Manufacturers cannot get parts and supplies out fast enough to keep up with demand, causing prices to climb quickly over the calendar year.
IDAHO, USA — After finding a hole in her in furnace, Hope Wolf knew she needed to replace her unit. The current HVAC system puts her home at risk of a carbon monoxide leak, but this is a costly repair for the Payette homeowner.
Wolf received multiple quotes for a new furnace. The quotes ranged between $8,900 and $9,600. One company told her if she was looking for a new unit a year ago, her quote may have been up to $3,000 cheaper.
“I mean, I kinda expected that answer from them because I know everything is skyrocketing right now,” Wolf said.
Supply chain problems have increased HVAC prices continuously over the past calendar year, according to Capital City Heating and Cooling General Manager Michael Murphysweet. Prices have risen more than 80 percent.
“They can’t make the equipment and get it out as fast as we need it,” Murphysweet said. “It can be really rough to deal with at times, but we’re here. We’ll get through it. But I don’t see the pricing of equipment every back down to where it was.”
As long as manufactures are still selling to businesses like Capital City Heating and Cooling, they have no incentive to lower prices even after supply chain problems cool off, Murphysweet said.
That is a real financial strain for a homeowner like Wolf. Her insurance will not cover any of the damage to her furnace forcing an out-of-pocket purchase.
“I don’t have $10,000 just sitting around in a bank account,” Wolf said. “People like can’t get financing through the bank because they have a car payment or something or you’re making your mortgage payments. Everyone wants you to finance – finance, finance – until you can’t finance anymore.”
Wolf is still waiting to receive a few more quotes. She is crossing her fingers for a lower number. However, her original quotes on her furnace are from December.
After Jan. 1, Capital City Heating and Cooling’s manufacturer already bumped prices up another 10 percent, according to Murphysweet.
“I didn’t know what to expect when I looked into it,” Murphysweet said. “I was telling my sister about it and she was like, ‘oh man, I gotta start a savings plan in case something like that comes up’,” Wolf said.
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