Is It Time to Upgrade Your HVAC system?

July 29, 2022
Financing HVAC with PACE

Summers in the U.S. are hotter than ever, leaving the elderly and those with pre-existing conditions at increased risk if their HVAC goes on the fritz. Having a reliable and efficient HVAC system is crucial for maintaining safe and comfortable temperatures year round, especially for those in extreme climates. 

HVAC stands for heating, ventilation, and air conditioning. Put simply, your HVAC system draws in warm air through the ventilation system, cools the air, and then redistributes it throughout your home, or vice versa with warm air during winter months. Your thermostat is where you can adjust the temperature so these three systems can work together to keep your home comfortable:


The most common heating systems are forced-air heating systems that use furnaces powered by natural gas, propane, or electricity to heat your home.


Moves air through your home while filtering out particles like pollen and even regulating moisture. Often done through air ducts and vents with filters that require regular cleaning. 

Cooling (AC)

Individual air conditioning units or central air conditioning systems both use refrigerants to produce cold air while fans or other mechanisms move warm air out of living spaces.

Understanding how these different components work together and how to provide proper maintenance may help you prolong the life of your HVAC system or decide when it’s time to be replaced. Neglecting your HVAC can cause costly repairs down the road as most problems stem from a lack of maintenance.  

Related Article:10 Tips for Improving the Efficiency of your HVAC

Signs Your HVAC is Malfunctioning

Your physical discomfort is usually the first sign that things aren’t working right with your air conditioning. Here are a few other indicators that may warn you that your AC is about to or already has broken: 

  • Higher energy bills
  • Running constantly
  • Unusual noises
  • Strange odors

 Even with diligent upkeep, if your unit is 15 years or older, it’s only a matter of time before the costs of repairs outweigh the cost of replacement. If your repairs start totaling over $5,000 it may be worth looking into a new unit. 

HVAC Replacement Costs

The cost of your HVAC replacement will vary depending on factors like the size of your home, how much work is required, the location of the unit, and the type of unit. Below are the three most common systems homeowners choose from:

Ductless Mini-Split HVAC Systems

Range from $2,000 to $8,250 and use air handlers in each room to individually handle heat instead of ductwork. These are strictly outdoor units so you don’t have to make space indoors.

High-Velocity HVAC Systems

Cost around $5,000, but work much faster at cooling or heating areas than other systems. These units tend to make more noise while running.

Geothermal Heating and Cooling Systems

Cost around $10,000, but are a more eco-friendly option, using the ground temperature to cool or heat your home, instead of electricity.

Consult with one of our registered contractors to get an estimate for your new system!

Financing Your HVAC with PACE

PACE stands for the Property Assessed Clean Energy (PACE) financing program, an affordable alternative to traditional financing methods that helps homeowners obtain funds for energy-efficiency improvement projects. Unlike conventional financing methods, PACE is added to and paid through the property taxes, and it is secured by the property similar to how a home equity loan, a home equity line of credit, or mortgage would.  

Benefits of financing your HVAC replacement with PACE include:

  • 100% financing with no money down
  • No min. FICO score required to qualify
  • Fixed competitive rates
  • Payment terms of up to 30-yrs
  • Fast approvals, generally within minutes

Want to learn more about financing your HVAC replacement with PACE? Don’t sweat – our experts can answer any of your questions at 844.736.3934!

Important Disclosures

PACE financing is subject to approval. Underwriting requirements and restrictions apply. PACE financing is secured by a lien on the subject property and often required to be repaid upon refinance or sale. PACE financing is private financing that must be repaid in full. PACE financing is not a government subsidy. Renew Financial Group LLC, a Delaware limited liability company (Renew Financial), is a private company and not a government entity. The installation or construction of property improvements financed with a PACE assessment is provided through an independent third-party home improvement contractor or other third-party provider, and not by Renew Financial or a government entity. Homeowners should perform due diligence before selecting a home improvement contractor or source of financing. 

All content provided on this blog is for informational purposes only. Renew Financial makes no representations as to the accuracy or completeness of any information found by following any link on this site. Renew Financial is not a financial or home improvement advisor and information contained in this post should not be viewed as legal or financial advice.