Is buying a hot water heater really cheaper than renting?
Buying a hot water heater vs. renting one has been an ongoing debate for homeowners for many years, and the answer may surprise you.
Renting a hot water heater in Ontario costs roughly between $15-$55 a month. The benefit of a rented system is that should it break down, you don’t have to worry about maintenance or replacement costs because those costs are covered by the owning company (whoever you are renting from). However, this rental fee is ongoing for as long as you rent the hot water heater, and if you ever want to replace it with a new one, you may incur significant rental cost fee increases based on the new unit. These can be a substantially greater cost.
Installing a hot water heater will typically cost between $800-$1200 plus installation costs of roughly $300-400. While there is an upfront cost, the major benefit of owning a hot water heater is that once the system is purchased and installed you own it outright – no ongoing monthly rental fee commitments. Since a typical hot water heater usually lasts anywhere from 10-15 years, if you amortize the purchase price vs rental fees, an owned system typically pays for itself in approximately 6-8 years (barring major repairs). After the hot water system has been paid off there are no other ongoing monetary commitments, so costs in the long run are typically lower for a purchased vs. a rented system.
It should be noted that there are times when renting makes more sense; however, if you’re going to be staying in your home for a significant period, consider installing and owning your hot water heater – it has the potential to save you a considerable amount of money.
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