HVAC Financing: Purchasing and Payment Options for HVAC Systems
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What is an HVAC system?
HVAC stands for heating, ventilation, and air conditioning. An HVAC system is simply a device or collection of devices that help regulate the temperature and humidity levels in your home.
By keeping your home at a comfortable temperature all year long, HVAC systems can help improve your quality of life as well as save you money on energy costs. They also play an important role in maintaining indoor air quality by removing pollutants from the air.
Benefits of Installing an HVAC System
The benefits of having an HVAC system in your house are many, which is why more and more people are investing in them. Some of the most notable benefits include:
Improved comfort. A properly functioning HVAC system can keep you warm or cool depending on the weather, as well as circulate fresh air throughout your home.
Reduced energy costs. HVAC systems can help reduce your energy consumption by up to 30%, resulting in significant savings on your monthly utility bills.
Enhanced indoor air quality. By removing pollutants and allergens from the air, HVAC systems can improve your family’s health and wellbeing.
Types of HVAC Systems
There are three main types of HVAC systems:
Central HVAC. This HVAC system is the most common and consists of a network of ducts that connect to an air handler located outside your home.
Ductless HVAC. While central HVAC systems are connected by ductwork, these units do not require any such connections. Instead, they use refrigerant lines to transfer heat from one place to another.
Split HVAC System. A split HVAC system is similar in design to a central unit but uses two separate components instead of just one; this allows it to be more efficient than other types while still being relatively affordable.
HVAC System Costs
The cost of HVAC systems can vary widely depending on your location, climate, and the HVAC system’s size. In general, expect to pay between $500-$1500 for a small HVAC unit that covers one room or less; larger units will likely set you back around $2000-$5000 (or more).
The size you need depends on how much space needs cooling/heating at any given time during your HVAC system’s operation hours (typically from dawn until dusk).
The best way to determine the size and cost of the HVAC system you need is to consult with a contractor. They will be able to assess your home’s cooling/heating needs and provide an estimate for the HVAC system that would be best suited for your property.
What are the payment options for an upgraded or new HVAC system?
There are a few different ways to finance an HVAC system, including paying in cash out-of-pocket, using a credit card, or a line of credit, or even taking out a personal loan or a home improvement loan.
The are benefits and drawbacks to each payment method, so be sure to weigh your options before making a decision.
Our Most Popular Home Improvement Loans
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Interior renovation and remodeling for new rooms and additions for anything inside your home.
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From repairs to the entire home rewiring inside and outside.
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Install any siding project including vinyl, fiber cement, Hardie board, composite, wood, metal, brick, and stone siding.
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Interior and Exterior waterproofing and foundation repairs – french drains, sump pumps and more.
Whole House Generator Loans
Gutter replacement and gutter cover systems.
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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.
Exterior and Interior lighting including security and smart homes.
Paint & Wall Covering Loans
Interior and Exterior painting and wall coverings.
Security & Home Automation Loans
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Sunrooms, Patio Enclosures, She Sheds, ADU’s and more.
Water Treatment Loans
Water filtration and water treatments.
The Benefits of PowerPay Financing for HVAC Projects
Financing is an easy way to get the HVAC system you want without breaking the bank. It also allows you access to funds right away so there’s no more delay to getting started on those much-needed repairs!
With PowerPay as a lending partner, customers can enjoy:
Flexibility. There are many different HVAC financing options available, including 0% interest rates on HVAC loans with no money down.
Convenience. HVAC financing can be done online or over the phone; it’s quick and easy!
Longterm repayments. HVAC financing is a great way to spread out those large up-front payments over time while still enjoying all the benefits that come with using an HVAC system. You’ll have peace of mind knowing everything will work properly when needed most (especially during extreme weather conditions) without any large, upfront costs.
Savings. Save up to 30% off your monthly electricity bill by replacing an old HVAC system that isn’t working properly anymore with a newer model.
Applying for HVAC financing with PowerPay
Applying for HVAC financing is a quick and easy process, with approval coming in as little as 60 seconds! To apply, start by filling out this form.
If you need more information about our HVAC financing options please contact us. We’re always happy to help answer any questions or concerns you may have!
HVAC Financing & Loan FAQ
What are the major components of an HVAC system?
An HVAC system is a complex network of machinery that helps to control the climate in a building. The main components are air conditioners, heat pumps, furnaces, air ducts, and climate control devices such as thermostats.
Is it cheaper to replace my entire HVAC system at once or in stages?
The long-term cost and savings greatly favor a full replacement versus it being completed in pieces. Due to the components being intertwined you can avoid having to pay for overlapping costs if done all at once by the same contractor.
Does HVAC financing cover duct work?
Yes, duct work is typically covered under HVAC financing. However, it’s important to confirm this with the specific lender or servicer you’re working with. Some lenders may have different specifications for what is and isn’t covered under their loan products.
It’s also important to keep in mind that duct work may not always be classified as part of the “HVAC system” in a home. As such, it’s possible that duct work may not be covered by your financing agreement even if it is technically considered part of the HVAC. In these cases, you may need to pay for the ducts out-of-pocket. Be sure to clarify these details with your lender before signing any paperwork.
How much does a typical HVAC system cost?
A typical HVAC system costs between $500 and $5000, depending on the size of the home and the type of system.
For a single-family home, a basic HVAC system will typically cost around $500-$1500. If you want a more premium system, such as a geothermal or energy-efficient model, you can expect to pay upwards of $2000. If your home is very large or has specialized needs (like an underground room), your HVAC installation may cost as much as $5000.
Will I see a return on my investment after installing a new HVAC system?
Yes, you should see a return on your investment (ROI) after installing a new HVAC system. The expected average ROI for residential HVAC replacement projects is about 30%. This means that you can expect to recover around 30% of the cost of the new system through energy savings in the first year alone.
The amount of money you save will depend on a number of factors, including the size and type of system, your climate, and your current energy usage.
Visit the PowerPay FAQ for borrowers to learn more about HVAC financing options, as well as answers to other frequently asked questions.