How Can You Secure Financing for HVAC Replacement?

Paying for a new HVAC system out of pocket can be a real challenge for any homeowner. Fortunately, you can get financing for HVAC replacements. Let’s explore the different financing options available.

Private Lenders

Private lenders like credit unions or banks can provide financing for HVAC replacement. The maximum loan amounts and interest rates vary from one lender to another. In most cases, banks provide low interest rates.

Home Equity

You can borrow against your home equity to finance home-improvement projects like HVAC replacement. A loan against your home will have less interest. Additionally, your HVAC purchase will be tax-deductible. However, you can lose your HVAC system and your house if you fall behind on payments.

FHA Financing

An HVAC replacement can qualify you for the PowerSaver Loan Program, which is backed by the Federal Housing Administration (FHA). You can borrow as much as $7,500 without putting your home up as collateral. You only qualify if you have home equity.

Utility Companies

Utility companies can allow you to pay for your HVAC system through the monthly electric bill. The companies will provide you with low interest rates if you select energy-efficient HVAC equipment.

Credit Card

You can also charge the large HVAC purchase to your credit card. However, interest rates may be higher.

With the many financing options you can choose from, you can easily find one that best aligns with your needs and budget. If you need more information on securing financing for HVAC replacement, don’t hesitate to contact Energy 1 Heating & Air Conditioning. We’ve provided professional HVAC installations, repairs, and service to satisfied homeowners throughout Lorain, Erie, and Cuyahoga counties for the past 35 years.