Those of us here in Oswego, Yorkville, Naperville, Aurora and Plainfield (IL) have seen and likely felt the changing economy in 2022. It had closed well in the fourth quarter of 2021, but as of summer 2022, inflation is more than 8.5%.
Then of course there’s the issue of gas at the pump. In our region, we’re getting used to seeing between $5.00 and $6.00 a gallon. In June 2021 it was just over $3.00.
So what does that all mean to HVAC? Like most industries, we’ve been feeling it too. HVAC manufacturers have increased prices by as much as 20% in 2022 to reflect their costs of parts and equipment, raw materials, and fuel and transportation. As but one example, in addition to now being less available, R-410a refrigerant costs four times more than it did a year ago.
All the while, people still need AC regardless of whether the economy is a bull or a bear. Heat and humidity don’t pay attention to markets, and staying cool in sweltering heat isn’t a yes-or-no question for most. With rising summer temperatures, we will continue depending on our AC both at home and at work.
In the current economy, not all people will have readily available resources to pay for an important but possibly expensive AC repair. If an air conditioner fails and a new system is needed, the average cost of $4,000 to $6,000 for a replacement may also be beyond many budgets.
However, options are available even in challenging times. If you find that you can’t pay up front for an AC repair or replacement, you can often still obtain what you need in Oswego, Yorkville, Naperville, Aurora or Plainfield through different choices of financing.
How to Finance an AC Repair or Replacement
Paying with cash is obviously the best way to avoid debt and save more in the long run, even if you pay only a part in cash and then finance the rest. As we’ve touched on, not everyone can do this, and it can become even less feasible when the economy is slow and inflation is high.
Ways of financing air conditioning repair and replacement might often include credit cards, personal loans and lines of credit, and home equity loans and lines of credit.
You can also often work out financing with your HVAC service provider. Here at Air Dynamics, we offer easy and flexible ways to arrange the financing you need for your air conditioning. You can apply through us either over the phone or during your service visit with your Air Dynamics technician. Approval often takes only minutes.
Having access to financing through your HVAC service provider can save you time and effort spent looking to acquire it elsewhere before you can proceed with a repair or replacement.
Possible Ways to Save on AC Financing
Installing a high-efficiency system is one common way to cut long-term costs. According to the U.S. Department of Energy, replacing your air conditioner with ENERGY STAR® qualified equipment can potentially reduce your energy bill by up to $140 per year.
Local, state and federal savings programs can assist with the cost of a new system as well. For example, in January 2022 a $300 tax credit was available for the purchase of a central-air system.
The ENERGY STAR website offers a rebate finder. Different manufacturers also often offer their own special discounts or rebates for specified periods.
Contact Us Today
When you need attentive service for your AC in Oswego, Yorkville, Naperville, Aurora or Plainfield (IL), the professionals at Air Dynamics are ready to respond. We want you to stay comfortable and safe all summer long, and that includes helping you find the right financing. We always welcome your questions – just give us a call at (630) 731-1550!