The majority of people and industries in the United States, and most of the world, have been negatively impacted by high inflation this year.
HVAC manufacturers, retailers, and service providers like Air Comfort of KY are dealing with the impact of inflation and some other industry issues that are driving costs higher.
This article is not a veiled attempt to generate more sales. We are trying to educate our customers and community about what is coming down the road.
How much have HVAC equipment costs gone up this year?
A lot.
Some manufacturers have increased prices by close to 40% in 2022, and more increases are expected in the fall.
Why is now the least expensive time to upgrade your HVAC equipment for the rest of 2022?
Inflation
Inflation has caused multiple manufacturer price increases in 2021 and 2022, and there may be more to come later this year.
Supply Chain Challenges
As with many other industries, getting access to raw materials and components to build HVAC equipment has been a challenge for most manufacturers in our industry. These issues have resulted in fewer new units available for purchase, and fewer replacement parts. The result has been higher prices.
New Minimum Efficiency Standards
Beginning on January 1, 2023, HVAC equipment is subject to new efficiency standards and more rigorous testing protocols. These government-mandated standards may have a positive impact on the environment and help reduce energy consumption, but result in more expensive equipment costs. You can learn more about these new HVAC equipment standards in this article we wrote a few weeks ago.
Should You Upgrade Your HVAC Equipment Now?
Every situation is different and should be approached with input from a certified HVAC professional.
To start, have your HVAC system inspected by a reputable HVAC technician to determine the age of the unit or system, efficiency, and identify any system issues.
This information will help you better understand how much longer you can expect your current HVAC components to perform in a cost-effective manner.
If one of your system’s components will likely need to be replaced or have significant repairs within the next one to three years, it probably makes sense to replace it as soon as possible.
The reality is that it is not going to get any less expensive to upgrade your HVAC equipment than it is now.
We know that having new HVAC equipment is expensive and there is never a convenient time to upgrade. We have partnered with a variety of financing partners to make this process more affordable.
Contact us today to schedule an HVAC equipment evaluation. One of our trained HVAC professionals will evaluate your system, give an honest assessment, and provide you with recommendations on how to keep your home or business comfortable, as cost-effectively as possible.
