Every home uses its hot water differently so it’s important to understand the different types of water heaters and features best suited for your household needs. Another important thing to understand is the benefits of renting or owning a water heater. While both are a great way to ensure you always have hot water when you need it, we’re here to provide a bit more information for you to help make your decision.
Renting a water heater is an additional monthly expense but can also save you spending a large amount at one time. When it comes down to it, the decision to rent or buy can be split into a few main categories:
You were thinking about it, so we had to cover it! The decision to rent or buy your new water heater is another key consideration before you even start looking at models and features. There are pros and cons to each decision and it all comes down to individual preferences and circumstances.
Renting a water heater gives you affordable monthly payments and the peace of mind that you won’t have any unexpected repair or replacement bills. Rental costs vary depending on the company and the water heater itself. For homeowners in the Brantford area, Crystal offers water heater rentals starting at $16.99 per month.
Buying a water heater comes with a larger upfront cost, but will be cheaper in the long run. Most water heaters last roughly 15 years, so unless you’re faced with a large repair bill, the benefit of buying over renting typically pays off after about 7 years. While you won’t have ongoing monthly payments, you will be responsible for any maintenance or repairs that aren’t covered by the warranty.
Let’s talk about the differences between tank and tankless water heaters. A standard tank water heater (natural gas or propane) vented through either a conventional chimney or through a wall power vent, is probably the most common type you will see in today’s residential homes.
A water heater’s energy factor (EF) is a measure of useful energy coming out of the water heater, divided by the amount of energy going in. The energy factor is based on the amount of hot water produced per BTU of natural gas or propane consumed per day.
What does this mean? Basically, the higher the EF, the more money you spend to operate the water heater and therefore more energy is being utilized to heat the water. A simple example would be if you spend $100 on natural gas to operate a power vent 40-gallon water heater, you are actually only getting about $67 worth of gas to heat the water. The $33 that remains is a loss due to the inability to extract all of the heat from the gas you are burning.
For more information on the Storage vs. Tankless debate, check out our blog dedicated to this topic!
Whether you rent or own, be sure you fully understand the contract you’re signing! Take the time to read through the document and to get any of your questions answered – you should feel confident in your decision. It’s also a great idea to ensure the company you’re signing a contract with is qualified and licensed – after all, it’s YOUR home and your hot water at risk!
At Crystal Heating & Cooling, we offer both purchase options and a low-cost monthly “Lease-to-Own” program that allows homeowners to pay down the value of their product to eventually own their water heating system. Contact us today at 519-756-6888 for your no-cost, in-home evaluation of your existing system and find out how Crystal Heating & Cooling can help you save on your monthly water heating expenses.