs to the entire home rewiring inside and outside.
Foundation Waterproofing Loans
Interior and Exterior waterproofing and foundation repairs – french drains, sump pumps and more.
Whole House Generator Loans
Loans for whole home generators from Generac, Cummins, Briggs & Stratton, Kohler and more.
Gutter Loans
Gutter replacement and gutter cover systems.
Hardscaping & Landscaping Loans
Attic Insulation Loans
Attic Insulation or wall insulation for any energy efficiency project.
Interior Remodeling & Addition Loans
Renovate or remodel rooms in your home or build an addition.
Lighting Loans
Exterior and Interior lighting including security and smart homes.
Paint & Wall Covering Loans
Interior and Exterior painting and wall coverings.
Sheds, Barns & Structures
Sheds, Barns and Structures affixed to the property.
Security & Home Automation Loans
Security and Home Automation includes audio and video, smart home, automated blinds, thermostats and more.
Sunroom & Patio Enclosure Loans
Sunrooms, Patio Enclosures, She Sheds, ADU’s and more.
Water Treatment Loans
Water filtration and water treatments.
HVAC Financing FAQ
Should I Offer HVAC Financing Over Paying Cash or Credit Cards?
Yes, you should always offer financing. Why? Because 50% of all consumers that purchase home improvements over $5,000 use some form of financing. Accepting credit cards adds a 3% surcharge to the contract who in turn, either eats the cost or increases the project cost – neither option is optimal.
Accepting cash is great, but the contractor must work as a collection agent throughout the project hoping to get that last and final payment. A great financing program that offers no contractor fees is superior to all options because you are not only helping your customer get a better HVAC unit with low, monthly payments, but the lender guarantees 100% of your payments on installation usually via ACH direct deposit. No more chasing payments.
What Percentage of HVAC Customers Use Financing?
National statistics state that between 50% and 80% of HVAC projects are financed. Quality financing can double, triple, or quadruple your potential customer base.
Does Financing Offer Any Advantages to a Client with Cash Available?
Financing has advantages even for clients with available cash by allowing them to keep their available cash for other uses while adding a monthly payment to their budget instead. Upgraded installations only raise this payment slightly, allowing you to offer more options.
Are There Alternatives to Getting Payments from Clients Myself?
Some financing requires you to collect payments from clients, but a good modern financing service takes full responsibility for collection, leaving you free and clear to move forward to fresh successes.
PowerPay FAQ
What’s considered a home improvement?
Any equipment, service, installation costs, or other project related to home improvement qualifies for financing. The following is a partial list of what PowerPay finances: HVAC equipment & installation, attic insulation, stone veneer, windows, siding, roofing, kitchen remodels, bathroom remodels, cabinets, carpet, deck & patio, doors, fireplaces, garage doors, smart home equipment & installation, hardwood flooring, paint & wall coverings, hardscaping, landscaping, siding & exteriors, tile, stone & countertops, air conditioning & heating, gutters, spa & pool, home additions, deck building, tile installation, basement remodeling, custom cabinets, fence installation, lighting installation, garage building, cabinet installation, backsplash installation, electrical and plumbing and appliances.
What Loan Products does PowerPay offer?
Base Program
- No Dealer Fee Options
- Rates start as low as 8.99%
- staged funding available*
- terms options are 5, 10 or 15 years (lowest monthly payment)
- no prepayment penalties
- no credit cards
Promotional Program
- Up to 18 Months NO payments NO accrued interest (12-month or 18-month options)
- Deferral Period begins at the completion of construction
- 15 Year Product
- NO Balloon Payment: at the end of the deferral period your customer just begins making their low monthly payment with rates as low as 8.99%
- NO Credit Card
Why should I offer financing?
50% of all home improvement investments over $5,000 are financed. Additionally, over 30% of all homeowners research financing options before making a home improvement purchase. Offering financing enables you to close more sales and earn more money on every job. By translating a large, expensive home improvement into a low monthly payment, you’re less likely to lose sales because of pricing, and you’re less likely to see customers haggling with you over costs. Quite simply, offering financing can help you to grow your business.
