Residential HVAC Financing
Reliable Sources of Residential HVAC Financing
Are you planning on changing the heating, ventilation and air-conditioning system of your home? The HVAC system is an essential requirement in all homes since it draws air from outside to cool or heat the house. In Sacramento HVAC systems were not a standard for home builders just 40 years ago. Nowadays an Air Conditioning unit functions properly for up to 10 years or so. You might need to replace the system after this time period depending on the brand. Replacing an HVAC system is not very expensive; however, this is not something you would usually plan in advance which is why many homeowners opt for financing to ease the shock of the replacement cost. HVAC financing is available through most banks, credit unions, and utility companies if you need to buy a new system and are unable to pay for it immediately.
Some of the sources where you can apply to obtain finance for residential HVAC systems:
- dealers and retailers from whom you have purchased the HVAC system
- government loan programs
- traditional banks and credit unions
- power company which supplies your home with power
HERO stands for Home energy renovation opportunity. This program offers select cities in the United States energy efficient home upgrades through city programs. The local governments and the members of this organization strive to preserve energy and water, so that the citizens of the country can get renewable energy resources at affordable rates. You can obtain HVAC financing through the HERO financing program through registered dealers like Bell Brothers.
The nice thing about the HERO program is you don’t need to pay the investment back directly to the organization or the government. It gets added to your property taxes bill. Through HERO financing program you get an opportunity to make your household more energy efficient while installing a top notch HVAC system and paying back the loan when you pay your property taxes.
PACE stands for Property assessed clean energy. PACE financing allows homeowners loans to renovate their home and add superior quality systems that consume energy resources like electricity and water. The systems need to be energy efficient in order to obtain the amount being provided as loan. The payment terms of HERO program regarding HVAC financing is quite similar to the payment terms of this program and is also available in select cities.
When the PACE financing program loans, a certain amount for HVAC financing, the amount is linked to the property, not to the home owner. This loan can be repaid within 15-20 years and during this time if the homeowners change, then the new owner is supposed to make the leftover payments.
A credit union is a body that offers services like credit financing, and is made up of a group of individuals. Credit union groups are not owned by anyone other than the members of the group. This group of individuals might seem similar to a bank but there are some major differences. The leader of the group is chosen by a voting system and the credit loans are only provided to the members of the group. The position of a member in the group does not vary with the amount he/she pays to stay as part of the group.
Numerous credit unions provide their services for the welfare of the community. If the system you are installing is energy efficient or assists in preventing any damage to the environment then a credit union might approve of the loan. Sacramento Credit Union offers fair loan terms but these terms can vary based on your credit score.
Refinancing Your Home
You also have the option of refinancing your home to pay for the installation of a new HVAC system. This financing option has lowest interest rates when compared to the above mentioned options. When you do not have any other option left you should opt for this method of financing as you will be able to get loans based on the property you own currently. Even if your home is on mortgage and the entire amount has not been cleared, refinancing your home is possible so that you are able to carry out the necessary repairs like replacing the HVAC system at your residence.
Bell Brothers offers comprehensive support when it comes to financing any purchase over $2,000. We have dedicated staff to assist you with residential rebates, financing partners and of course finding the right HVAC system for your home.