How To Pay For An Unexpected HVAC Repair

Posted on: 23 July 2019

When you're faced with an unexpected HVAC repair, it could put a hole into your budget that you weren't expecting. Unless you want to be hot or freeze for the next few weeks, it's also something that you can't avoid. Here's how you can pay for that unexpected repair.

First, Don't Put It Off and Keep Running Your HVAC System

If your HVAC system is making noises or not providing enough cold or hot air, don't think you can live with the problem while you save up money to fix it. You could actually be causing additional damage. When one part is broken, it puts strain on additional parts and can cause them to wear out. If something breaks during operation, it could also send shrapnel into other parts of your HVAC system and do even more harm.

When you notice a problem with your HVAC system, turn it off until you can get it repaired.

Consider Replacing Your HVAC System with a New One

If HVAC system repairs are stretching your budget, a new one could be in order. Yes, a new installation will almost always cost more than a repair, but you need to do some math. If you keep having to fix your HVAC system over and over again, the repair costs could quickly add up to more than a new system.

Another way of looking at it is the expected lifespan of your HVAC system. Let's say it should last ten years, and you've had it for eight. The two years of expected life remaining is about 20 percent of its expected lifespan. That means you definitely don't want to spend more than 20 percent of the new installation cost on repairs.

Further, new HVAC systems often come with special financing offers. Spreading out the cost over several years with no interest could work out better than putting a repair on a high-interest rate credit card.

Look at Your Credit Options

You may have several credit options available to pay for a repair beyond just putting it on a high-interest credit card. If you have equity in your home, major repairs will usually qualify for a home equity line of credit at interest rates that are only a little above mortgage rates. You may also be able to find a credit card with a zero percent interest offer or bonus cashback on large purchases.

To learn more ways to pay for an unexpected HVAC repair, talk to a local HVAC contractor, like Signature Heating & Air LLC, about your options.