If your heating, ventilation and air conditioning unit is more then 10 years old, you can save on average 20% on utility bills if you were to replace the unit. Of course, the downside to this is that you will also have to spend between $3,000 to $5,000 to replace your old unit. Determining if you should replace or repair your current unit depends on a few factors.
There are ways in which you can save money when you replace your HVAC unit. You can write off some of the expenses when buying a new HVAC/AC unit on your yearly taxes and you can get a rebate on the unit if it is an energy efficient product. Do not forget to budget your monthly utility bills on what a new unit will save you as compared to what the old unit costs you.
You may also be able to save money by choosing a unit that is right for your home instead of being sold a unit that is too big. Determine what size unit you need for your home and if your current unit is the right size. Unfortunately, to determine what unit size is right for your home you have to know if you have a lot of drafts in the home. An older, less energy efficient home will take a larger unit to perform in the home.
A general rule of thumb is that one ton of HVAC can cool up to 800 square feet in a home. On average, a 4 ton unit will be suffice to handle a median home. Bigger is not always better when it comes to HVAC units so do not be tempted to buy more at a better rate. The biggest job that a unit performs is taking the humidity out of the air. A bigger ton unit will help bring the temperature down in the home but it will not bring down the humidity. Buy the right size unit as opposed to a bigger unit.
Regardless if you repair or replace your current unit, to save money, invest in a maintenance program. Doing standard maintenance such as replacing filters and cleaning coils yourself will help, but hiring HVAC/AC will help prolong the major equipment parts as well.