HVAC equipment is expensive. Should you rent it out?

Is it summer yet? The weather outside indicates the heatwaves are on their way, which means your air conditioner needs to be ready to go. But before you get it tuned up, there’s one thing you might want to consider when it comes to HVAC equipment. The climate care experts share those details with us.
Homeowners can attest: nothing can be more devastating on your wallet than an air conditioner or furnace breaking down. To avoid shelling out thousands of dollars to purchase new HVAC equipment, many homeowners may consider renting equipment instead.

But while renting your air conditioner or furnace may seem like a great way to control your costs, there are a number of things to think about before signing on the dotted line. We spoke with Nancy McKeraghan of Canco ClimateCare, a Newmarket-based company that rents, finances and sells HVAC equipment, about the benefits and disadvantages of renting vs. purchasing HVAC equipment.

Rental fees

While the benefit of renting HVAC equipment is certainly a low monthly payment versus a potentially large capital cost, be sure to inquire what the total cost of the contract will be. “The furnace rental may only be $100 a month, but consider what the cost will be over the entire rental period. A furnace purchase priced in the $4,000 to $5,000 range may end up costing you upwards of $18,000,” says McKeraghan.

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Maintenance

McKeraghan says the maintenance of any mechanical equipment is important to ensure it is operating safely and efficiently. Check whether maintenance is included in the rental contract or if it’s an additional cost. These climate care experts can help answer any questions.

Do Your Research!

Many door-to-door companies may not have properly informed individuals to either the size the equipment to ensure that it’s a good fit for the home, or to install the equipment. Canco has a fully trained, licensed staff. Ongoing training is mandatory at the company. McKeraghan advises checking a company’s references, insurances and warranties before signing a contract. Ask if the company has a place of business that can be accessed should there be any problems and whether the contract is transferrable if the home is sold. “You should read all terms and conditions before signing any contract,” says McKeraghan.

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Read the terms carefully

Renting may be a good option for homeowners to consider when replacing their home’s heating and cooling equipment, but financing is another option since it also allows for a low monthly payment. Most important, says McKeraghan, is that homeowners take the time to know what is being signed and are comfortable with the terms and conditions in the contract. Since the equipment typically has a lifespan of 15 to 20 years, the decision has long lasting effects,” she says.

Want to know more about Canco ClimateCare? Here’s a video of McKeraghan chatting about the business:

Not sure what to do? Talk to the experts at Canco ClimateCare. Scroll through their profile on our website for more articles and customer reviews!

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