Get a premium quality furnace with Furnace Rent to Own Program and enjoy the comfort of your home.
Furnace Rental Company Comparison
Furnace Rental Programs vary based on the Rental Supplier.
The cost of a furnace rental depends on number of different factors including Rental Company, efficiency of the equipment, size, installation, term and more. Generally HVAC rental prices vary between $49.99 per month for a single furnace or air conditioner and can go as high as $99.99 per month. Terms can be 7 years, 10 years or even 15 years as well as programs can be only rental or rent to own. When selecting Furnace Rental plan for your home be sure to review all terms and conditions and select a plan that is Open Agreement with buyout option at anytime without any cancellation fees. Also furnace rental plans from FurnaceRentToOwn include easy and simple transfer to the next homeowner should you sell your home. Before making a decision speak to a professional as well as review some of the below options to help you select the best furnace rental plan for your home and your needs.
Size of the equipment, AFUE Efficiency Rating, Brand
Manufactory brand play one of the biggest factors in furnace rental rate. Brands such as Goodman and Lennox tend to be slightly cheaper comparing to Amana, Luxaire and American Standard. BTU sizing and AFUE efficiency level are other factors that can increase the rental rate, typically the higher the BTU and efficiency rating the higher the rental rate. When efficiency level and BTU size play a big role in selecting the right equipment for your home, the brand of the equipment is not that significant. Since most furnace rental plans come with full parts and labour coverage, you don’t have to worry about the repair and maintenance cost again. It doesn’t make sense to pay extra $10 to $20 more per month just for a specific manufactory brand name since it will not bring you any additional energy savings.
Bad Credit or No Credit
If purchasing new heating equipment is not in budget and you don’t have credit history it can be difficult obtaining a rental program from some of the heating companies. Many companies will only accept customer with very good and high credit score but there are few that are more forgiving such as FurnaceRentToOwn and will work with you to get the equipment installed without any credit checks. As long as you are homeowners you can get approved. Some conditions may apply based on the furnace rental provider but renting is still an option for you.
Conversion from Electric and Oil to Gas
Conversion jobs are more complex and require more parts and labour. If you need to convert from electric baseboard heating to forced air heating system then you are looking at higher furnace monthly rental fees. Unless you are willing to pay some upfront costs for the ductwork, gas lines and other parts you may have an option to include these extras in your monthly rental fee.
Oil to gas conversions are not as complex as electrical baseboards conversions since your home already has ducting system in place. However there are still extra costs associated with oil to gas conversions such as oil tank removal, gas lines and application to your local gas utility for gas meter installation. Some conversions are more complex than others and it is best to consult with the professional as to which option would be the best for value and money.
Renting Furnace vs. Purchasing your Own
Most common questions a lot of homeowners ask these days is whether to rent or purchase new heating equipment. When comparing overall cost of renting the equipment over a rental term it may see very expensive and almost double the cost of purchasing new furnace upfront. However before making a final decision you should consider few things that will help you make an informed decision.
Upfront cost of the heating equipment can range from $3000 to $5000 and in some cases even more based on the installation. Conversions can even cost over $10,000. Renting equipment allows you to get high efficiency furnace with $0 down payments and no upfront installation costs. Some companies will even allow you to include any extra costs in the increased monthly rental fee.
Most rental companies will include full equipment coverage with your rental plan. You never have to worry about costly repairs and equipment replacement costs. Rental programs come with full warranty on parts and labour. Some companies will even throw annual tune up and maintenance as an added bonus to the rental plan. Simple service call or maintenance typically start at $100 and some repairs can costs as high as $1,000 and more. When renting the equipment you are fully protected and can have peace of mind during the cold winter months.
You no longer have to purchase additional monthly protection plans and spend hundreds of dollars a year for the extra warranty since rental plans include 24/ 7 support.
If you are planning to sell your home in the nearest future consider if it is worth investing thousands of dollars into purchasing the equipment or opt out for rental plan that can easily be transferred to the next homeowner.
With furnace rental program you can receive government and utility rebates subject to the installed equipment specs. You can receive $250 from OPA/ IESO for qualified equipment and an additional $400 when combining with matching qualified central air conditioning system. Generally your furnace installation company will send all documents to government and you can expect to revive cheque within 6-8 weeks from the installation date. Some local utilities also offer additional rebates for upgrading to high efficiency heating equipment. Consult with your heating installation company for details or your local utility.
If you are renting your property and looking for added benefits furnace rental may be the best option. The main advantage of rental program is that it provided hand off solutions for landlords. You never have to worry about repairs and maintenance as service technicians are just a phone call away and it is absolutely free with your rental program. Moreover rental programs are often tax deductible so this is a little extra for landlords and property managers.
Why Rent Furnace?
No down payments and $0 Upfront Costs
Savings of up to 45 % on your energy bills without any upfront investments
Full Equipment Protections. Never worry about costly repair and service calls as rental program comes with 24/7 parts and labour warranty
Equipment Replacement to a new model in case it cannot be repaired during the service call
Approval Guaranteed! Some furnace rental plans such as FurnaceRentToOwn don’t have credit check for homeowners and if credit history is an issue you can still get high efficiency equipment installed in your home. Some conditions may apply so you will need to consult with your rental provider for additional information
Program is easily transferrable to the next homeowner in the event you plan to sell your home in the nearest future.
Is renting furnace a right choice for your home needs and budget?
At the end you have to make a decision that is right for your home needs and your budget. If purchasing equipment is an option and you are ok with taking care of any repairs, maintenance and service call if such arise in the lifespan of the equipment then purchasing might be the best option for you. However if you are looking for a total peace of mind and worry free service then renting may be the best fit for you. Lately many homeowners opt out for rental programs due to the full coverage, no upfront costs and 24/ 7 service.
How does rental program work?
Most rental programs are very simple and straightforward. First step is to submit your installation application form either in person, over the phone or online. Once agreement is processed you can schedule installation time and many companies offer as early as next day installations. You may also receive few months free as a promotional offer based on the rental provider. From there on you will be receiving rental charges either with your Enbridge Gas bill or under the PAP pre authorized payment plan direct withdrawals from your bank account. If you ever require service or maintenance you will need to contact your rental provider and schedule a service technician.
For more information of HVAC rental programs or to schedule your installation calls us at 647-547-1868 or submit your request online.