Buy vs Rent a Water Heater in Ontario: 15-Year Cost Comparison
Renting a power vent water heater in Ontario costs more than $6,800 over 15 years at typical rates. Buying one installed starts at $2,195. Here's t...
Tank Water Heater40–60 gal, installed from $2,195
Tankless Water HeaterEndless hot water on demand
FurnaceLennox high-efficiency gas furnaces
Power Vent TankVents through the wall
Chimney Vent TankSimple swap, no fan needed
Two-Stage FurnaceQuieter, more even heat
Water SoftenerSofter water, 80% less salt
Reverse OsmosisPure drinking water at the tap
UV Water SterilizerWhole-home disinfection
HEPA Air FiltrationTraps 99.97% of particles
UV Air PurifierStops mould and bacteria
HRV VentilatorFresh air, heat kept in
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Short answer: Both Lennox Merit furnaces are 96% AFUE, so they burn about the same gas. The ML296 adds two-stage heating and a variable-speed blower, for quieter, more even heat. Mr. Heating & Home installs the ML196 from $4,945 and the ML296 from $5,495, a difference of $550 at the smallest and largest sizes.
| Lennox ML196 | Lennox ML296 | |
|---|---|---|
| Efficiency | 96% AFUE | 96% AFUE |
| Heating stages | Single-stage (on or off) | Two-stage (low and high fire) |
| Blower | High-efficiency blower motor | Variable-speed blower |
| Sizes we install | 45k, 70k, 90k, 110k BTU | 45k, 70k, 90k, 110k BTU |
| Installed price | $4,945 – $6,595 | $5,495 – $7,145 |
| Best for | Budget-focused replacements, smaller or open-plan homes | Two-storey homes, finished basements, rooms that run hot or cold |
Prices in CAD, before HST, with standard installation.
A single-stage furnace runs at full power every time it turns on. On a mild November day, that means short, loud blasts of heat and bigger swings in temperature.
A two-stage furnace runs on its low setting most of the time and only goes to high fire on the coldest days. Paired with a variable-speed blower, it moves air more gently and for longer. In practice that means:
Gas use. Both furnaces are rated 96% AFUE, meaning about 96 cents of every gas dollar becomes heat. You may save a little on electricity with the variable-speed blower, but the ML296 is mainly a comfort upgrade, not a gas-saving one.
Choose the ML196 if your old furnace kept the house comfortable, the home is a bungalow or compact layout, and the upfront price matters most.
Choose the ML296 if you have an upstairs that runs cold, a finished basement, noisy vents, central air, or anyone at home who's sensitive to drafts and dry air.
An oversized furnace short-cycles, wears out sooner and feels less comfortable. We size by your home's heat loss, not just its square footage. Each product page shows the home size each BTU rating typically suits, and we confirm the right size with you before install day. Your current furnace's rating plate is a useful starting point, so send us a photo of it.
If your home needs extra work, such as new venting, a condensate pump or gas line changes, we quote it before we start.
For most two-storey homes and homes with central air, yes. The extra $550 buys noticeably more even, quieter heat. For a compact bungalow, a single-stage furnace is often all you need.
Yes. Both are rated 96% AFUE. The ML296's advantage is comfort and quiet, not lower gas use.
A standard replacement usually takes most of a day. Same-day installs are often available in the GTA when you order early in the day.
Shop furnaces · Check your area · Call 905-418-2629
Specifications from Lennox's Merit Series ML296UHV product specifications (2026). Features vary by model suffix; your installer confirms the exact model.
Renting a power vent water heater in Ontario costs more than $6,800 over 15 years at typical rates. Buying one installed starts at $2,195. Here's t...
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