Table of Contents
Exploring Short and Long Term HVAC Savings
Installing a new air conditioning or heating system in your home might not be at the top of your renovations list, but it should be. If your heating and air conditioning system is still keeping your home at a comfortable temperature, you might not have even considered an upgrade. However, an old system could be costing you each month due to poor efficiency, and you run the risk of it breaking unexpectedly — leading to uncomfortable days without HVAC. Thanks to an increased interest in sustainable and energy-efficient homes, you can find an abundance of short- and long-term savings to make your heating or cooling investment more affordable.
Earn up to 3.80% APY¹ & up to $300 Cash Bonus with Direct Deposit²
- Earn 9x the National Average Rate³
- $0 Monthly Fees⁴ & Free Overdraft Coverage⁵
- 2-day-Early-Paycheck⁶
- FDIC Insured up to $250k plus up to $3M in supplemental insurance⁷
*Rate as of 1/24/2025
* Interest rates are subject to change at any time. Terms and conditions may apply.
Earn 1% Cash Back (on up to $3k in Monthly Debit Purchases¹)
-
No Monthly Fees & No Min. Balance Required
-
Early Pay: Get Paid up to 2 days Early with Direct Deposit²
-
Access to 60,000+ Fee-Free ATMs
-
Fee-free Overdraft Protection³
Multi-featured payment account and debit card
- Get paid up to two days faster
- 40,000 fee-free ATMs
- $0 minimum balance
- Easy-to-use app
- New Current Build secured credit card
- Banking services provided by Choice Financial Group, Member FDIC.
Earn $100 with Direct Deposit¹
- Get Paid Up To 2 Days Early with Direct Deposit Set Up²
- No Monthly Fees & No Min. Balance Required
- 50k+ Fee-free ATMs³ at Walgreens®, 7-Eleven®, CVS® & more
- No Fees for Foreign Transactions & Transfers
Free transactions at in-network ATMs
- Up to $30 ATM fee reimbursement monthly for out-of-network US ATMs
- Free wire, ACH, and external bank transfers
- $100 minimum opening deposit
Why Upgrade Your HVAC System?
Energy Efficiency
Older HVAC systems are less efficient, leading to higher monthly energy bills. Upgrading to a modern, energy-efficient system can significantly reduce your energy consumption and costs.
Reliability and Comfort
An outdated system is more likely to break down, especially during extreme weather conditions. A new system ensures reliable performance, keeping your home comfortable year-round.
Environmental Impact
Modern HVAC systems are designed to be more environmentally friendly, reducing your carbon footprint and contributing to a sustainable future.
Financial Considerations for Your HVAC Upgrade
Down Payment and Initial Costs
HVAC jobs vary from full replacements to repairs. Often, an air conditioning contractor will need to conduct ductwork or modifications to a home before installing a new unit. In these cases, a down payment is usually required, typically about 20% of the final quote.
Warning: Be cautious of contractors requesting large cash sums upfront, as it could be a scam and risks leaving the homeowner unprotected.
Comparing Contractor Quotes
The best way to secure the lowest price for your air conditioning project is to compare multiple contractor quotes. This ensures you get the best value for your investment.
Financing Options
Many contractors offer financing options through preferred manufacturers or direct payment plans. Always be mindful of interest rates and compare different financing options to find the best deal.
Tax Credits and Incentives
Installing a new air conditioning unit as part of an energy efficiency upgrade may make you eligible for tax credits or deductions. Always check for available financial incentives to reduce the overall cost.
Leveraging Home Equity for HVAC Upgrades
Homeowners can use their homes, whether mortgaged or not, as security for loans to fund home improvement projects. Here are two common ways to leverage your home for credit:
Home Equity Line of Credit (HELOC)
A HELOC allows homeowners to borrow money against their home’s equity. It is generally flexible but limited by the home’s value and carries the risk of foreclosure if not managed properly.
Home Equity Loan
A home equity loan lets a homeowner borrow money against the value of the home over the amount of any or all mortgages levied against the property. It acts like a second mortgage, positioning the home itself as security for the loan.
Steps to Replace Your HVAC System
- Assess Your Current System: Determine the age and efficiency of your current HVAC system.
- Research Modern Systems: Look for energy-efficient models that fit your home’s needs.
- Get Multiple Quotes: Compare quotes from different contractors to find the best deal.
- Explore Financing Options: Consider all financing methods, including payment plans, HELOC, and home equity loans.
- Check for Incentives: Look for tax credits and incentives available for energy-efficient upgrades.
- Schedule Installation: Once you’ve selected a contractor and secured financing, schedule the installation at a convenient time.
Upgrading your HVAC system is a wise investment that enhances your home's comfort, reduces energy bills, and increases its value. With Casability’s guidance, you can navigate the process smoothly, making informed decisions that benefit both your home and your wallet. Ready to replace your AC today? Let’s get started on making your home more comfortable and efficient!
For more detailed advice or personalized assistance, Casability is here to help you every step of the way. Stay cool in the summer, warm in the winter, and enjoy the benefits of a modern HVAC system!
