The pros and cons of renting or financing HVAC equipment in Saskatoon

JOB Heating & Air an independent Saskatoon Lennox Dealer. We also offer training classes at your personal site for any and all maintenance. Our team can also help you with your Saskatoon plumbing needs too!

In our latest article, Jeff shares his thoughts on renting or financing HVAC equipment.

JOB Heating & Air Conditioning are Trusted Saskatoon Plumbing, Air Conditioning & Furnace Pros

Thinking about renting or financing HVAC equipment?

The other day, I was asked my opinion on the idea of renting equipment or financing it. I had to think about this for a while because on the surface it seems like a complicated issue. I should be clear that currently JOB Heating and Air Conditioning does not offer equipment rentals, so I read the terms and conditions I was able to find on the website of a company that does.

So, let’s delve into this.

In the city of Saskatoon, it’s been my experience that a water heater, under normal conditions, will last 10 to 15 years. You’ll hear of some cases where the heater didn’t last that long and other cases where the water heater lasted 30 years or more. Furnaces and AC units will go at least 15-20 years. So the basic premise of renting an item is that someone else pays the capital cost of that product, and you will pay them for the use of that product, indefinitely or for a term. You never end up owning the product. Most people get into home ownership to avoid t

his very situation. So my question is a simple one: why buy the house only to turn around and rent the heart and soul of that house?

Yes, a furnace and water heater is the heart and soul of your house. You need your furnace to survive our cold winters, and the water heater is the lifeblood of having a happy household.

I watched a story on CTV’s W5 discussing some of these companies and how they go door to door to rent furnaces and water heaters, as well as air conditioners.

See part 1 of the Energy Trap show by clicking here.

See part 2 of the CTV W5 Energy trap click here.

I helped out a lady a while back who entered into a contract with one of these companies. She was a new mother and is a very smart woman. So many people said to me, “Didn’t she read the fine print?”. Well, in her case there was no fine print. In many cases, when you rent equipment like this, you end up finding out after that somebody has put a lien on your house. In many cases, it’s not even the company that you initially did the deal with. Most companies (but not all) that rent out equipment have to use the services of a larger financial institution to borrow the capital from. It is this company that will have the lien on your property. You can’t get out of these contracts without a buyout, and the cost is much more than the cost of the equipment from a local reputable Saskatoon HVAC contractor.

The important thing to know here in Saskatchewan is that you have a choice. I am one of many proud Sask Energy Network members. Sask Energy ensures that Network members are held to very high moral standards. They also offer excellent financing options such as 2% on prime loans for furnaces. These are term loans and at the end of that term you own the product.

It is my opinion that currently, your best option is to finance through a Sask Energy Network Member and not fall prey to these door to door companies selling the lie.

You can be assured that JOB Heating & Air Conditioning will be there to help.

J.O.B. Heating & Air Conditioning are Trusted Saskatoon Plumbing, Air Conditioning & Furnace Pros