It’s the great debate many ClimateCare families have:
- Should you buy or rent a water heater?
For many homeowners, renting is the default option because:
- It’s what your parents did.
- The thought of buying and owning a hot water solution outright is a bit uncomfortable.
- Owning a water heater means giving up and/or paying extra for maintenance protection.
- You didn’t know buying was an option.
Take a look at your monthly water heater rental rates.
Are you happy paying them month-after-month? Or would you like to keep that money where it belongs: in your pocket?
Chances are it’s probably the latter.
Pros and cons of renting vs. buying a new water heater
By weighing the pros and cons, you’ll know whether you should buy or rent a water heater.
Pro of buying: No change to your household budget (except your payments will come to an end)
You might think that purchasing something like a tankless water heater will result in higher monthly payments.
That’s simply not the case.
Whatever your current monthly water heater rental rates are (and in Ontario, it averages around $20/month), that money will be allocated toward purchasing your new water heater.
Pro of buying: Continued peace of mind with ongoing maintenance
Now, you might believe that your ongoing monthly rental fee also includes on-demand service and maintenance whenever you need it.
That’s true to a degree.
While a rental company will visit you when there’s a problem, they may not stop by for a regular check-up (unless you specifically ask them to).
On the other hand, when you own your unit, you get to choose the water heater maintenance and protection plan that’s right for you, such as:
- Monthly inspections, cleaning, and maintenance.
- Checking the thermostat to ensure it’s working properly.
- Flushing sediment and other contaminants from the tank.
These are important tasks which need to be done on a regular basis. And they will be; even when you’re no longer beholden to a rental company.
Pro of buying: Protected by warranty
When you buy a new car or new appliance, you want to know it’s protected by warranty in case something goes wrong.
New water heaters from ClimateCare are covered by warranty. So that if any warranty-covered water heater repairs are necessary, they’ll be taken care of ASAP.
No questions asked. No hassle required.
Owning a water heater costs less than renting. End of story.
As with most things in life, the decision on whether you should buy or rent your water heater comes down to money.
By renting your unit, your monthly water heater rental rates can (and usually do) go up on a yearly basis by an average of 3.5%.
(In fact, it’s possible that monthly rental change rates are written in the fine print of your contract.)
Multiply that by 15 years (a nice, easy number to represent the lifespan of a water heater agreement), and your rates could rise by 52.5% when it’s all said and done.
Ownership provides stability because:
- Payment rates never go up.
- Once the water heater is paid in full, you are no longer obligated to make any monthly payments.
No complicated rental contracts to navigate
You may have seen it in the news: Unsuspecting homeowners duped out of thousands of dollars due to complex and hard-to-understand rental contracts signed at their front doors.
In fact, it’s become so problematic that the Ontario government introduced Bill 55, which states:
- Work may not begin to install a water heater during an expanded 20 day cooling off period on door-to-door contracts of this type.
In other words, customers need time to fully understand what they’re signing.
By owning your water tank, the terms of your contract are (basically) as follows:
- Pay the same amount each month until it’s paid in full.
Of course, your nearest ClimateCare dealer will be happy to answer any questions you have about buying your water heater.
Buying is the way to go
When it comes asking should you buy or rent a water heater, more Ontario residents are opting to own their hot water tanks.
- Saves money in the long term.
- Keeps your unit working properly with regular maintenance (vs. only on-demand repairs).
- Protects your family.
Best of all, you get a brand new, reliable, and modern water heater from ClimateCare.
Want to learn more?
Contact your local ClimateCare member with your questions or comments. They’ll get back to you ASAP with the info you need.