Renting vs. Buying a Hot Water Tank

When it comes to renting or buying a water tank, there are several important things to consider before you make a decision. A hot water tank can be obtained for a low monthly fee or it can be a lump sum payment that saves you money with time. Like buying or renting a home, what is the best deal depends on your personal financial or home situation and preference.

Buying

  • CON: You will be paying a large sum of money up front, which can be daunting. Financing a hot water tank can be expensive and it can be made even more costly when investing in one that’s energy efficient. Add on the expenses for installation, not to mention repairs, and you could end up paying thousands of dollars out of pocket.
  • PRO: If you have a good warrantee, those repairs could be paid for, saving you money.
  • PRO: If you plan to stay in your home for a period of time, you will save money long term, as you will pay more money in the long run for a rental.

Renting

  • Pro: No huge lump sum payment, just a regular monthly fee.
  • Pro: The monthly fee is lower than it would be if you had to finance the purchase of a new tank.
  • Con: You will have to pay this fee for as long as you need the water heater.
  • Pro: You have access to customer support and repair services.

 

Whether you decide to rent or buy, City Gas Company can help you with the process.  We do installations, repairs, and we also have a rental service. Choosing whether to rent or buy is a personal financial choice based on your particular situation, so do not be afraid to ask questions. Give us a call, and we can help you learn more about the pros and cons of owning and renting a hot water tank in Ontario.