HVAC Prices Expected to Rise in 2022 Amid Inflation
Rising rates of inflation mean your cash in hand may not be worth as much as it was a year ago. Many companies have already started increasing their prices to account for the devaluing dollar, and you’ve likely seen this in some of your shopping trips, particularly in the price you pay for groceries. Across the board, retail prices have increased, and will likely continue to increase along with the inflation of the US dollar.
This year, inflation has had its greatest annual increase since 1982. In November of 2021, the Consumer Price Index rose to 6.8%.
Reasons for the increase include:
- Supply bottlenecks
- Labor shortages
- Poor weather
- An influx of government money
The next big industry expected to reflect an increase in prices, particularly as we move into 2022, amid inflation are utility and HVAC companies.
Along with an increase in consumer prices, there has been a steady increase in producer prices. Construction prices have soared since November of last year, largely due to an increase in the cost of materials and labor. Higher material and supply costs have been passed onto HVAC contractors, forcing them to raise their prices to account for the increase in price. Other HVAC contractors have taken the loss, for fear of raising their prices.
However, as costs increase more and more across the board, all HVAC prices are expected to increase in 2022 to include the cost to heat and cool your home.
How You Can Save Money Amid Inflation
One of the best things we can do in the face of inflation and rising prices is look for ways to save money to mitigate inflation’s negative effect on our wallets.
- Review your budget. Take a look at all of your expenses and see what you really don’t need. Consider eliminating one of your streaming service subscriptions, for example.
- Reduce food costs. While inflation has increased the cost of groceries, it has increased the cost of meat and fish much more than just vegetables. Maybe you can start cooking at home more often than eating out. Or, consider reducing red meat from your diet and replacing it with vegetables. If you do it right, you may not only be saving money but your health too.
- Become more energy efficient. With rising HVAC costs here and/or on the way, it behooves homeowners to become more energy efficient to potentially break even with increasing costs — or even save money in the long run.
Tips to Make Your Home More Energy Efficient
You have many options to put in place to make your home more energy efficient to combat higher energy costs. These can include to:
Adjust the thermometer. In the winter, consider turning your heat down at night while you sleep, and just use extra blankets in bed. Also, make sure you aren’t heating any part of the house or apartment that you aren’t using. For example, when you go downstairs for the day, turn the heat off upstairs, if you have the option to do so.
Improve your home’s insulation. You can also look into better insulating your home to prevent heat from escaping. Make sure your attic is well insulated and seal off any leaks around windows and doors.
Install a whole house fan. Whole house fans are one of the best ways you can save money and become more energy efficient. In the summer when it’s hot, rather than turning on your energy-intensive AC to cool your house, consider using a whole house fan. Whole house fans use much less energy than AC, and they do a great job of expelling hot air and replacing it with cooler air, keeping your house cool and your budget safe.