Keystone Help Financing for a New Gas Furnace

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Real Estate Agent with Coldwell Banker Residential Brokerage

Well, I decided to bite the bullet and get our really old, inefficient gas furnace yanked out in favor of a new-tech furnace.  We are redoing our basement and it's a great time to remove the old clunker (literally) and move into the 21st century.  I'm excited!  I decided to make this a project for my blog (are you REALLY surprised?) and will report on the changes in my bills and air quality. 

I settled on letting a highly reputable company handle the install - UGI, our regional gas provider, who does sales and service of gas heating and AC systems.  The estimator, a Margaret Wenger, came out yesterday to price my replacement. The price came in at $3,320 for a new furnace, AC coil and related work (which is fairly heavy as old as my system is).  I was happy knowing what I know about system prices, but to get a second opinion I called my friend Steve Iseman, who is an analyst for Metropolitan Edison over in York County.  He agreed that the price was good, so away we went!


The unit I am getting is an EnergiAir GMH95, which is made by Goodman Manufacturing for UGI, who renames it.  It's a 95% AFUE efficient unit (wow!) with 2 stage operation and multispeed functionality.  Pretty cool (pardon the pun).  The 2 stage feature is neat - the blower slows down as the load on the unit decreases, to save energy.

One interesting thing came up that I hadn't planned for - UGI offers the "Keystone Help" financing program for it's energy-efficient upgrades.  The 95% efficiency units qualify.  The program is an up-to-10 year financing term for only 8.99%.  It can go to 6.99% in certain cases of reduced income.  As an example, a $2,500 loan would be $32 per month for 10 years.  There is no prepayment penalty.  All this is underwritten by the PA Treasury Department.


I was interested.  I'm going to do the financing so I can write about how it works for the benefit of my readers who are considering an energy-efficient upgrade and can't pay in full.  This could be great for the bigger-ticket items like PV solar or Geothermal.

The install date is the 18th, so I'll give an update then!

 

 

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Ambassador
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
Sounds like a useful program, Jeff.  Good luck with your remodeling project.
Jul 13, 2007 05:02 PM #1
Rainmaker
201,284
Stephanie Edwards-Musa
thredUP.com - The Woodlands, TX
knitwit at thred UP
This is neat. I can't wait to hear your utility bill changes in the winter.  It's amazing that they have a financing program.  Did you know that there is a Refi Loan for EEM's?  Keep us posted!
Jul 13, 2007 07:16 PM #2
Rainer
84,142
Mary McGraw
GLREA - Rockford, MI
2015: Solar Energy Is Still A Simple Machine!
Excellent Jeff - Please post a link on my new GREEN RESOURCE DIRECTORY Financial Services Blog along with a short summary! Thanks for the information! Gotta keep the new baby warm!
Jul 14, 2007 09:19 AM #3
Rainmaker
332,415
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager

Brian - thanks, we'll see how it goes!

Jul 15, 2007 10:48 PM #4
Rainmaker
332,415
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager
Stephanie - will definitely keep you posted. 
Jul 15, 2007 10:48 PM #5
Rainmaker
332,415
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager
Mary - will post over there as soon as it's installed...
Jul 15, 2007 10:49 PM #6
Ambassador
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life
Let me know how it goes Jeff, I'm very familiar with the program and company.
Jul 19, 2007 07:09 AM #7
Anonymous
Janet Wilson

I am also participating in the Keystone program for converting my oil furnace into gas. My price is a little higher for disposal of my old oil tank, replacing furnace & water heater, putting new thermastat, and closing off my chimney for $6,670. However my finance is 5.90 percent for 10 years with no early payoff penalty. I think that it is a wonderful benefit for single mothers to not have to pay that much money up front. I sure don't have that kind of money to just hand out. I'm not sure what my new equipment looks like , UGI reassures me that I will be very pleased.

Apr 15, 2009 10:08 AM #8
Rainmaker
684,103
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

WOW, I see this is a few years ago and would I love to have this sort of price today.

Oct 17, 2012 05:10 AM #9
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Jeff R. Geoghan

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