Located on the southern tip of York region, picturesque Richmond Hill boasts many trails, public parks and even a lake to relax in to beat the summer heat. When the mercury rises, the city steps in to offer free cooling stations for residents (a selection of community centers, splash pads and pools). When it comes to being comfortable at home, there is nothing like an energy efficient air conditioner. A new cooling or heating system is just a click away.
Average furnace or A/C price in Richmond Hill (including install): $2500 – $4500
When To Replace Your Unit
With Canadian summers getting hotter and hotter, many people are choosing to install air conditioners to cope with the heat. But how do you know when it’s time to replace your older unit? The average lifespan of an air conditioner in Canada is 12-15 years and furnaces are 15-20 years. There are a lot of factors to consider when considering replacing your unit.
- The 5000 rule – multiply the age of the unit by the amount it will cost to fix it. If it is more than 5000, it’s time to replace it.
- How energy efficient is your unit? – An energy efficient furnace can save you up to 45 per cent on your heating costs versus an older unit.
- Government rebates – Replacing your older AC unit with a new ENERGY STAR model can qualify you for a credit of up to $400. This credit is usually applied for on your behalf by a participating company or contractor so it is important to ask up front to see if you qualify. This rebate only applies when replacing an older unit and not when adding a unit to a home without existing air conditioning.
There are many incentives for replacing your furnace as well:
Ontario Power Authority rebate of $250
Enbridge gas distribution rebate of $2000 towards the cost of an energy audit and retrofit
Hydro One offers $250 off a new high efficiency furnace
Many people love the idea of replacing their old units, but simply don’t have the extra money to purchase their new furnace or air conditioner in cash. The average cost of a new air conditioner or furnace in Richmond Hill is $2200 to $4200. Luckily, there are two different financing options available.
Financing – You can choose to finance your unit with payment terms anywhere from 12 months to 15 years. Many companies specialize in heating and cooling financing and can work with all kinds of credit.
Rent to own is also an option that involves no upfront costs for the homeowner. A monthly rental is paid for a period, usually 10 years, and the maintenance and upkeep of the unit(s) are usually covered during this period. With this plan if a unit was to breakdown, the repair or replacement is covered. At the end of the term, the homeowner can choose to continue to rent the unit to extend the coverage or own it outright. These deals can usually be transferred with the sale of the home or the remainder can be bought out without a penalty.