When you bought your house, it likely came with a rental water heater. Builders in Ottawa have long partnered with water heater rental companies to save money by not having to include the price of a water heater in the selling price of a new home. As a result, re-sale or new your home has a good chance of having a rental water heater.
You can buy this rental contract out at any point. You lose the free repairs that come with your rental contract, so might choose to keep it as a form of insurance. Your rental company will also tell you you can upgrade your water heater for “free” to a newer, more efficient model – but somewhere in the fine-print will be that you’re entering a new, 15-year contract for the new heater.
Let’s do some quick math. at $20 a month, for 15 years, and 12 months a year – that’s a $3600 contract for an item that might cost $600 and an hour of plumber’s time to install. Maybe not the smartest investment you can make.
I recently gave Enercare a call to determine the buy-out for my 15-year old 50-gallon natural gas hot water tank. It was hardly more than a single month’s rent at $25. I’ll take the $20/month I’m saving and use it to purchase a new tank in 3 years’ time or whenever this tank dies.
Check your Enbridge bill – your water heater rental charge will likely be there on the last page, along with contact numbers for your service provider.