Three main factors to consider are:
1. Life Expectancy of Current System
When you're frustrated with an equipment break-down, it can be tempting to find the least expensive "quick fix" to get on with your life in relative comfort. That "quick fix" may be the least expensive now, but it may not give you the most value — or cost you the least in the long run.
Paying for repairs to an old or inefficient system often simply prolongs the inevitable. It's almost like putting a bandage on a serious injury. An older system that breaks down once is likely to break down again… and again. That means more emergency service calls or, worse yet, the risk of damage to your home or to other components of your cooling system.
2. Operating Cost
There's also an ongoing cost factor to consider. Restoring your old system will only bring it back to its current level of energy efficiency. After you've recovered from the repair bills and the frustration of system breakdowns, you still won't save on your energy bills.
Even six-year-old heat pumps and air conditioners are considered grossly inefficient by today's energy-efficiency standards. You could save up to 60% on your energy bills with new high-efficiency HVAC equipment — which is why installing a new cooling system can actually pay for itself in energy savings within a relatively short time.
3. Looking at the Big Picture
When one component of your system breaks down unexpectedly, it's easy to focus only on repairing or replacing that one part. But each part of your system works with the others to boost efficiency and reliability, so it helps to keep the big picture in mind.
Replacing your old air conditioner with a new higher-efficiency model but leaving an outdated thermostat or leaky ductwork in place, for example, won't let you enjoy all the efficiency advantages the new system has to offer. Plus, you can often save on installation costs when several components — such as the condenser and the air handler — are replaced at the same time.
