Financing for HVAC Replacement Can Help in a Major Way

Once you’ve decided its time to upgrade your air conditioner and/or furnace, financing for HVAC replacement may well be the next issue to confront. A typical AC life span is 15 years, and a gas furnace averages more than 20. However, according to the Department of Energy (DOE), homeowners should ideally consider replacing HVAC units about every 15 years to maximize energy efficiency and maintain low operating costs. The DOE also suggests that any HVAC unit more than 10 years old should be replaced if the cost of needed repairs exceeds 30% of the price of a new unit.

Replacement of HVAC units is a meaningful upgrade for a typical existing home. Nationally, the average cost of replacing both a central air conditioner and gas furnace ranges from $4,800 to $9,300, depending on the size of the units, the brand, the efficiency rating, and your geographic location. For these reasons, choosing financing for HVAC replacement (if needed) is an important decision.

Here are some options to consider in order to locate the financing for HVAC replacement that meets your needs:

  • Home equity. If you have accumulated equity in your home, an equity loan to finance a home improvement like upgrading HVAC units is often a good choice. These loans typically have lower interest rates, and interest may be tax-deductible. However, like any home equity loan, keep in mind that you could be putting your home at risk if you’re unable to make the payments.
  • Government programs. The Federal Housing Administration’s (FHA) PowerSaver loan program offers financing options for energy-efficiency improvements to a home, including the replacement of air conditioners and furnaces. The loan amount cannot exceed $7,500, and interest rates vary. A minimum credit score is also required to qualify.
  • Private lenders. Banks and credit unions usually offer loans at competitive interest rates when the loan is specifically for a home improvement. The cost of typical HVAC replacement is normally within the maximum limits of these loans, but interest rates vary.

For more about financing for HVAC replacement, contact Paitson Bros. We’re here for you with trusted advice, as we have been since 1922.

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    By Jeff Paitson
  • About Jeff

    Jeff Paitson Jeff Paitson is a third generation business owner who continues to run the business with the same values that have been passed down from previous generations since 1922.

    Jeff’s belief is that the business belongs to Jesus Christ; therefore 10 percent of the company’s profits go toward the Maryland Community Church.

    Jeff is a Terre Haute Chamber of Commerce member and in his spare time, he enjoys photography.
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  • About Ethan


    Ethan Ethan Rayburn is a lifelong resident of Terre Haute and a 2005 graduate of Purdue University.

    An Eagle Scout, Ethan spent four years as a non-profit executive with the Boy Scouts of America before joining Paitson Bros. as a comfort advisor and later General Manager. In that role, Ethan has brought a renewed enthusiasm for customer care, integrity, value, and service to Paitson Bros. Heating & Air Conditioning.

    Ethan enjoys singing and was a member of the Purdue Varsity Glee Club. He also enjoys playing and coaching soccer, spending time with his family and two young boys, and volunteering his time and resources with his church, Terre Haute First Baptist Church, which he has attended from a very young age.
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