Inflation is a problem that impacts everyone in America, and it’s especially relevant when you’re shopping for a new heating and cooling system.
Inflation is a natural phenomenon that occurs when the prices of goods and services rise over time. And while a certain amount of inflation is normal, the current rate of 8.6% is the highest it’s been since the early 1980s.
According to the Department of Labor’s Consumer Price Index, the cost of a new HVAC system keeps increasing because the price of copper, steel, and other metals used in HVAC equipment has doubled just in the last year. “According to Associated Builders and Contractors, ‘Steel mill product prices have increased 141.6% since October 2020, while iron and steel prices are up 101.5%.’”
So, unfortunately, if you’re in the market for a new furnace, A/C unit, or other HVAC equipment, you can expect to pay more than you would have just a year ago.
But there are a few things you can do to offset the cost of inflation:
1. Consider Energy Efficiency
If you’re looking for ways to save money on your energy bill, investing in a more efficient HVAC system is a great place to start. High-efficiency furnaces and air conditioners can cost 20-30% more than their standard counterparts, but they also use 10-15% less energy, which can make up the difference over time.
2. Look for Rebates and Incentives
Many utility companies offer rebates and incentives for customers who install energy-efficient HVAC systems. Check with your local utility company to see what’s available in your area. Also, the federal government offers a tax credit of up to $500 for energy-efficient home improvements, including HVAC systems. As of this moment, in July 2022, these credits haven’t yet been extended, but there are many renewable energy tax credits to look at while we wait for the HVAC tax credits to be announced again.
3. Do Business with Sun Heating and Cooling
The good news is, that our unique relationships with the biggest brand manufacturers let us buy HVAC systems in bulk. That means, we save more, and you save more, so you don’t have to worry about inflation eating into your budget.
If you have any questions about how inflation is impacting the cost of a new HVAC system, or any other questions before you make the investment, please contact Sun Heating and Cooling today. We’ll be happy to help you find the best solution for your Oakland County home.