Buying vs. Renting a Hot Water Tank: Everything You Need to Know

Jun 24, 2022 | Home Tips, Hot Water Heaters, Tankless Water Heater | 0 comments

When it comes to heating your home, there are a lot of different options to choose from. One thing to consider is whether to buy or rent a hot water tank. Both have their pros and cons and it can be hard to decide which is the best option for you. Hot water heaters are a common appliance in most homes. They can last anywhere from 10-15 years, but eventually they will need to be replaced.

Buying a Hot Water Tank – Pros and Cons

There are several things to consider when you’re thinking about buying a hot water tank. The size of the tank, the type of fuel it uses, and the cost are all important factors. 


  • You own the tank outright and don’t have to worry about paying rent each month.
  • You may be eligible for government rebates when you purchase a new energy-efficient hot water tank.


  • You may be limited in the size and type of hot water tank that you can get.
  • Buying a hot water tank can be difficult to install.
  • Buying a hot water tank is a big investment.

If you’re thinking of buying a hot water heater, learn more about our hot water heater services here.

Renting a Hot Water Tank – Pros and Cons

Renting a hot water tank can be a great way to get the hot water you need without having to buy and install your own unit. However, there are some things you should consider before renting one.


  • You won’t have to worry about maintenance or repairs – the company you rent from will take care of that for you. 
  • It can be a more cost-effective option, especially if you’re not planning on staying in your current home for a long time. 


  • You may have to pay a higher monthly fee than you would if you owned the hot water tank outright and, therefore, you might end up paying more in the end.
  • If something does go wrong with the hot water tank, you may have to wait for the rental company to send someone out to fix it.


It is important to weigh all of the pros and cons of buying or renting a hot water tank before making a decision. There are many things to take into account, such as price, maintenance, size, and energy usage. In the end, it may be more cost effective to look at repairing or replacing your current hot water heater rather than being stuck paying for a rental.

If you’re looking to repair or replace your current hot water tank, Tap 2 Drain has got you covered! The options for repair and replacement can be confusing, but our Nice Guy Techs are continuously trained on all the new options. You can be confident that Tap 2 Drain will get the best electric or gas hot water heater for your budget and needs. Book your appointment today!