Water Heaters: Renting vs. Buying

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The cost of purchasing water heaters in comparison to renting one can be summed up in two ways. First, there’s the initial cost of the tank itself if you as a consumer decide to buy one and there’s the cumulative cost of renting one. Second there’s the maintenance and replacement costs that can accumulate over the lifespan of water heaters, which is typically about 10 years.

Water Heaters: Baseline Costs

The initial cost of buying a water heater from a big box store like Canadian Tire or Lowe’s or any other place that sells them can range between $400 and $700 depending on the size, make, and model you require. On average renting water heaters from a company like Novel Care is $39.99 per month. The baseline cost of purchasing a water heater that will typically last for about 10 years is $700 on the high-end and to rent for that same amount of time is about $4800. That might seem like a significant difference, but that’s where consumers need to consider the second set of costs associated with renting versus purchasing water heaters.

Water Heaters: Maintenance & Replacement Costs

Let’s face it, 10 years is a long time to own anything without it needing some type of repair. You change the oil in your car, you replace and rotate the tires, and from time to time you have to accept that it will breakdown and need some type of repair. The same is true for your home. Every now and then you’ll need to replace a few shingles or the entire roof, you’ll need to repair the rotting wood on your back porch or repaint specific rooms as the paint fades or goes out of style. Essentially, everything needs maintenance and repairs over time and water heaters are no different.

Now that you’ve purchased a water heater on your own for $700 you still need to have it installed and the old one removed and disposed of, which are additional costs. Let’s say installation and disposal is about $500, now you’re up to $1200 just to get your new water heater installed. Over time there will be multiple service calls and maintenance needs and probably a replacement or two. Replacements alone will be another $1200 each because you’ll have to purchase a new unit, have the old one disposed of and have the new one installed. If that happens once over 10 years now, you’re up to $2400, and with multiple maintenance and repair visits over time you’re likely up to at least $4000 – $5000. Now you’ve eclipsed the cost of paying a small monthly fee to ensure your water heater is running safely and efficiently.

Overall, for a small monthly fee you have peace of mind knowing that if your water heater breaks down, needs maintenance or repairs, or even a complete replacement you don’t have to pay anything at all. There’s no cost for a repair person, no cost for a new water heater, and no cost for disposal. Owning your own water heater means you don’t have a small monthly fee, but every now and then you’ll be hit with large expenses that you might not be ready for financially.

Renting water heaters versus owning them is a smarter choice financially and in terms of convenience and peace of mind. When you work with a reputable and experienced company like Novel Care, you’re assured that you’ll be getting great service from experienced professionals.

For more information about water heaters and water heater rentals contact Novel Care today: 416-921-0000.