Advice Needed: Condensing Water Tank Buy vs Rent
I've been scouring the internet off and on to try to figure out what I should do with my current rental hot water tank. We moved into our new home in 2012 and part of the agreement was that we need to rent our hot water tank for a minimum of 1 year. The water tank that was installed in our home is a 90% high efficient condensing water tank. Our current rental charge with Reliance Home is $132 every 3 months so $528 for the year. Now that we've been in our home for 2 years now, we've paid over $1000 in rental fees on this tank and after doing a lot of research, it makes sense for us to buy out of the contract and own our own tank.
I called Reliance to see what our options are and we can buy out our current tank for roughly $2000, or pay a few fee's to remove/return our current tank and go buy/install our own. I did some research to try to find how much our current tank sells for but could not find a price online for a tank that closely resembles the one we currently have. I researched some tankless options but would rather have a tank in the home vs one of the newer tankless models.
Since I couldn't find any decent pricing information online, I decided to email a few companies in my area to get an idea of pricing. One company came back with a quote for just over $5000 + HST. Based on that quote, I'm back to debating the rent vs buy option for this particular water tank. I'm not sure if the tank will still have a valid warranty if I decide to buy it out from Reliance but from a cost point of view if the current buy-out price is $2000, we'll pay for a tank every 4 years.
Here is a link to the current hot water tank model that we have installed in our home: http://www.gsw-wh.com/downloads/PDF/GPVENV0509.pdf
I should also mention that we planned to stay in our home for at least 8 more years so the only issue I can see with buying out the tank is if a part or the tank fails within 4 years.
I called Reliance to see what our options are and we can buy out our current tank for roughly $2000, or pay a few fee's to remove/return our current tank and go buy/install our own. I did some research to try to find how much our current tank sells for but could not find a price online for a tank that closely resembles the one we currently have. I researched some tankless options but would rather have a tank in the home vs one of the newer tankless models.
Since I couldn't find any decent pricing information online, I decided to email a few companies in my area to get an idea of pricing. One company came back with a quote for just over $5000 + HST. Based on that quote, I'm back to debating the rent vs buy option for this particular water tank. I'm not sure if the tank will still have a valid warranty if I decide to buy it out from Reliance but from a cost point of view if the current buy-out price is $2000, we'll pay for a tank every 4 years.
Here is a link to the current hot water tank model that we have installed in our home: http://www.gsw-wh.com/downloads/PDF/GPVENV0509.pdf
I should also mention that we planned to stay in our home for at least 8 more years so the only issue I can see with buying out the tank is if a part or the tank fails within 4 years.