Learn How to Finance Your New HVAC System

January 20, 2015

Because there's so much to gain with a new HVAC system, financing programs exist, so you can pay for your purchase over time. It often makes more sense to finance your purchase than it does to save up for the replacement cost. After all, a more efficient system starts saving you money immediately in lower conditioning costs. The amount you save on your energy bill monthly will help offset the cost of the system and possibly the cost of financing it. These financing avenues may be available when you need to upgrade your current system:

The HVAC contractor

Many contractors are licensed dealers for HVAC manufacturers, like Lennox, that offer financing programs. You can ask your contractor if these kinds of financing packages are available. Lozier has financing available with approved credit.

Your mortgage company

You may qualify for a home improvement loan to finance this purchase, depending on the amount of equity you have in your home. In most cases, financing a new HVAC system through the mortgage holder may result in a lower interest rate than from a bank, and you may even be able to deduct that interest from your taxes after checking with your accountant or tax adviser.

The bank

Your bank may fund such a purchase, especially if you have a positive history with them. You'll have to talk to a loan officer to find loan availability and requirements.

FHA PowerSaver program. Homeowners who want to make home energy efficiency home improvements can take advantage of the FHA PowerSaver program. Since your HVAC system uses the most energy out of all the appliances in your home, it may be worth pursuing this avenue to find a loan at favorable rates. This may cover the purchase and installation costs as long as the equipment meets Energy Star guidelines, like a high efficiency furnace. For more information about financing a new HVAC system, contact Lozier Heating & Cooling. We've been providing exceptional HVAC services for Des Moines area homeowners since 1906.

Our goal is to help educate our customers in the greater Des Moines, Iowa area about energy and home comfort issues (specific to HVAC systems). Credit/Copyright Attribution: "Stuart Miles/Shutterstock"