Buying Vs. Renting: Let's Do the Math
The benefits of renting a hot water heater
The cost to own a water heater has been on the rise since the Department of Energy set higher efficiency standards in 2015. Designed with more insulation to save energy, these larger, bulkier models can cost at least $1,000 and a few more hundred dollars for installation.
On top of that, the payback period (time it takes to recover the cost of the investment) ranges from 2-9 years. Throw in a few common water heater repairs and regular maintenance costs. If your water heater needs replacement after 10 or 12 years, you’re back to square one and paying even more. Clear Flo wants to help Southeastern Wisconsin residents dodge rising upfront costs and spend more time enjoying hot water.
Is it better to buy or own a hot water heater?
What you pay on average for owning a water heater:
- Installation: $500-1,000 or more depending on the type and size. The national average is around $933. Retrofitting can cost even more, especially if other connected systems need to be upgraded.
- Maintenance: $200 on average if you’re paying a professional to flush the tank once a year. Regular upkeep is necessary to keep your water heater within warranty.
- Repairs: $95-1,500 or more for parts and labor depending on your water heater model. The national average is around $569. DIY maintenance can save you some money if you’re able to correctly diagnose the problem and fix it with the exact parts. If your water heater is older than seven years, you’re better off replacing it.
- Replacement: $500-1,800 for the same water heater type and size. Add-ons can range from $40-1,500 or more. An efficient new unit can lower bills by 20% however.
If you bought and installed a tank water heater at the national average of $933, needed a single major repair of $569 because you paid $200 for maintenance annually and successfully avoided any mishaps without needing a replacement, you would still pay an estimated total of $3902 after 12 years.
What you pay for when you rent a water heater from Clear Flo:
- Rent: $25 a month. Repairs, 24/7 maintenance and replacement are included for free with no hassle.
- That’s it.
When you rent at $25 a month for 12 years, you’re paying only $3600 total. Now that’s a deal!
Contact Clear Flo to save thousands of dollars on your water heater by renting