It happens to all homeowners eventually – your aging air conditioner is beyond repair and must be replaced. Even with the best preventive maintenance, few home appliances last forever, and your AC unit is no exception.
If you’re on the receiving end of such news, you might find yourself wondering how you’ll pay for this unexpected cost. Air conditioners are definitely big ticket items, averaging $1,500 to $4,000 for the unit. Then adding installation to the cost – it becomes a total that few people can pay on short notice.
Have more questions about installing a new AC unit? We would love to help guide you.
How will you pay for an AC unit?
Fortunately, homeowners have options when it comes to funding a new AC system.
Check your home warranty.
Your homeowner’s insurance won’t cover an AC replacement, but a home warranty might, depending on your policy. Check your coverage details to see what is included.
Finance the AC unit.
Call your banking institution to inquire about a home equity loan, or apply for a subsidized loan from your state. Depending on your income level, you might also be eligible for a federal grant.
Look for rebates.
Many federal, state and local governments offer incentives for purchasing energy efficient units. These incentives usually come in the form of direct rebates, tax credits or tax deductions, and can exceed $1,000 per system. Find incentives in your area at DSIRE USA.
Are you a Clay County resident?
Homeowners local to Clay County, Florida, with utility service though Clay Electric Cooperative Inc. (CEC) can apply for an energy conservation loan. With varying interest rates, homeowners can finance up to $7,500 for a new residential air conditioning unit or several other energy efficient home improvements.
To apply for an energy conservation loan with CEC:
- Schedule an energy survey with CEC prior to the loan application.
- Call DDI Southeast, or the company of your choice, to get an estimate for your new AC unit.
- Complete the loan application, and submit it along with your work proposal.
- Once the loan is approved, begin work and installation as outlined in the proposal.
- After installation is complete, schedule an inspection by Clay County and then CEC.
More information about CEC’s energy conservation loans, as well as available rebates, is available at Clay Electric Cooperative Inc.
Have more questions about replacing your AC unit? We can help!
Replacing your AC unit can be an overwhelming task. Explore your options to find the right financial solution for you, and let our technicians install a new unit to keep your home cool and comfortable.