Buying a new HVAC system or any other large unit to power your house is going to cost you a pretty penny. No matter what way we spin it, there’s no way to make the purchase price of an HVAC system less than it’s going to be. That’s because this is an investment in your home and your comfortability while living there. It’s important that you understand this before you head out to the store to check out HVAC systems.
However, even though the price sticker might scare you away, don’t worry! There are plenty of financing options to take advantage of so you don’t have to pay all of that money up front. You shouldn’t have to absolutely destroy your budget in order to get an HVAC system for your house. Keep reading below to learn more about the various options that are available to you.
- Manufacturer Rebates
One of the first options that are available for you to take advantage of comes in the form of manufacturer rebates. Many times, a manufacturer will include a rebate with the purchase of your new HVAC. The purpose of these rebates is to help you get some money back on your big purchase. In addition, this rebate will help you pay for the installation costs of your new HVAC, which is another cost that you’re going to have to think about. You could even check with your utility company to see if they provide any sort of rebate when you install a new HVAC system. Even though you may not see this as saving money up-front, you’ll be happy when you see that rebate check in the mail.
- Manufacturer Financing
Depending on the manufacturing company you go with, there could be other financing options provided by them. That’s because the main goal of these companies is to get you to buy their products. And they understand that most families can’t shell out thousands of dollars right away to buy a new HVAC system. One financing option comes in the form of a credit card that could help you pay off your system through monthly payments. You could also check out some of the promotional deals that the company has to offer at the time of purchase. These could help you save some serious money on your energy efficient furnace system.
- The Government & Green Energy
If you were to start using solar or geothermal energy to power your home, the government has options for deducting the costs for your HVAC on your taxes. That’s because the government really wants to promote the usage of clean energy in American households. Check online to see what the Department of Energy has to say about these incentives.
- Energy Star Tax Incentive
One of the most known ways to deduct the costs of your HVAC system on your taxes is by utilizing the Energy Star program. This tax credit can be given to anyone who has bought a new system that costs as much as $300. However, you are going to have to ensure that the unit actually meets the standards set out by this program. Work with the company you’re buying from to ensure that the standards are met.
- State-Sponsored Programs
You can also check with your own state to see what tax credit or deduction programs they offer. Every state has different programs that differ from other states, so we can’t give you information for your specific state. However, a quick Google search will help you answer this question and determine whether you save money on the state level.
- Even More Financing Programs
You can also check to see if you qualify for a home equity line of credit with your mortgage broker. This line of credit is going to be determined by the equity you have with your house and will be determined on a case by case basis. You can also check with your local bank to see if you can take out a personal loan to pay for the HVAC system. This will allow you to pay off the high costs over time, with interest.
No matter which option you choose, all of these payment methods are fantastic if you want to not pay thousands of dollars out of your pocket. Go through each of these and pick which one is best for your budget.