Navigating 2024: How Rising Costs Demand Strategic HVAC Budget Planning

According to many analysts, costs of goods and services in 2024 will continue to rise and potentially at a dramatic rate. As next year’s operational budget planning now takes center stage, inflation is a significant concern that budget planners must factor in. Mitigating the operating costs of your facility’s HVAC systems can be one area that is much more predictable with prudent planning.

Since the beginning of 2022, the HVAC industry has experienced a sharp rise in both new equipment and replacement parts. Coupled with the energy sector’s continued price increases on electricity and natural gas over the same time period, you cannot afford to overlook the HVAC units you own and operate when budget planning.

The U.S. Energy Information Administration estimates that operating a 5-ton commercial air conditioner costs an average of around $600 per month. Keeping this figure in mind can be helpful during the budget planning process.

Another great way to look out for your long-term bottom line is to take care of the equipment you already have! It’s mechanical with lots of moving parts. Invest in a solid HVAC service provider and a comprehensive Preventative Maintenance (PM) program to keep your equipment running longer and more efficiently. A proactive and ongoing maintenance program will also help to reduce unplanned repairs, minimizing unforeseen costs.

With the cost of doing business continually increasing, this is no time to “roll the dice” and reduce or drop your HVAC Preventative Maintenance program in order to save money. Proactively preventing a potential failure with a good Preventative Maintenance program could quite literally pay for your annual agreement rather than an expensive repair.


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