I'm in Ontario, Canada, and my rental contract for a 50-gallon natural gas power vent water heater ends tomorrow after 15 years. Since it's almost done, I'm wondering: if I want to replace it, do I need to get the exact same type, or can I switch to something different, like electric? The capacity isn't a huge issue for me, but I want to know if there's a lot involved in retrofitting to a different type. The house is 17 years old, and the heater is working perfectly fine. Also, I've looked into prices and found that the cheapest 50-gallon power vent tank at Home Depot is around $1500 CAD, plus $500 for delivery and installation. My current provider charges $125 to disconnect and pick up the old unit, making the total cost about $2400 CAD. With a rental fee of $25 per month, it would take me eight years to break even, so I'm leaning towards continuing to rent since the upfront cost feels heavy. It's nice too that the rental comes with a perpetual warranty, and $25 a month isn't a big hit to my budget.
2 Answers
Have you considered whether you really need a power vent? It sounds like your costs might be higher just because of that feature. A standard water heater typically runs between $500 and $700, so switching could save you a ton in the long run. Those heaters last over a decade, so you might find it's cheaper in the longer term to buy rather than rent!
You might want to look into a heat pump water heater (HPWH). If your electricity rates are reasonable, switching to an electric heat pump could end up saving you quite a bit down the line, though initial costs are higher. Just something to think about!
Yeah, but isn't the upfront price a killer? Spending a ton now just to save a little later feels tricky.
I mean, I get that, but I'm not sure if I actually want to mess with the venting options—sounds complicated!