What Are the Benefits of HVAC Equipment Financing?

Did you know that an HVAC system can last between 15 and 25 years? Factors like the brand you buy, the maintenance you perform, and the timely repairs done will determine just how long your system continues to perform.

Living in Canada, you know that temperatures can drop to frosty lows during the winter and can climb to sweltering highs during the summer. So, you’ll want to ensure your HVAC unit can handle whatever Mother Nature dictates.

But it’ll cost several thousand dollars to buy one. If you don’t have the money to buy one outright, what can you do?  The answer is equipment financing. 

Are you curious about the benefits of equipment financing and why you should consider this option?

What follows is a look at the benefits that HVAC equipment financing offers Canadian homeowners just like yourself.

Replace Now to Avoid System Failure Later

Have you ever had your HVAC unit fail amid an extreme cold spell or amid a heatwave? If so, you know, it’s no laughing matter. But if your system is in a state of disrepair, you could experience unexpected issues.

And the unfortunate thing is that serious problems have a way of manifesting themselves when you can least expect them. If you’d like to replace your aging HVAC unit but don’t have the funds, consider equipment finance options.

When you transact with the right company, you’ll be able to finance the purchase of the HVAC system you need. You’ll get competitive interest rates and transparent payback terms. The best part is that you won’t have to wait.

Going the financing route means you’ll get the HVAC unit you want right away. 

Save Money With an Efficient HVAC System

According to some sources, you can slash your utility bills by up to 20% if you get a new HVAC unit installed on your property. Depending on your residence and how often you use the HVAC unit, you could save north of $1,000 annually, especially if you upgrade both your heating and air conditioning system.

Though keep in mind, this is an extreme example, where you might be upgrading from very old and inefficient units, and have a large home in an area with very cold winters and/or hot humid summers and thus high energy expenditures. That being said, it’s not totally uncommon for upgrading to save in the hundreds of dollars per year in some cases.

If you have to save up enough money to get the HVAC system you want, you might have to wait way too long. Financing HVAC equipment means you won’t need to wait to get an energy-efficient unit for your home.

The sooner you get one installed by a licensed contractor, the sooner you will experience the benefits.

You and yours will also enjoy greater interior comfort, gain greater reliability, and also have peace of mind given the warranty coverage on a new system.

While you can get financing to purchase an HVAC unit, another option is to take advantage of the federal government’s $5,000 grant and rebate program.

You’ll have to schedule a home energy audit, hire a licensed contractor to do the necessary upgrades, have a follow-up energy audit completed, and then apply for the rebate. It can save you a great deal of money to go this route.

You Can’t Afford to Wait

What should you do if you have to get an HVAC system right away? It’s never wise to throw good money after bad. If your old HVAC unit keeps breaking down and costing you a lot to fix, you’ll need to replace it sooner or later.

But if your budget won’t allow you to buy the system outright, HVAC financing is the right way to go. You’ll be able to get the HVAC system you need right away. You won’t have any time to waste if your old HVAC unit doesn’t function.

If your old HVAC system gives up the proverbial ghost without warning, there’s no reason to drag your feet on a buying decision. Financing options offer convenient ways to get the type of equipment that’s essential in Canada.

Boost Home Valuation

Can you boost the value of your home by installing an HVAC system? You bet you can. A rule of thumb suggests that you could achieve a return on investment of between 35% and 50%. So, it’s a worthwhile investment.

If you choose to finance an HVAC system rather than delay the project until you’ve saved up some money, the home valuation jump will occur immediately.

Are you planning to sell your home within the next few years? A new HVAC system will make your home more attractive to prospective homebuyers.

Many homebuyers want move-in-ready residences. In other words, they don’t fancy buying a home and then having to replace a bunch of stuff right away. If your HVAC unit is modern, the homebuyer won’t have to worry.

And if you don’t plan to sell your home, you’ll still be able to enjoy your home while knowing that it’s worth more after the HVAC unit installation.

Continue to Save Year After Year

Another benefit of getting a new HVAC system is that you’ll continue to save month after month and year after year. So, you’ll continue to make a return on your investment. It’s the gift that keeps on giving — in more ways than one.

Remember that modern HVAC units are more energy-efficient than older systems are. Upgrading will give you a more efficient system that saves you money that you can use for other things that are important to you. 

Considering HVAC Equipment Financing? Get in Touch

Do you want to learn more about HVAC equipment financing or HVAC rental equipment? Get in touch to learn more about new systems, servicing and repair, and licensed contractors that are available to help you.

We also provide pricing info, buying guides, and reviews. Whether you’re interested in getting an HVAC system, or you have some questions, get in touch for a no-obligation quote from one of our certified local HVAC partners.

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