Expecting a tax return in the near future?
If so, we would like to recommend you do something positive with it this year — instead of spending it on things like clothing, entertainment or fine dining.
In fact, we suggest investing that tax return back into your home, by upgrading your HVAC system. It may not be the most exciting way to spend your 2020 income tax return. However, it’s certainly a wise investment that will pay off, especially if you have an older unit that’s costing you more to keep in commission each year.
As such, if your HVAC equipment is more than 10 years old, tax time is the perfect opportunity to consider replacing it with a newer energy-efficient system that could end up paying for itself with all the energy savings you’ll get.
To help you decide if you should spend your tax refund on a new HVAC system, we at Monroe Heating & Air present the following:
- Is your HVAC system more than 10 years old?
Older comfort systems get less and less energy-efficient every passing year of usage. If your air conditioner is more than 10 years old, you should think about replacing it with a high-efficiency model that will save you money in the bigger picture. A new high-efficiency HVAC unit saves the average homeowner up to 15 to 50 percent on heating and cooling costs.
Because HVAC systems usually account for around half of a homeowner’s overall energy consumption, you could end up saving several hundred dollars each year.
In any case, you’ll want to consider air conditioning units with a high Seasonal Energy Efficiency Ratio (SEER) and furnaces with a high Annual Fuel Utilization Efficiency (AFUE). The higher the SEER and AFUE rating, the lower your energy costs will be. Similar to SEER and AFUE, the Heating Seasonal Performance Factor (HSPF) is the rating for the heating portion of heat pumps.
- How long do you plan to live in your home?
If you plan on living in your current home forever, it would be a good idea to focus on things like HVAC equipment to improve your health and wellbeing.
Nevertheless, replacing an HVAC unit might be a good idea if you are selling your home as well. Any system that is 15 years or older probably only has a few years left before it will need to be replaced. Moreover, prospective buyers worry about potential utility bills and are more apt to choose a home with a low-maintenance lifestyle.
Regardless, it’s a good idea to have your heating and cooling system inspected by a qualified HVAC professional to get a sense of the current condition of the system. Learn about the different types of HVAC systems available before making a final decision.
- Does your HVAC system utilize R-22 refrigerant?
As some homeowners already know, the Environmental Protection Agency phased out R-22 refrigerants . This means that if you have a refrigerant leak in your air conditioner and need to recharge it, the cost is going to be much higher. New production of R-22 refrigerant was phased out completely last year. Currently, the only R-22 refrigerant available is from previously-produced quantities. In any case, the HCFC-22 refrigerant prices have already started rising significantly. Common refrigerant blends that contain HCFC-22 include R-401A, R-402A, R-408A, R-409A, R-414B, and R-502A (EPA).
If you want to avoid spending a lot of money on a new refrigerant for your HVAC system, invest in a new model that uses a cheaper and more environmentally-friendly refrigerant.
- Is it a good idea to replace furnace and A/C systems at the same time?
The answer is yes. Usually, it’s best to replace both heating and cooling equipment at the same time because they both usually use the same indoor air handler. As such, for optimum results from your system, it’s best for the indoor and outdoor systems to match. Not only that, however, but by bundling the furnace and AC replacement, you’ll save a lot of money on installation costs.
While you may be able to use the old furnace/air handler with a new air conditioner, the system won’t operate at peak potential.
Not Ready to Replace Your HVAC System?
If your HVAC system still has a lot of life left and replacement isn’t an option, think about smaller HVAC improvements, like smart thermostats, air purifiers, dehumidifiers, UV Lights and other HVAC upgrades. These will all improve quality of life and increase home value.
We Can Help You Decide
If your energy bills are on the rise and it’s hard to maintain the right temperature and humidity in your home, it’s time to consider HVAC replacement. As such, we suggest using your tax refund to work by investing it back into your home.
To help you choose an efficient heating and cooling system that best fits your needs, call Monroe Heating & Air today at (513) 540-4890, or schedule an appointment now by clicking here!
