HVAC Prices Could Be Higher In 2023
With the price of everything from groceries to cars continuing to increase, HVAC prices could also continue to rise in 2023.
With rapid inflation affecting the price of nearly everything, it’s no surprise that HVAC prices continue to be on the rise. If you’re planning an upgrade for your home’s heating and cooling system, you may be interested to know why this is happening. So, why are HVAC prices on the rise?
Increased Demand
The COVID-19 pandemic played a large part in increasing demand in the HVAC industry. As more and more people began working from home, they also chose to make their workspace more comfortable by upgrading their home’s HVAC system. Simultaneously, manufacturing and production came to a halt in 2020 with factories closed for months creating a shortage in the market. While production today is nearing pre-pandemic levels, it still cannot keep up with demand.
Supply Shortages
In 2020, production facilities were closed for months and when HVAC production resumed, factories were kept at capacity restrictions leading to further supply shortages.
The semiconductor chips needed for high efficiency HVAC equipment have been in a global shortage causing lower production levels of HVAC equipment worldwide.
Changing Regulations
Changing environmental regulations in the HVAC industry led to the phasing out of the R-22 refrigerant used in air conditioners. When the importing and creation of R-22 refrigerant became illegal in Canada in 2020, demand for new refrigerants went up dramatically. This ban also led to a price increase on remaining R-22 supply on the market. Topping up your old AC with R-22 refrigerant will become increasingly expensive as supply dwindles.
Increased Price of Fuel & Raw Materials
HVAC prices increase as the price of the raw materials needed in their production increases. Over the past year we have seen the price of steel, lumber, aluminum, and copper go up significantly. These materials are used to make the shipping pallets, ductwork, drain pans, conductors, coils, condensers, and many other components of heating and cooling equipment. With fuel prices also on the rise, it has become more expensive to distribute, ship, and service HVAC equipment.
What To Expect In The Near Future
While the industry continues to experience production shortages and increased raw material costs you can expect that HVAC prices will continue to rise in the near future. With low inventories industry wide there will be a short supply of particular units or components. The price of furnaces and air conditioners has increased twice this year and further increases are possible.
The Importance of HVAC Maintenance
As replacing your HVAC equipment becomes exceedingly expensive, the importance of maintaining your existing equipment has become very clear to many homeowners. There are a number of things you can do yourself to maintain your AC and furnace to prolong their useful life. Changing the air filter once every three months is a crucial part of maintenance. The air filter removes dust, debris, mold, and airborne contaminants from circulating the air. Having a clogged filter puts your HVAC equipment under serious stress that will reduce its efficiency over time.
If you suspect that there may be a problem or issue with your HVAC equipment, be sure to have a certified technician resolve the issue ASAP rather than waiting for a breakdown to occur. A small repair today will avoid major repairs in the future.
We hope that knowing why HVAC prices are changing can help you plan for your home’s next heating and cooling project. If you have any further questions regarding the increase in HVAC prices or any other HVAC related concerns, don’t hesitate to contact us at any time. Our highly trained and experienced technicians are more than prepared to assist you with any of your HVAC problems. We provide efficient and quick furnace and air conditioner replacement done by our team of HVAC professionals.
We offer a variety of furnace rental, purchasing, and financing options. Give us a call at 1-855-998-2998 or fill out our online request form and we will be happy to assist you with your request.
Easy Rentals...
