Water Heaters - Comparison of renting vs buying a hot water tank
If you are currently renting a water tank from one of the big utility companies chances are you are paying too much. When was the last time you had a maintenance visit from your rental company? Utility water heater contracts typically increase every year for 15 years and are difficult to get out of. The good news is you can start saving money immediately. Choose which of the three options works best for you.
Here are the pro's and con's of the three payment options for replacing your water heater, which by the way, also apply if you are considering installing a new water heater.
Pro's and Con's of renting vs. buying vs. leasing a hot water heater
|| Lowest total cost, once you have bought and installed the tank there are no monthly fees. Extended warranties and maintenance plans are optional.
|| Highest up front cost. Pay the full price of the tank all at once. Responsible for repairs unless covered by your We Care plan.
|| Convenient single monthly fee. Repair/replacement costs are the responsibility of the supplier. Ultimate peace of mind.
|| Most expensive. You never own the tank and payment does not end until you cancel, even when you could have paid for a new tank many times over. Utility company contracts also increase every year and are hard to get out of.
Estimate how much you can save!