You finance your car, why not finance an energy system that will save you thousands?
Chances are these three things apply to you.
You don’t spend much time thinking about your boiler, central AC or the air ducts and blower system in your house
Your HVAC system is relatively old (over 10 years.)
You don’t have a lot of cash on hand to invest in a new HVAC system.
If this is the case, you have a problem. Granted, it’s not a “the roof is leaking” type of problem but it is a problem nonetheless. And what is that problem you ask? You will spend thousands more than you have to over the next 5 to 10 years.
Never fear, we are here to help even though you don’t think you need help and didn’t ask for it...
Replacing your HVAC system can save you hundreds of dollars each year with the added bonus of consistent clean air and comfortable temperatures throughout your house.
But back to point #3 – you don’t have a bag of cash laying around to purchase a new HVAC system. That is where financing can play a role.
There are three main options when financing an HVAC purchase. A reputable HVAC dealer can explain each in more detail and don’t be afraid to call one to discuss options. Simply state at the beginning of the call that you are exploring options, are not ready to buy but would appreciate having someone explain available financing options.
Option A. A loan offered by your state’s government. Not every state offers these programs and requirements for qualification can vary, but if you do qualify, this is usually the best option. For example, the MassSave program offered in Massachusetts provides loans as high as $25,000 at 0% interest for a maximum 7-year payback schedule. To see if there are any of these programs in your state check out the DSIRE website (offered by Clean Technology Center at N.C. State University) and put in your zip code.
Option B. Financing provided by your local dealer. Many dealers (but not all) form partnerships with credit companies such as Service Finance Company, LLC to provide loan options. These can vary from zero-interest short term loans (6 months or a year) to loans of 5 to 10 years with very competitive interest rates depending on your credit rating.
Option C. Home Equity Loan or Line of Credit. There is a very good chance that you have built up equity in your house over the last few years as the real estate market has rebounded from the late 2000s. Depending on your circumstances, obtaining a loan or a line of credit can be a fairly painless process with very low interest rates. Contact your current mortgage lender for more information, or if you would like to explore a wide variety of options this is a good site to start that process.
Look, we know buying a new HVAC system isn’t sexy. In fact, it very well could be the defining example of unsexy, but saving money each year on fuel and electricity (and helping the environment) ain’t all that bad and might even be something to brag about at your next cocktail party. As always, please use the comments section to ask questions or head over to our Facebook or Twitter accounts to start a conversation. If you want to talk to a dealer about options, click here to use our Find a Dealer page.