When it’s time to invest in a new heat pump, you’re looking at making a significant purchase. Being able to plan ahead for such a large purchase is great, but that’s not always how it happens. You may face the need for an unexpected replacement and feel financial strain as a result. In that case, don’t panic yet, because financing is an excellent option.
If you’re facing the need for a heat pump replacement in Staten Island, NY, give our team a call so we can talk to you about your different financing options. In the meantime, keep reading to learn more about the benefits of financing a heat pump installation.
Considerations for Financing a Heat Pump
The top reason to finance a heat pump is because you need the new system but can’t afford to pay cash for installation. Having a financing option can really save the day if your existing HVAC system isn’t working at all and you can’t put off the investment. You may be wary of financing an HVAC purchase, but doing so can offer peace of mind that you can get a new heat pump without scrambling.
We have many customers who finance HVAC purchases even when they do have cash in savings to cover it. Depending on how much you have in savings, a major purchase like a new heat pump could easily wipe out your cash. Without savings on hand, what do you do when the need arises for another major purchase?
It’s a smart idea to finance your new heat pump so that you can maintain your savings. If you ever need to pay off the loan, you know you have the ability to do so. But at the same time, your savings are there for other emergencies that you might need to address. HVAC financing offers some flexibility. You could even finance part of the purchase and pay for the other part up front. There are so many possibilities.
Another reason that homeowners finance heat pump purchases is to invest in a better unit. You may want to invest in a system that has a significantly higher energy efficiency rating. Yes, a high efficiency model costs more. But the up front investment pays off in so many ways! You get better energy efficiency and lower utility costs, plus a boost in effectiveness for heating and cooling.
One Downside to Consider
Financing isn’t always a good idea. If you already have a tight budget you’re trying to stick to, you may not have enough extra to commit to a loan payment. This can be stressful because it likely means that you also don’t have the cash to pay for your unit outright.
In this case, we recommend that you talk to us about your repair options. We may be able to keep your existing unit running for another season so that you can plan ahead for your heat pump purchase in the near future.
Contact Scaran today to schedule an appointment with our professionals for your ductless heating and cooling solution.
