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Old 2013-04-08, 10:32 AM
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canabiz canabiz is offline
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Hey guys, bumping up an older thread as we are considering buying our tank outright from Reliance.

We took possession of our new build last year and the 1-year mark is fast approaching. I called Reliance earlier and I was told it would cost me $1,210 + HST to buy the tank outright. It is a power-vented Rheem model. We are paying $24.66 + HST per month for rental and we do plan to stay here for the long haul so the tank will pay for itself in just 4 years. They asked me if I am interested in staying with them for another year and I would get 1 month credit, i told them let me crunch some #s and get back later ;-)

There will be some costs associated with this e.g. $40 for inspection and account closure. $125 if they have to drain and $165 to remove the tank (or we can drop it off) if we decide to go with another model. We will of course be on our own with respect to maintenance and warranty but I am hoping this newer unit will be reliable enough. I was told the lifespan for this unit is about 16 years.

I will be doing some research and will also consider going tankless. From past discussions, I am not sure if it any more energy-efficient than regular tank but it does save a lot of space which will come in handy if and when we are ready to finish our basement. There are only 2 of us at the moment so I am not too worried about the tankless running out of hot water.

Just thought I'd provide some recent #s and figures to help you make an informed decision!
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Old 2013-04-08, 11:15 AM
TKG26 TKG26 is offline
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If you dont plan to go to a tankless. Then buyout your current tank. That buyout is cheaper then going through the hassle of canceling your agreement paying those closure fees and then calling up XYZ heating to have a new one installed. A new installed PV tank is in the 1300+ range..

So for sure buy it out..

Many discussions on tankless. They are more efficient. 60% for your current PV to 80-90% for a tankless. Speaking just in rental terms they are another 10$ a month. That gas savings wont cover the extra 10$ rental costs.(in your case 2 people in the house) So although they use less gas they cost more... Purchasing your own is an option but then instead of the 1200$ for your current PV your pushing 3000$ for a tankless.

Crunching numbers to see if its works out for you..

The only people i recommend tankless to are large families or families that complain they run out with a 50gal tank. Tankless will run continuous hotwater and if size correctly will allow simultaneous showers
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Old 2014-03-28, 10:41 PM
Moodie Moodie is offline
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Location: ON/Ottawa
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Default Avoid Direct energy

Direct energy run unethical business practices. They are crooks. Avoid at all costs. All contracts are in their favour. Call centre is in india where they don't care about you here in canada.
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