Last month, we released a report stating that many HVAC manufacturers are increasing costs for HVAC equipment, systems, & supplies. To add to that list, geothermal HVAC systems are set to increase as well for 2021.
The reasons for the increases are due to a multitude of factors, including raw material costs, increased labor rates, fuel and transportation costs, and changes to processes.
With the recent COVID-19 pandemic, we’ve seen many people transferring to remote work, or spending more time at home in general. This has led to an increased demand for effective indoor air quality and home comfort systems. Many consumers have chosen this past year to make investments in their home, one of them being upgrading their HVAC equipment.
Over the last several years, we have regularly seen manufacturer price increases once per year, but COVID-19 has especially hit the industry hard, as many of us have witnessed price increase announcements of major suppliers and brands at least once per quarter.
FORT WAYNE, Ind. — WaterFurnace will be implementing a 4.75% price increase across all commercial and residential product lines, effective June 28, 2021. This increase is directly tied to increased supply chain costs and commodity inflationary pressures.