Featured on Fox Business’ The Bottom Line, Jeff and Jordan discussed the installation of a three-ton air conditioning condenser, underscoring the rising costs of both installation and operation. The average cost to cool homes between June and September has increased to $719, an 8% rise from last year, and almost double what it was a decade ago. Southern states face even higher costs, with expenses reaching $858, while northern states see lower but still significant costs at $581.
The EPA attributes these rising costs to climate change, noting that the heat wave season has extended from 24 days in 1960 to 73 days now. This has led to increased utility debts, with consumer debt rising from $17 billion in January last year to over $20 billion by December. As a result, around 16% of US households are behind on their energy bills.
Despite these challenges, the demand for HVAC services remains high. However, Jordan notes that inflation, rising material costs, and new EPA regulations requiring environmentally friendly refrigerants are driving prices up further. These changes necessitate additional training for technicians, adding to the overall cost burden.
As the busy HVAC season continues, homeowners and professionals must navigate these rising costs and operational challenges.