There are some HVAC industry changes occurring in 2024 that northern Utah property owners should know about!
2024 is poised to be a significant year for the entire HVAC industry, because many different emerging challenges and price shifts might develop throughout the course of this calendar year.
This blog provides a comprehensive analysis about the many factors that play a role in the industry’s pricing, and how consumer choices and industry practices may be reshaped due to all sorts of extenuating circumstances. From supply shortages to raw material costs and regulatory developments, we’ll be providing detailed information about the many changes that may occur throughout our industry in 2024.
So, what industry trends are currently impacting the pricing of HVAC services in 2024? The following factors are what northern Utah home and business owners should keep in mind:
Increased Demand in HVAC Services
The overall increase in demand for HVAC products and services stems back a few years to the COVID pandemic—and particularly the response of people buying homes during the prolonged period of low interest rates. As more people invested in their properties, their HVAC usage significantly increased. This subsequently has led to a huge increase in overall service demands over the past year, and this increased demand will likely only grow in 2024.
Many home and business owners in northern Utah will also be upgrading their HVAC equipment in 2024, and this is partly due to many properties investing in HVAC equipment around the turn of the century and simply needing more eco-friendly, cost-effective replacements.
Inflation will also continue to exacerbate the costs of HVAC equipment upgrades and general services this year, and widespread seasonal price increases are likely to be expected around springtime when the weather gets warmer.
Raw Material Price Increases
Raw material costs have increased throughout all industries, and the HVAC industry isn’t an exception.
Materials like copper, aluminum and steel saw significant price increases throughout 2023, and manufacturers will continue to pass down these added costs to consumers throughout 2024.
Semiconductor Chip Shortages
The worldwide semiconductor shortage will undoubtedly continue to impact the HVAC industry in 2024, and this is largely because HVAC systems rely on semiconductor chips to function at the high efficiencies that consumers demand. This includes HVAC products like heat pumps, mini-splits, central air systems, and all sorts of different HVAC products and equipment.
As the semiconductor chip shortage continues, HVAC manufacturers will see issues with developing new units. And as demand continues to climb in association with a lower supply of efficient equipment, inflation and pricing increases are likely. This type of price increase will also apply to repair/replacement appointments connected to existing HVAC systems.
Fuel Costs
It’s easy to recognize the skyrocketing fuel costs that are impacting everyone’s lives these days, and these types of cost increases will ultimately impact HVAC businesses and how they can support the overhead costs of their technicians.
And just like with most increased overhead costs, these costs will likely be passed down to home and business owners through added service fees.
Cost Savings & Energy Efficiency: The Bright Side Of The HVAC Industry In 2024
The good news is that there are some silver linings that’ll emerge throughout the HVAC industry in 2024, which include energy-efficient system savings.
Below are some of the reasons why investing in cutting-edge HVAC technology can ultimately offset any initial price increases through reduced maintenance costs and energy bills:
HVAC System Energy Efficiency
Modern HVAC systems have been designed to provide maximum indoor comfort, while simultaneously minimizing energy consumption. It’s important for home and business owners in northern Utah to understand that these efficiency advancements aren’t just about eco-friendly stewardship, because this directly translates into significant cost savings for property owners.
Long-Term Financial Benefits
Although highly efficient HVAC systems might be slightly more expensive in 2024, it’s important to take the long-term financial benefits of these cutting-edge systems into account. Today’s systems use less operational energy, which results in lower utility bills for homes and commercial properties.
Over long periods of time, these energy savings will end up offsetting any added costs to your initial investment—and then some! High-efficiency HVAC systems also boast longer lifespans and reduced maintenance requirements, which increases the financial savings of these long-term investments.
Government Rebates & Tax Incentives
We’ve discussed the new HVAC tax credits and incentives that consumers can take advantage of in a previous blog, and these opportunities simply can’t be overstated as certain equipment costs add up throughout 2024.
It simply makes sense for home and business owners to take advantage of the tax credits, rebates and overall incentives that the government is currently offering, and these programs will likely see significant advancements throughout northern Utah this year. You can dramatically reduce the initial costs of a new HVAC system through these programs, and our team is here to help you get the biggest discount possible with your next installation!
Increased Popularity of Smart HVAC Technologies
Smart HVAC technologies will continue to grow in popularity throughout 2024, and these technologies are helping properties to enhance their overall energy efficiency.
Smart thermostats are becoming a very popular HVAC investment for homes and businesses, and they can learn your household’s daily routine and adjust temperatures based upon your most optimal energy usage. These technologies won’t just bring about added conveniences, because they’ll also help people with energy savings as well.
Improving Environmental Impact
Energy-efficient HVAC systems offer much more than just cost benefits, because they also support a property’s overall environmental impact. These systems can help reduce your carbon footprint, which is a big step that each property owner can take when it comes to combating climate change.
Reach Out To Beehive Heating & Air To Learn More About How We’re Helping Our Clients Adjust To HVAC Industry Changes!
Beehive Heating & Air is a top-rated HVAC business that supports the entire northern Utah region, and we’re here to help home and business owners navigate their way through our ever-changing industry landscape. There’s no denying that the HVAC industry is undergoing many different changes in 2024, but with our help, we can guide you toward affordable, energy-efficient solutions.
Reach out to us online or call us at 801-849-3883 to speak with our specialists today about what’s currently needed at your home or business!