Business Insider’s air conditioning business is booming.
But the prices are skyrocketing.
Here’s what it means for you, the consumer.
Read MoreThe cost of air conditioning in the UK is up by more than 100 per cent since 2006, according to a new report from air conditioning company AirAway.
This is a big change, said Andrew Foulds, the company’s chief executive.
“The cost has gone up in absolute terms,” he said.
“What’s more, you’re talking about a $100 to $200 cost to get a system in your house.
That’s a significant difference.”
A key driver of this rise is the emergence of air conditioners as a cheaper option to heating, cooling and air conditioning.
“What we’ve seen is that a lot of people are really comfortable buying a gas-fired appliance and not having to spend an awful lot on their air conditioning,” Fould said.
“That’s because they know it’s going to be cheaper than a gas stove or a conventional air conditioner.”
Air Conditioners and the UK’s heating systemThe UK has seen an exponential increase in the number of people needing air conditioning over the past five years.
This was partly due to a lack of affordable air conditioning.
According to the National Electricity Market Agency, in the last year alone there were almost 1.8 million people with air condition-related health issues in the country.
This has led to a shortage of new air conditionering units in the market, and an increased demand for air conditioning systems from businesses.
Air Conditioning has a reputation for being a pain in the butt, but in reality it’s not always so.
A lot of this comes down to what is required in your home to keep it comfortable and cool, said Mark McKeown, managing director of research firm IHS Markit.
“There are a lot more people with asthma or allergies to the air we breathe than people who are not,” he explained.
Air conditioning has been a big part of British life for decades, but now there are many new products to replace it.
In many cases, they’re cheaper than air conditioning units.
“A lot of the time we’re replacing air conditioning as a consumer product, and it’s a bit of a double whammy,” McKeoed said.
Accordingly, there is a growing number of businesses that are using air conditioning to boost their bottom line.
This is often done through energy saving strategies like using an air condition that can cool your home, or a heat pump that keeps your home’s air temperature below the prescribed target temperature.
The main reason air conditioning is so popular in the home is because it’s cheaper, Fould added.
“If you have a home with a high air-conditioning efficiency, it’s much more likely that it’s the cheapest option for you,” he says.
“And if you have an energy-efficient home, it means you’re not going to have to spend any money on a furnace or other energy-saving products.”
Read more on Business Insider:Air conditioning in your airconditioning unit: The benefits and costsRead moreOn top of that, a large number of air conditioned houses have been built for large corporations, so there are a number of manufacturers out there who are now trying to get their products on to the market.
For some, the air condition has a place in the modern home, with many customers preferring it over heating.
But for others, air conditioning can be an expensive and unpleasant chore.
Fould said that when people buy air conditioning for the first time, they tend to buy a brand-new unit that may not be fully compliant with local and European standards.
“So you’re buying a product that is not a full compliance, which will make it less efficient and therefore more expensive,” he added.
Air conditioners are expensive because they can be installed cheaply and can be bought at a wide range of retailers.
“You’ll see air condition units on sale for £30 to £50 at a range of stores across the UK,” McKeeown explained.
“It’s not just about the price, it can also be about the brand, and people will say, ‘I’m buying this to save money’.”
The biggest change in air conditioning pricing is due to new air conditioning technologies that allow for an increase in supply.
These include high-efficiency refrigerants and a number, like CO2, that are less harmful to the environment.
While this change has had an impact on the market price, many of these air conditionings can still be very expensive.
“When you go to a shop and see a unit on sale, you can probably get away with a bit more, but if you want to upgrade to the next model, it’ll cost you a lot,” Mckeoed added.