The recent surge in air conditioning prices is due to a combination of global factors. From the impact of COVID-19 to bottlenecks in supply chains, the red-hot housing market, labor market restrictions, and even the war in Ukraine, all of these elements are contributing to the rising cost of HVAC systems. Unfortunately, it's difficult to predict what the future holds for heating, ventilation, and air conditioning prices. The Department of Energy has implemented new SEER2 test procedures for manufacturers, which will more accurately reflect the current field conditions of the equipment in use.
This will help HVAC systems last longer and comply with new efficiency standards. In highly sought-after real estate markets, such as Toronto, buyers often make offers without conditions like home inspections. This means they may discover significant problems with their heating or cooling system that need to be addressed quickly. Many consumers decided to invest in their homes last year, one of which was upgrading their air conditioning equipment. Hotels, motels, and other short-term rentals had to manage their maintenance and repairs more urgently than before due to the pandemic, putting a strain on air conditioning companies and supply chains.
Record-breaking heat waves have also caused an increase in demand for cooling systems. Meeting increased standards means that total costs will be up to 30 percent higher on new HVAC equipment next year. If you're unsure about your current system, it's best to call a professional HVAC company. When this happens on a large scale, it puts pressure on the overall HVAC supply chain and drives up prices. Alberta and British Columbia experienced periods of extreme heat last year, leading to shortages and price increases across the Canadian market. The rising cost of diesel fuel has also caused some HVAC companies to reduce their service areas.
The contractor's top priority should be making the most of a system's lifespan, but if a new system is needed, consider these new regulations and their initial additional cost after the new year. They may also lead to lower monthly operating costs. Regular maintenance of HVAC equipment is essential regardless of whether you need a new system or not. Another area where costs are increasing is labor, which affects every component of the HVAC supply chain. If you answered “no” to any of these questions, it's probably a good idea to call a certified heating and air conditioning technician to analyze it.