Why do dealers and contractors choose PowerPay?
We were founded by a home improvement professional who knows firsthand the power of financing, as well as the damage fees can do to your bottom line and your customers’ pocketbooks. The average contractor pays 7.5% in fees on every financed home improvement project. That’s why we have no hidden contractors fees, credit cards or prepayment penalties. There are other important benefits for dealers:
- Longest Terms: PowerPay also offers the longest payment options – up to 15 years.
- Lowest Rate: rates start as low as 8.99%.
- Maximum Loan: we can offer up to $100,000 loans with staged funding for qualified contractors.
- Higher Approval Rates: tired of declines? PowerPay has the highest approval rate in the industry.
- Fast and Direct Payments: we wired funds fast direct to via ACH to your bank account.
- New Programs: we are adding new programs to help you convert more customers, StipPay, APR Enhancement and more!
How do customers pay me and what’s my risk?
Customers don’t pay you. PowerPay will direct deposit funds into your account via ACH within 48-hours after the install. You keep 100% of the funds, and your payment is guaranteed when you complete the project. It’s simple, fast and easy. No more collection calls and chasing clients for payments.
How does PowerPay work?
By using PowerPay, you are giving your customers options to pay for home improvements with financing. Your customer will apply online using our online application form and a decision is generated in seconds. Once approved, you can complete the transaction with your customer from our easy-to-use portal. Electronic documents will be sent via email and your customer can sign electronically – we are fully paperless. Your customer won’t get any bills for a month or so after installation. You will get paid by PowerPay in full after the installation is complete.
How do I offer PowerPay to my customers?
There are a number of ways to offer PowerPay to your customers:
First, your clients can apply at GetPowerPay.com
Second, we can supply you with a link or button for you to add on your website.
Third, customers can apply by contacting our call center and using your dealer/contractor ID.
Finally, your salespeople can provide a link to apply or use a tablet with our application form during in-person visits.
Who is the lender?
While other finance companies serve as “middlemen” and take fees from you for allowing you to offer financing to your customers, PowerPay does not act as a middleman or lead generator. That’s why we are able to not charge any fees. We have funding commitments for $15 billion. Every borrower is approved through our systems and all loans are processed through our system. That means that we control the rate and loan term, and service every loan.
How complicated and time consuming is set up?
With PowerPay, enrollment is through a simple form that takes 2 minutes. After that, our team will train and onboard you or your salespeople at no cost at a time that’s convenient for you. Our process is so simple that training takes less than 30 minutes. We can have you up and running and writing loans in one day.
Promotional Programs - the difference between PowerPay and other banks
There are several types of promotional loans. PowerPay offers two types. Same as Cash and 12 months and 18 months no payment promotions. First, PowerPay promotional loans are not credit cards. They are unsecured personal installment loans. The main difference between a credit card loan and PowerPay promotion is the interest rate once the promotion is over. In most credit card “teaser” promotions that rate, once the promotion ends, will be in excess of 29%. Our loans, once the promotion ends will be approximately 12.99% for 10 years with no prepayment penalties so customers can pay off whenever they like. We don’t like the credit card promotions because the fees are excessive and we’ve seen too many people get hit with accelerated payments and massive fees. It’s just unfair and most contractors don’t seem to care what the customer pays after they’ve completed their job.
With uncertainty in the economy and financial markets we believe that if a customer wants to use the promotion and then pay it over time, it should be at a fair and reasonable rate. Most contractors and dealers offer “teaser” promotions as a marketing tool but at the end of the day, only consumers will above-average credit qualify. PowerPay offers promotions for customers at many credit levels.
Our same as cash promotions essentially allow the customer to make a purchase and pay off the loan in equal monthly installments similar to how you purchase an iPhone. These programs are offered with the lowest fees in the industry. Ask your sales rep for more information.
