Why You Should Own Your Hot Water Tank
Why You Should Own Your Hot Water Tank
In Ottawa it’s very common to rent hvac equipment. This is especially the case with hot water tanks. It wasn’t that long ago that it was practically unheard of to own your own hot water tank. I’m not really sure how it became so common. Maybe because a lot of people don’t really look at their bills, or they don’t think about it. In one case, a customer asked me what “this hot water charge” was on her bill. She had no idea her tank was rented or what that meant. After explaining what it was, she quickly got rid of it and now happily owns her own hot water tank. That’s not to say there aren’t situations where it may be good to rent a tank but there are a few factors to consider. Let’s start with some reasons why you might consider renting your hot water tank
If money is scarce right now and you really don’t have any other option, renting the tank may be your only option at the time.
Some of my customers don’t even realize this until I tell them, but if your tank is rented, any costs associated with repairs are covered by whoever you rent it from. This information should be on a sticker on the front of your tank.
You plan on moving
If you know you’ll be in your current house for under 4 years, you may want to continue renting. Why do I say that? Math time. Let’s say your power-vented rental water heater costs $25 a month to rent. 25 x 12 (months in a year) brings you to $300 plus tax a year. Bowler Heating and Air Conditioning would sell a similar style tank starting at $1250 plus tax. At about 4 years you will have paid off the price of your tank. Obviously it’s a selling feature to own your own tank, so there is that to account for. However, we live in Ottawa, home of the eternal tank rental. So odds are, when you’re selling your home, your competition on the market will also have a rental tank.
So there are your pros for renting. What are the pros for owning your own?
No Monthly Payments
It’s nice to know when you’re budgeting things out that there’s one less thing to think about paying on a monthly basis.
Ok, so now repairs are your responsibility. That can be viewed as a negative but guess what? Our tanks come with a 6-8 year tank warranty, 6 year warranty on most parts and 1 year warranty on labour. That means that other than the first year, you’ll only have to pay labour. Now think about how many times you’ve had someone out to repair that rented tank you have right now. The majority of you reading this will say “never”. There’s not much to a hot water tank, so there’s not much that can fail.
It’s a Great Investment
If you’re in your forever home, it’s an absolute no-brainer. Get that rental out of there. You could buy yourself a new hot water tank every 5 years and you’d still be ahead of the game. If you’re on Ottawa city water we have some of the kindest water you’ll find. It’s very uncommon for a tank to last under 15 years. In 20 years you will have saved $4800 plus tax on rental fees. Delightful!
The conclusion is: if you’re planning on staying in your current home for over 4 years, own your equipment. Naturally, we’d be happy to install one for you, whether you decide to rent or own your unit. Give us a call at 613-769-0490 for a free quote!
P.S Some insurance companies are mean. If your tank is over 10 years old they won’t cover you for flood damage stemming from your hot water system. In some areas of Ontario, I get it. But, in Ottawa I’ve seen tanks as old as 30 years old still kicking. Bowler Heating and Air Conditioning has gotten to know some really great insurance people that we would recommend speaking to. And, no we don’t get paid
for saying this.
P.S.S. - The cliff-hanger…
So now you probably want to own your own hot water equipment. What should you buy? Give us a call or subscribe to our page for the next post!