Buy vs Rent a Water Heater in Ontario: 15-Year Cost Comparison

Short answer: In Ontario, buying a gas water heater almost always costs less than renting one. A power vent tank rented from a major provider starts at about $38 a month, which is more than $6,800 over 15 years before tax. The same class of tank installed by Mr. Heating & Home starts at $2,195, and it's yours from day one.

The 15-year numbers

Most Ontario rental contracts run for the "useful life" of the tank, which is typically 10 to 15 years or more. Here's what renting costs at the entry rates Enercare publishes for Ontario, compared with buying outright.

Rental totals use the lowest published starting rate, multiplied over 180 months, before HST. They leave out rate increases, which most rental contracts allow, so the real total is usually higher. Our prices are installed prices for standard installation, before tax.

What renting actually buys you

A rental fee bundles three things: the tank, the installation, and repair coverage for the life of the contract. That repair coverage has real value if your tank fails early. But a new tank also comes with a manufacturer's warranty, and most repairs in the first years are covered by it. Over 15 years, you pay for that coverage many times over.

When renting can make sense

• You're a landlord who wants a single number to call for every repair.
• You'll sell the house within a year or two and don't want to spend upfront. Check your contract's transfer terms first.
• You can't pay upfront and can't qualify for financing.

For most owner-occupied homes, buying wins by thousands of dollars.

If you already rent

Read your contract before you do anything. Rental agreements usually include a buyout schedule that sets the cost of ending early, and some require you to return the tank. We'll install your new heater, disconnect the rental unit safely, and leave it ready for the rental company to collect. Call the rental company to arrange pickup and to confirm what, if anything, you owe.

What's included when you buy from us

• The tank, delivered and installed by certified, insured gas technicians
• Removal and haul-away of your old unit (rental units are left for the rental company to collect)
• Water, gas and venting connections for a like-for-like swap, plus start-up and testing
• Manufacturer warranty registration, handled for you
• Our 10-day money-back guarantee

If your home needs extra work, such as a venting change or new gas line, we quote it and get your OK before we start.

Frequently asked questions

How much does it cost to rent a water heater in Ontario?

Enercare's published Ontario starting rates range from about $19 a month for electric tanks to about $70 a month for condensing models. Power vent gas tanks start at about $38 a month. Rates rise with tank size and type.

Is it cheaper to buy or rent a hot water tank?

Buying is cheaper over the life of the tank for most homeowners. A power vent tank bought installed from $2,195 equals about four years and ten months of payments at the $38.01 starting rate for a rented power vent tank. Every month after that is money a renter keeps paying and an owner keeps.

Can I get out of my water heater rental contract?

Usually yes, but there may be a buyout or early-termination cost set out in your contract. Ontario rules require water heater rental contracts to include a cover page summarizing key terms, so start there.

Do you install in my area?

We install across the GTA and Southern Ontario, including Toronto, Mississauga, Oakville, Markham, Durham Region, Kitchener-Waterloo, Guelph, Peterborough and the Kawarthas. Check your postal code or call 905-418-2629.

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Rental rates from Enercare's Ontario water heater rental page, checked September 2026. Rates change; check the provider's current pricing.