If you’re thinking about replacing your air conditioner or your furnace, you should consider these four primary factors:
How long are you going to live in that home?
If you’re planning on staying in your current home for a long time, it’s best to get a replacement sooner rather than later. You’ll reap the benefits of a new HVAC system for longer.
What is the upfront cost of the repair vs. the upfront cost of replacement?
A repair usually costs less than a replacement, but you should consider how a replacement can save you money over time. It may be a higher upfront cost, but it can lead to greater savings down the road. We find it helpful to compare the cost of repair vs. replacement as a percentage. For example, if a repair costs $1000 and a replacement is $5000, then your repair is 20% of the cost of new equipment.
What will the difference in your energy bills be if you replace your equipment?
Energy prices are rising, and they will continue to rise for the foreseeable future. That means energy efficiency should be a top priority for most homeowners. Many homeowners can see greater energy bill savings if they switch to a new system. Your new HVAC equipment may pay for itself over time.
How reliable will your existing equipment be after a repair, and will it be as reliable as a new system that’s under warranty?
A repair can only do so much if your HVAC system is past its prime. Once your HVAC system is old enough, you should think about how long your system will reliably work. There are a lot of repair costs associated with an older system, and more repairs don’t always mean better reliability.