Read this before renting hot water tank with Enercare Home Services. As a matter of fact I would read this before renting anything from this company.
I purchased a home which came with a 3 year old rental hot water tank. After I moved in, I received my Enbridge invoice which also had the rental fee for the water heater tank. Rental fee is $27 + tax per month. I decided to do some math to see if I could afford to buy it out. I called the Enercare and asked how much it would cost to buy out the tank and I was quoted $1350. Remember, this is a 3 year old tank which only come with remainder of manufacturer warranty. So, I decided to shop around and found out the exact same brand 50 Gallon tank I can purchase from home depot for $880 + tax + installation which works out to around $1200.
I called back Enercare and asked them if they can do anything to reduce the price since it is an older tank and I was told they cannot. I explained to the agent how it does not make sense for me to pay more money for an old tank when I can get a brand new one installed with warranty for cheaper price. She said it’s the price that’s showing on her computer and she cannot do anything. So I asked her if I could cancel the rental agreement and I was told I cannot do that either – apparently, once you start renting you have to either buy out the tank for the price they quote you or rent until the end of life of the tank. Now I’m on the hook to keep renting until the tank breaks down to a point where it needs to be replaced or buy it out.
I understand businesses need to make money, but they must understand this is a rip off. Also, the agent kept agreeing with what I was explaining and kept repeating “I understand you sir, but it’s in the agreement”. Let’s be realistic here, who actually reads through the fine print?
My recommendation is if you are in the market for hot water tank, either finance it or buy a new one and stay away from Enercare. New ones comes with 6 years warranty and very rarely hot water tanks break down.