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Buyout Direct Energy Hot Water Heater

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  • Apr 22nd, 2014 2:41 pm
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Sr. Member
Mar 28, 2011
652 posts
426 upvotes
Toronto
if your tank is older than 15 years old, do you still have an option to buy it?

if not and you want to stick to the old plan, what happens? you pay them $75 to take the tank away and go buy/install one yourself?

dont plan to live in house for more than 10 years at this rate so is it better to buy a tank myself or stick to the rental?
Member
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Mar 29, 2009
367 posts
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GTA
my tank installed in 98', 60 gallon rental. I got the letter yesterday. I called and confirmed my intention to remain on old plan. I am awaiting a call back from one of their agents to arrange final buy out. I'll just keep it going till it breaks down and then buy a new one from home depot probably. :|
Deal Guru
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Oct 6, 2010
11758 posts
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Toronto
Vizla78 wrote:
Mar 14th, 2012 9:56 am
my tank installed in 98', 60 gallon rental. I got the letter yesterday. I called and confirmed my intention to remain on old plan. I am awaiting a call back from one of their agents to arrange final buy out. I'll just keep it going till it breaks down and then buy a new one from home depot probably. :|

The agent on the phone told me the buyout option.
Newbie
Mar 13, 2012
2 posts
ETOBICOKE
One thing to remember if you rent, it's just like buying insurance. We had to replace a rental water heater a few years ago. Direct Energy came in, tried to repair the unit we had, could not so, same day, brought in a new one. No charge. If you consider that part of your monthly bill is really protection insurance, renting rather than owning is not as bad as it looks.
Deal Addict
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Feb 4, 2003
1014 posts
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Anyone installed new 50 gal tank from home depot or Lowe's? How is it and how much cost in total. Just try to think if buyout or buy new one? Thx.
Deal Fanatic
Apr 20, 2011
7747 posts
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ON
wilbrich wrote:
Mar 14th, 2012 2:01 pm
One thing to remember if you rent, it's just like buying insurance. We had to replace a rental water heater a few years ago. Direct Energy came in, tried to repair the unit we had, could not so, same day, brought in a new one. No charge. If you consider that part of your monthly bill is really protection insurance, renting rather than owning is not as bad as it looks.

A terrible form of insurance, Mr first post. (Wouldn't happen to work for a rental company, would we?)

If it bursts or catches your house on fire, it's all on you and your home insurance.
If you buy a brand new tank, t has at least 6 years warranty. After 6 years of rental payments, you can afford half a new tank install on top of paying off the current one. And tanks rarely fail in the first 10 years, so save your "insurance" and just buy a new one if it dies off warranty.
Jr. Member
Nov 3, 2005
113 posts
9 upvotes
belfour wrote:
Mar 9th, 2012 11:44 pm
[IMG]http://img256.imageshack.us/img256/8002/scan0026s.jpg[/IMG]


Guess mine is the PV40FVIR / DV40 for the Rheem model. So $443 + tax to buy out... so about 1.5 years to be even... should of bought out sooner :( or just bought my own tank.

How do I find out my tank is CV, PV, or PDV, etc? The "new contract" with "schedule A" did not explain it. I know my is gas tank, 50 gal., made by Rheem, installed 8 years ago by Enbridge/DE.
Newbie
Mar 13, 2012
2 posts
ETOBICOKE
aqnd wrote:
Mar 14th, 2012 6:41 pm
A terrible form of insurance, Mr first post. (Wouldn't happen to work for a rental company, would we?)

If it bursts or catches your house on fire, it's all on you and your home insurance.
If you buy a brand new tank, t has at least 6 years warranty. After 6 years of rental payments, you can afford half a new tank install on top of paying off the current one. And tanks rarely fail in the first 10 years, so save your "insurance" and just buy a new one if it dies off warranty.

