Tax Time! Invest your return into an HVAC upgrade

Mar 5, 2021 | Uncategorized

If you own a home, we suggest spending that tax return money on something far more important than expensive clothing, fine dining, entertainment or some extravagant vacation. It might not be as fun or as exciting. However, we suggest investing your tax return back into your home, into your HVAC systems, where it will pay off in comfort and savings while increasing the overall value of your home. 

We agree it might not be the most exciting way to spend your 2020 tax refund. However, it is certainly a wise investment that will give you a great return — especially if you have an outdated system.

In any case, if this is something you are considering, we at Springfield Heating & Cooling present the following:

  1. How long do you expect to live in your home?

If you’re planning on living in your current home long-term, it would probably be a good idea to consider spending your tax return on things like your HVAC system to improve your health and wellbeing. On the other hand, replacing these same systems might be a good idea if you are selling your home as well. In either case, replacing HVAC equipment that is 15 years or older probably only has a few years left before it will need to be replaced. Moreover, prospective home buyers worry about expensive utility bills and are more likely to purchase 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.

  1. Is your HVAC equipment more than 10 years old?

It’s no secret that HVAC systems become less and less energy-efficient every passing year they’re in use. As such, 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. 

  1. Does your system use “R-22” refrigerant?

With the EPA phasing out R-22 refrigerants last year, homeowners should take this into consideration. If you get a refrigerant leak in your A/C unit and need to recharge it, the cost is going to be much more. 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.

  1. Should I replace furnace and A/C systems at the same time?

The answer is yes — usually. Experts agree it’s best to replace both heating and cooling equipment at the same time because they both 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 System? Consider air quality!

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.

Tough decision? We can help!

If your home heating or cooling 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 Springfield Heating & Cooling today at 937-350-1881, or schedule an appointment now by clicking here!

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