Tips to Financing Your HVAC System

Tips to Financing Your HVAC System


 

HVAC financing can be challenging for anyone, especially a new homeowner. The cost to install a new HVAC system can vary based on:
The type of equipment being installed (e.g. single-stage, two-stage, multi-stage, variable speed, geothermal);
The existing equipment (e.g. ductwork, outdoor piping);
And the type of installation (e.


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g. new install vs. retrofit, ease of installation).

For most people, financing HVAC is a large expense, and paying out of pocket isn’t feasible. But there are plenty of options to finance the HVAC system that is right for you. Home Equity
Borrowing against the equity in your home can often be a good way to finance home improvements. This option has less interest and is tax-deductible, but there are risks. Falling behind on your payment could cost you not only your HVAC system but your home. You can also borrow from private lenders, such as banks or credit unions. The interest rates and max amounts available to borrow will vary, but many banks have low-interest rates for these types of loans. There are loan programs, such as the Federal Housing Administration’s (FHA) PowerSaver Loan Program, that allow you to borrow up to $7,500 without putting up your home as collateral. However, you must have home equity to participate.
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