How Much Does It Cost to Rent a Furnace in Ontario?
Furnaces are lifelines for Ontario residents, especially during frigid winters. With the furnace market valued at $10.928 billion in 2021, and expected to grow to $16.872 billion by 2030, renting offers a convenient choice without the upfront costs and maintenance hassles.
However determining the rental cost in Ontario involves assessing various factors like additional benefits, rental period, and the type of heating system.
Continue reading this blog to get in-depth details of the cost to bear to rent a furnace and make a smart choice for your comfort.
Things to Know About the Furnace Rentals in Ontario
You have to get into a rental contract with a leasing company to be able to contract a heating appliance. These companies additionally manage the heating unit’s servicing, upkeep, and setup. For inhabitants of Ontario who prefer not to invest their money in the initial expense of purchasing heaters, leasing is a great option.
The Average Cost of Furnace Rentals
The rental amount for contracting the heating units in Ontario falls between CAD50 and CAD100 every month. This charge leans heavily on efficiency, the sort of unit you select, and also the guidelines of the rental organization. To help you get a good understanding, check out the pointers listed below:
- Standard Heating Devices: The monthly rent for all traditional heating systems, with an AFUE grade of 80%, ranges from CAD50 to CAD70.
- Affordable Heating Devices: These systems have an AFUE of 90% to 95%. Rent is a monthly expenditure that fluctuates between CAD70 to CAD90.
- Elite Heating Devices: These units have an AFUE value of more than 96% and are known as high-efficiency thermal units. Rent for them is CAD90 to CAD100 each month if you prefer to rent them.
The expenses mentioned above are just in the general range. Rental prices for heating systems might differ greatly depending on the extra services, location, and rental company.
Renting A Furnace: Considerations and Extra Expenses
Once you rent a furnace, you have to pay a monthly charge, which is the main cost. Apart from that, there are several other elements and extra expenses that you must take into consideration:
Rental Contract Termination Charges
If you want to terminate the rental assurance during the earlier phases, you have to provide an ending fee. You must have a superior knowledge of the duration of the contract, which contains all the fines for concluding the assurance before the end of the leasing term.
Repairs and Servicing
The most prominent benefit that you will acquire when you rent a furnace is that you don’t have to spend funds on the repair and upkeep of the system. The rental company will cover the repair and servicing expenditures. But make sure to go through the entire rental contract and find out what things are included. You should also check whether or not the agreement contains any extra expenses or exclusions for some repairs.
Energy Expenses
The heating system’s high level of efficiency can lessen the monthly utility bills, which will help offset a bit of the rental expenses. However, the main savings will rely heavily on how much energy the house uses and the type of furnace you have. You should monitor these two things to find out the overall energy cost.
Installation Price
Many furnace renting companies include the installation/replacement charges in the rental fee. However, there are some companies that will charge an extra upfront for unit installation. The charge will fall between CAD500 and CAD1500, depending on the installation’s complexity.
The Service Plans
In Ontario, you will come across many furnace-renting businesses that will provide you with many optional services that come with extra coverage. Otherwise, these services will offer you some priority solutions for which you have to pay an additional monthly charge. All these plans range between CAD10 and CAD20 every month.
Factors That Impact the Cost of Furnace Rentals
When you intend to contract the furnace, there are some facets that can have a huge effect on the rental costs in Ontario. As a homeowner, you must have a sound knowledge of all these elements, as it can aid you in making the right judgments. These facets are:
- Discounts and Promotions: Many leasing firms in Ontario will deliver you with incentives, deals, or upgrades during a distinctive time of the year or if you’re a fresh customer. You should not bypass all these proposals because they can decrease expenditures.
- Heating Unit’s Efficiency: When you rent a furnace with higher efficiency, you have to pay a much higher monthly rent, but they reduce the electricity bills significantly. Balancing the energy savings with the monthly rental charges properly is highly essential.
- The Location: The charge for renting a heating unit will differ greatly based on the area in which you reside, Ontario. If you live in an urban area, you have to pay a higher rental charge because of the massive need and operating expenses of all the rental firms.
- The Heating System’s Size: The unit’s size is calculated in BTUs (British Thermal Units), which have an effect on the rental expenditures. Big residences will need powerful heating units, which will have a much higher rental cost.
- Length of the Leasing Agreement: When the rental contracts are quite long, you have to pay lesser monthly charges. However, the shorter agreements come with higher monthly fees along with plenty of flexibility.
- Furnace Renting Firms: You will find many companies in Ontario that offer heating systems for rent. But they don’t provide the same type of services or prices. You must compare the prices of various rental companies to get the best service and deal package.
Renting vs Purchasing Furnaces: A Cost Comparison
If you’re still considering whether to buy or rent a furnace, you must correspond with their benefits and expenditures. In this section, you will find an expense comparison between purchasing or contracting a heating system:
Leasing the Furnace
- The Upfront Expenses: Much lower or none (This includes the installation charges)
- Monthly Expenses: CAD50 to CAD100
- Repairs and Servicing: The rental company will take care of it
- The Flexibility: You can either change providers or upgrade to a better heating unit
- The Long-Term Expenses: The cost might be much higher over the time
Purchasing the Furnace
- The Upfront Expenses: CAD3000 to CAD7000 (This includes the installation charges)
- Monthly Expenses: No cost
- Repairs and Servicing: The homeowner will be responsible for it
- The Flexibility: The homeowner will have complete control over the unit
- Long-Term Expenses: The overall cost will be much lower over the time
Renting a Furnace: Benefits and Drawbacks
Apart from having a high long-term expense, when you rent a furnace, you will be provided with both drawbacks and benefits. Let’s find out what they are from this section:
Benefits of Leasing the Heating Unit
- Predictable Monthly Costs: Leasing a heating system means paying a fixed rental charge every month. This will help you control the allocation of the unit’s expenditures, and you don’t have to stress about random and large expenses.
- Less Initial Expenses: When homeowners rent the heating unit, they don’t have to pay the high upfront costs of buying the system. This makes it a lot easier to handle the budgets.
- Flexibility: Contracting the furnace will provide you with the flexibility to opt for a much better and new unit or get to change rental firms without experiencing monetary loss.
- Repairs and Supervisions are Included: Furnace-renting contracts include the repairs and unit servicing. This means you don’t have to spend funds on the heating equipment for maintenance or repairs when an unwanted breakdown occurs.
The Drawbacks of Leasing a Heating Unit
Long-Term Higher Expenses: During the long run, leasing the heating equipment will become pretty costly compared to purchasing it.
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