The Hidden Costs of Putting Off Home Energy Upgrades — and How Financing Can Help You Save
From high utility bills to the risk of equipment failures, delaying energy upgrades can turn a planned project into a much bigger, more urgent, and expensive repair.
In fact, most homeowners don’t consider replacing their home’s energy equipment until their current system has quit, according to research. A 2024 study conducted by Clear Seas Research and The Air Conditioning, Heating & Refrigeration (ACHR) News revealed that far fewer homeowners were motivated to upgrade based on the age of their system or having needed multiple repairs in the past.
While it might be tempting to put off a new energy improvement until the next heating or cooling season, or for when there’s more room in the budget— waiting might be costing you more than you think in the long run.
The Cost of Waiting (and Why You Should Consider Upgrading Sooner)
High Energy Bills That Stay High
The older the equipment, the less efficient it is— which means that your home’s HVAC system, for example, is working harder to operate, using more energy, and driving up your monthly bills. Heat pumps and air conditioning units with the ENERGY STAR® label of efficiency standards and have been installed correctly can save homeowners up to 20% on heating and cooling costs.
Risk of Emergency Breakdowns
Whether you’re left without heat in the middle of the winter or are experiencing an emergency scenario in the dog days of summer, urgent replacements can be much more costly and stressful than planned upgrades and projects. Plus, emergency repair rates can sometime double in price— leaving you with greater costs and potentially even less equipment options.
Your Comfort Could Be Compromised
There can be more than just financial costs associated with delaying home energy upgrades. Experiencing uneven heating and cooling in the home, drafts, and poor indoor air quality can have an impact on your and your family’s quality of life, too!
One of the most common reasons why homeowners wait to upgrade is the burden of high, upfront costs. Financing available through the National Energy Improvement Fund (NEIF) helps to remove that barrier.
As the nation’s only Certified B Corporation™ energy efficiency lender, NEIF aims to help homeowners across the country take action now by fixed-rate, low monthly payment financing for qualifying energy efficiency improvements. With NEIF financing, eligible homeowners can often times finance 100% of the project, can budget for predictable, monthly expenses, can prepay at any time— all while working with a trusted team of energy efficiency experts, and a contractor who has earned the NEIF Seal of Approval for high standards of quality work and customer service.
And so while waiting to upgrade might feel like the more convenient choice for now, the hidden costs can add up quickly. By taking advantage of NEIF’s affordable financing and trusted Approved Contractor network, you can take steps toward lowering your energy bills, improving comfort, and making your home more energy efficient — without breaking the bank!
To learn more about NEIF financing for homeowners, please visit: https://www.neifund.org/financinghomeowners/.
SOURCES: ACHR News, AE Heating and Cooling, Clean Seas Research, ENERGY STAR