So the time has come to replace your HVAC system. While it’s certainly not the upgrade of your dreams, a functioning HVAC system is necessary for year-round comfort in your home. Read on for some HVAC replacement basics, and our tips for financing this vital purchase.
HVAC Basics
To break it down, HVAC stands for heating, ventilation and air conditioning, and it’s the system primarily responsible for heating and cooling your home.
While HVAC system replacement comes with a price tag that averages around $7,000,1 you might also need to consider upgrading your ductwork and thermostat for optimal performance. The good news? With proper maintenance, your new system should work efficiently for an average of 15 to 25 years.2
Upgrading or replacing your HVAC system is not typically a DIY project, and you’ll want to get multiple quotes from licensed, bonded and insured HVAC companies or contractors before you commit. The installation itself should take no more than one day (possibly two for specialized replacements)3 and you’ll want to prep the area — remove clutter, relocate pets, etc. — so it’s easy for installers to get the work done. Once finished, your installer should test the system and take you through operation and warranty information before leaving you to enjoy the comfort of your newly upgraded HVAC unit.
Financing Your Replacement
Just as you have options when it comes to your HVAC installer, there are several ways to finance the replacement of your heating and air system. Some power companies offer loan programs for energy-efficient systems, although this is not available in all areas. Another option is a home equity line of credit (HELOC), but you must have equity in your home to borrow against.4
Many manufacturers and service providers offer financing solutions to help customers budget — including several Synchrony home service partners. In addition to hassle-free applications and quick credit decisions, you may find multiple promotional financing options, all with convenient monthly payments and no prepayment penalty.
To help you make the best decision for your needs, we’ve simplified the process of comparing promotional financing offers with our Payment Calculator. If you’re in the market for an HVAC replacement, do your research, get your quotes, and easily compare financing offers.
- Cost to Replace HVAC HomeAdvisor
- Study of Life Expectancy of Home Components National Association of Home Builders / Bank of America Home Equity, February 2007
- HVAC Replacement Preparations Modernize.com
- How to Pay for a Basement The Nest