The point is, if you currently have a 10 year old tank and you're not prepared to spend $1000 to put in a new one, the rental rather than a buy-out may make sense. If your tank fails, you get a new one without the big expense. And if you continue renting (under the old plan), you get to decide when and if you buy-out and replace while having some protection from a catastrophe. But to buy-out now because you're pissed may mean you need to come up with the grand just when you least expect and can afford it.

No, I'm not with any rental company and Direct Energy sure has ticked me off with this underhanded endeavor but I'm trying to figure out just what the best course of action is at this time. I'm still not sure but reading these posts is certainly valuable.
Member
Jun 26, 2007
489 posts
227 upvotes
Just called to Direct Energy and asked them to keep me on old term and condition.

Buyout price is $739.2 for 2004 year tank?

What would be the better option?

1. to stay with DE under old contract?
2. to buyout and keep the heater or get the heater from HD?

If i go with second option, then do i have to pay $75 to DE?

Thank You!!
Sr. Member
Nov 24, 2002
890 posts
66 upvotes
Toronto
Of all the mechanics, and appliances one owns, a hot water heater is the most reliable; that's why DE rents it - it's cheap insurance FOR THEM. They don't rent furnaces, now do they?

Like most, I too rent my 8 year old water heater, the previous house owner had it installed. I find it cheaper to pay the 20$ per month, then shell out $1000+ for a new one, even though I lose out in the long run. Good "scam" but 1000$ is a 1000$; and owning your own unit doesn't increase the value of your home. :(
Deal Addict
User avatar
Feb 1, 2008
3038 posts
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Niagara Falls, ON
armaan wrote:
Mar 14th, 2012 10:26 pm
Just called to Direct Energy and asked them to keep me on old term and condition.

Buyout price is $739.2 for 2004 year tank?

What would be the better option?

1. to stay with DE under old contract?
2. to buyout and keep the heater or get the heater from HD?

If i go with second option, then do i have to pay $75 to DE?

Thank You!!
Im in a similar situation. My guess is that the the tank is only gonna last you 2 more years.

Im still trying to see what the cost to buy out the replacement would be. Im thinking of going that route. That is if i can get through.
Deal Addict
User avatar
May 24, 2008
3211 posts
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Toronto
hyperactiveme wrote:
Mar 15th, 2012 1:26 am
Im in a similar situation. My guess is that the the tank is only gonna last you 2 more years.

Im still trying to see what the cost to buy out the replacement would be. Im thinking of going that route. That is if i can get through.

A tank from 2004 is only going to last 2 more years???????????? What do you base that on?

Our tank is from 94 and still working fine and there's plenty of other examples like mine around these forums.

You got to wonder how many people posting here are on the DE payroll...
Newbie
Dec 14, 2011
7 posts
OTTAWA
hyperactiveme wrote:
Mar 15th, 2012 1:26 am
Im in a similar situation. My guess is that the the tank is only gonna last you 2 more years.

Im still trying to see what the cost to buy out the replacement would be. Im thinking of going that route. That is if i can get through.

The way things are going with the busy signals I'm thinking of doing this in writing. They invite it after all in the current and future T&Cs.
Sr. Member
May 15, 2006
520 posts
30 upvotes
Toronto
Global TV reported last evening that DE has decided to extend the deadline to May 1 (I believe). Seems they misread the consumers wishes once again.
Deal Addict
Mar 25, 2006
1142 posts
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Toronto
mbs240 wrote:
Mar 15th, 2012 10:02 am
The way things are going with the busy signals I'm thinking of doing this in writing. They invite it after all in the current and future T&Cs.
threeflags wrote:
Mar 15th, 2012 10:18 am
Global TV reported last evening that DE has decided to extend the deadline to May 1 (I believe). Seems they misread the consumers wishes once again.

This is ridiculous, they wrote stupid terms on the paper (as new contract terms) and gave a phone number that's busy all the time and they don't even answer their other phone lines !!!!!!!!! :mad:

I (as one of their customers) am going to dump them and buy a new heater from homedepot or else where.

maybe someone could setup a group buy , is there enough interest? is there anyone who can setup a group buy? if yes, I am definitely in....

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