How a New HVAC System Can Save You Money?
By: John Garcia | Date Posted: December 10, 2021
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Is your home’s existing HVAC system nearing the end of its life? Perhaps you’ve grown tired of paying for expensive breakdowns/repairs and are finally considering having the entire system replaced.
If so, you may be feeling a little uncertain about the costs associated with replacing your HVAC system. With the average nationwide cost of HVAC replacement hovering around $7,000, this is a significant expense for many homeowners.
Still, it’s important to realize that the money you spend upfront on replacing your outdated HVAC system can actually save you a large chunk of change in the long run. Here’s how.
Lower Energy Bills
Depending on how old your existing HVAC system is, there’s a good chance that energy-saving technology has come a long way since when your old unit was installed.
By upgrading to a new system, you’ll be able to reap all the money-saving benefits that come along with greater energy efficiency, such as lower electricity bills during the summer months and lower gas bills during the winter months. Meanwhile, you may find that your home remains more comfortable year-round.
As part of your HVAC upgrade, you might also consider swapping out an old thermostat with a programmable or even a “smart” thermostat to enjoy even more savings.
Specifically, a programmable thermostat saves you money by allowing you to set up a heating/cooling schedule for your home. Many people, for example, will program their thermostats so that their HVAC runs less while they’re away from home (such as at work) and automatically kicks back on before their arrival back home.
Smart thermostats can take things a step further by offering more energy-saving features, thus cutting down your heating and cooling costs.
In addition to helping you save money on your energy bills, a new HVAC system may also save you money by requiring fewer repairs. This will be especially true if your current HVAC system is frequently breaking down, costing you a lot of hard-earned money not only in service calls but parts replacement and labor as well.
By upgrading to a new system, you can avoid these recurring problems and enjoy greater peace of mind that your heating and cooling system will be reliable when you need it the most.
Even if something were to go wrong with your new HVAC system, there’s an excellent chance that it will be covered under a manufacturer warranty; this is because most major HVAC systems manufacturers offer parts warranties for buyers’ peace of mind. You may still have to pay for labor costs, but any defective parts on a new HVAC unit will likely be covered for several years after your purchase.
Potential Credits/Deductions and Rebates
Before you purchase a new HVAC system, take some time to research potential rebates. Many manufacturers offer rebates for buyers that can add up big time and offset some of the costs of purchasing a new system.
You can do your own research here or ask your HVAC installer/technician about available rebates as you shop around. Just keep in mind that the way these rebates typically work is to pay full price for the unit up front.
From there, your HVAC installer submits the proof of purchase and obtains the rebate on your behalf. This rebate usually comes in the form of a check, but this can vary from one manufacturer to the next.
In addition to rebates, you can also save yourself some money by taking advantage of any tax credits or deductions available to you after the purchase of your HVAC system.
The federal government and IRS, for example, generally allow for the costs of a new residential HVAC system to be written off your taxable income as long as the unit is Energy Star® rated.
By taking advantage of all credits, deductions, and rebates available to you, you can save a pretty penny on your new HVAC system.
Maximizing Your Savings With a New HVAC Unit
No matter what type of HVAC system you end up with, there are some things you can do to maximize your savings. First and foremost, take time to shop around for the best value.
Don’t hesitate to get at least a few different quotes for HVAC replacement before you make a decision. From there, be sure to take proper care of your new HVAC system to avoid problems down the road (and keep your system under warranty).
Ideally, you should be scheduling an annual tune-up and inspection on your new unit to keep it running as smoothly and efficiently as possible.
While it will definitely cost you some money upfront to replace an outdated HVAC system, there are many ways in which this type of home improvement can pay for itself over time.
From cutting down on your energy costs to saving you on repair bills, a new HVAC system can be a wise choice for many homeowners.
Learn how to manage your thermostat
You can save money on your heating and cooling bills by maintaining a constant temperature throughout the year. You can save up to 10% on your energy bills each year by consistently setting your thermostat to 78 degrees in the warm months.
According to the Department of Energy, using a temperature above 72 degrees saves you 3% on cooling expenses. Maintaining a consistent temperature can also reduce your heating expenses.
Temperature control in your home is crucial for comfort and savings. You can heat and cool your home according to your schedule with a programmable thermostat.
Ways to extend the life of your HVAC Unit
The following simple strategies can help you save money on your heating and cooling expenses, even if you’re not buying a new HVAC system right now. A more efficient HVAC unit means lower heating and cooling bills for your home.
HVAC systems can be maintained by cleaning vents and replacing filters.
The maintenance of your HVAC system should be handled by a reputable company.
Fan use can help you lower your thermostat and save on your cooling bill during the warm months by improving your comfort.
Clean and unobstructed HVAC vents and registers are essential.
You should manage your blinds and curtains to block the sun’s heat on warm days.
Keep an eye out for leaks and drafts around your windows and doors – they can cause energy loss.
Thank you for reading!