Air Compressor is out and still under warranty. Was told today that it will cost $500.00 labor. Does this sound right? Thanks!

Hard to say, do you mean ac compressor. Freon is spendy,(and not warrantied). Labor rates vary from area to area. If you have a choice, get a couple more bids from other companys.

Sounds about right, we charge $450 for warranty compressor change outs.

Since you are in warranty on your compressor I would check the warranty to make sure it did not cover parts and labor. So many of the AC people in the last few years have been selling parts and labor warranties.

But if you do have to pay for the labor, it depends on why your unit quit working, if it was a burnout that means several more hours labor on the cleanup part of the job. Plus some chemicals and parts.