HVAC FINANCING FOR HOMEOWNERS
Goodbye old air conditioner.
Hello happiness.
What are your HVAC financing options?
Many HVAC financing options require long approval times or excellent credit scores, while using a credit card to pay for AC upgrades comes with high interest rates and short repayment terms. PACE financing is different. We offer the perfect combination of higher financing amounts, long repayment terms, and affordable, fixed interest rates. All without any minimum FICO requirement.
PACE Funding | Home Equity Loan or HELOC | Personal or Unsecured Loan | Credit Card | |
|---|---|---|---|---|
| Repayment Terms | Up to 20 Years for HVAC2 | Up to 30 Years | Ten Years or Less | Varies |
| Rate Structure | Always Fixed | Fixed or Variable | Fixed or Variable | Compounding |
| Approval Time | Frequently Same Day | Up to a Month or Longer | Frequently Same Day | Same Day |
| Approval Based on Credit | Never | Yes | Yes | Yes |
| Rates | 3.49% Rate / 4.22% APR1 | Dependent on Credit Score | Dependent on Credit Score | 12.99% – 21.99% APR4 |
Financing your HVAC project through PACE Funding.
My heart sank to my stomach. It went from being a five or six thousand dollar job, to almost a thirteen thousand dollar job. I had no idea how we were going to do it.
Jody Harris – Hillsborough County, FL
Which HVAC upgrades can you start right away?
PACE financing can be used to help pay for a broad range of heating or cooling solutions for your home. Whether you urgently need to replace a broken HVAC unit, are looking to increase the comfort in your home, or want to reduce your energy consumption with newer more efficient HVAC products, PACE can likely help you finance the right solution for your needs.
Replace your central air conditioner.
As a homeowner, if your central air conditioner fails in the middle of the summer you will do whatever it takes to find an immediate solution. However, cutting corners on AC repairs or upgrades often leads to even bigger problems down the road.
We have designed PACE to be an immediate solution for homeowners who think they are out of options for financing an air conditioning emergency. Working with trusted local AC installers, we can help you get up and running with the right solution in days, not weeks.
Improve air quality with ceiling & whole-house fans.
Ceiling fans and attic fans help increase air circulation and remove heat from the attic space of your home. These upgrades can work in combination with your AC unit to further increase the comfort of your home and potentially allow you to run your central HVAC unit less frequently, saving money on your electric bill.
Whole-house fans can work as an alternative to running central AC units by creating a constant flow of outside air that circulates from the bottom of your home to the top.
Get a new furnace, boiler, or biomass/wood stove.
Keeping your home warm in winter is just as important and having a cool comfortable house in the summer. PACE Funding make it possible to finance energy efficient furnaces, boilers, and biomass burning stoves.
Biomass heating systems provide an environmentally friendly heating option that burn plant-derived fuel to heat your home. Biomass fuel includes agricultural crops, wood pellets, grasses, and fibers.
Save energy with a geothermal or air source heat pump.
Geothermal and air source heat pumps offer alternatives to traditional home heating solutions. Air-source heat pumps collect and transfer heat from the air while geothermal heat pumps collect and transfer heat from the ground.
Both types of heat pumps can also work as cooling systems in the summer, transferring heat from inside to outside. These solutions also reduce reliance on natural gas and help to reduce harmful emissions. With PACE Funding, you can finance a geothermal or air source heat pump and start saving on electricity.
Approved in multiple states and more than 850 communities
Click a state below to confirm PACE HVAC financing is available in your area.
California
Florida
Missouri
Frequently Asked HVAC Questions
How can I get HVAC financing with bad credit?
PACE isn’t a traditional loan, so we don’t use your credit score to determine if you are eligible for HVAC financing. Approval is based on the amount of equity you have in your home, your mortgage payment history, and your ability to repay your PACE assessment. PACE rewards you for the years you spent saving for a down payment and for responsibly paying your mortgage on time. To learn more, visit the How PACE Works page.
Does insurance cover air conditioning units?
Home insurance typically covers AC units and heat pumps for damage caused by fires, falling trees, vandalism, lightning strikes and sometimes flooding, similar to coverage for the rest of your home. However, normal wear and tear or accidental damage is typically not covered by home insurance policies.
If your HVAC simply breaks after 10 years of use, then you usually won’t be reimbursed for repair or replacement. We encourage you to check with your home insurance company for specific coverage details about your air conditioning or heating unit. You can always reach out to PACE Funding to finance your air conditioning unit when your insurance company refuses to cover the costs.
Do HVAC companies offer financing?
Many HVAC companies offer financing, but it is important to understand your options before making a decision. Unsecured loans will typically require strong credit scores to be eligible for competitive interest rates. Many unsecured loans also have relatively short repayment periods, leading to higher monthly repayment costs. PACE offers long terms and competitive rates without any minimum credit score requirements, making PACE a great option for HVAC upgrades and replacements.
How can I get a free HVAC system?
There are a handful of federal programs designed to help low-income families with their heating, ventilation, and air conditioning (HVAC) needs. These include the Department of Energy’s Weatherization Assistance Program (WAP), US Department of Health and Human Services’ Low Income Home Energy Assistance Program (LIHEAP), and the Environmental Protection Agency’s Energy Star (ES) program.
Some of these programs do provide a very limited number of free HVAC upgrades to homeowners. Depending on your situation it may be worth exploring these programs. However, the guidelines for qualifying for these programs can be stringent. PACE Funding can be a great option to finance your air conditioner or furnace when you don’t qualify for a government program.
APR example uses a $20,000 project with 20 year term. Base rate is 3.49% and requires a 14.99% buydown, financed as part of the PACE property tax assessment. Final APR will vary based on total project cost, selected term, and rate choice. Rates are current as of February 26, 2021 and are subject to change without notice. Not all rates are available in all states.
20 year repayment terms are not available for all project types. Repayment terms are determined by estimated useful life of the product and manufacturer product warranty period. Repayment term options may vary by state. Not all term options are available in all states. Term options are subject to change at any time.
Maximum financing amounts vary by state, city and county. Depending on local regulations, there may be max financing restrictions that limit the maximum PACE financing eligibility to less than 20% of your estimated property value.
Rate range is for Discover are based on data compiled in February 2021 from company website.
