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How to afford a new heat pump

Pay Now and Save Later: Why You Should Invest in Heat Pumps

Understanding the costs associated with purchasing and using a heat pump is crucial for homeowners considering this energy-efficient solution. This blog will break down the expenses involved and explore various financing options to make the transition more affordable. 

How Much Does a New Heat Pump System Cost?

Equipment Costs

The cost of the heat pump unit itself can vary based on factors like size, efficiency rating, and brand. Generally, you can expect to invest between $3,300 and $8,700 for a heat pump with moderate heating and cooling capabilities, reasonable efficiency with a single-stage compressor, standard noise levels, and a parts and components warranty of 5 to 10 years.

Installation Expenses

The installation cost can fluctuate based on the complexity of the job, any needed modifications to your ductwork, and local labor rates. For a basic air source heat pump installation, the average cost might be around $6,000. However, more complex installations can drive up the price.

Total Investment Estimate

Taking both equipment and installation into account, the total expense of replacing your current HVAC system with an air source heat pump could range from $6,300 to $17,700 or even higher. These are ballpark figures and your actual costs will depend on your unique situation.

High-Efficiency Option

If you're aiming for high efficiency and reliability, consider the InverterCool heat pump. Starting from $7,920, it offers a wider capacity, variable-speed compressor, up to 17 SEER2 efficiency, advanced fault detection, a serene 56 dB noise level, and a 10-year warranty covering parts, labor, and remote technical maintenance.

Considering Savings

While the initial cost of an air source heat pump might seem higher compared to traditional systems, these systems are remarkably energy-efficient. Over time, you could experience up to 40% savings on your annual energy bills with the InverterCool heat pump system. Plus, certain models might even qualify you for a 25C federal tax credit, helping to offset your initial investment.

Getting the Right Estimate

If you're looking for a seamless experience, contact us – we can provide detailed information for price estimates and the best heat pump unit for your home’s size and layout. We’ll also help explain the benefits of heat pumps, our warranty and services, and various financing options all at no cost to you. 

How to Afford a New Heat Pump System?

Federal and State Tax Credits

Your ideal system may be eligible for federal tax credits, like the 25C tax credit, and your state might also provide incentives for energy-efficient home upgrades. Research the tax credits available in your area and consult a tax professional to ensure you meet the eligibility criteria.

Utility Company Incentives

Utility companies often provide incentives and financing options to promote energy-efficient heating and cooling systems. These programs can include rebates, low-interest loans, and other financial incentives. Contact your local utility company to inquire about their offerings and eligibility requirements.

Energy-Efficiency Loans

Financial institutions often offer energy-efficiency loans designed to help homeowners invest in energy-saving home improvements. These loans typically have competitive interest rates and favorable terms, making it easier to finance your heat pump upgrade.

Property Assessed Clean Energy (PACE) Programs

PACE programs allow homeowners to finance energy-efficient upgrades through their property taxes. These programs can provide a flexible and low-interest option for funding your heat pump installation. Check if PACE programs are available in your area and understand the terms and conditions involved.

Home Equity Line of Credit (HELOC)

If you have substantial home equity, a HELOC could be a viable option for financing your heat pump upgrade. A HELOC typically offers competitive interest rates and flexible repayment terms, making it a versatile choice for financing home improvements.

InverterCool Financing Options

At InverterCool, our heat pump systems can apply for a Federal 25C Tax Credit, and we provide 0% interest on a 6-month payment for all systems. If you are in Florida or California, contact us for more details about our financing support. We will help you select our efficient and reliable products and offer convenient one-stop services for your peace of mind.

How to Apply for a Loan?

  1. Select the right product and checkout, filling in the necessary shipping information.
  2. Go to “Payment” and select “Financing.” Fill in the Gift Card and Promotion Code if you have one, then click “Complete order.”
  3. Record the amount showing on the order, as this amount needs to exactly match the loan application amount.
  4. Go to Financing Plan, click the button “Apply For a Loan Now,” which will redirect you to the electronic application form by FinWise Bank.
  5. Fill out the application form, ensuring the amount you enter matches the order amount. Use promo code “SAC6” for a 6-month 0% interest option. Once you complete and submit the application, the lender will reply within 1-2 business days.
  6. Once your application approval is confirmed, we will confirm all order details with you. Feel free to chat or email us if you have any order fulfillment-related questions.
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