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Should you rent out your furnace equipment this winter?

With the winter weather on its way, you’ve likely already turned on your furnace. If it breaks down this season, shelling out thousands of dollars to purchase new HVAC equipment can be an awful expense. Consider renting out the equipment. Nancy McKeraghan of Canco ClimateCare, a company that rents, finances and sells HVAC equipment, tells us what we need to know.

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.

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.

Research the company

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 ClimateCare 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.

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.

Meet Nancy herself!

Have a question about renting out equipment? The experts at Canco ClimateCare can help! Visit their profile on our website for information, image galleries and more!

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