Sunday April the 22nd, 2018 

Dylan, Cecilia and Paul Silbernagel
 Sales Representatives & Broker

Keller Williams Referred Realty Inc, Brokerage
 Independently owned and operated.
156 Duncan Mills Rd, Unit 1 Toronto, ON M3B 3N2

Direct 905.737.7272     Office: 416.445.8855     Email: info@myrealtyteam.ca

Check your monthly newsletter for our consumer alert flyer

 

Hot Water Tank Rentals Consumer Alert

 

Direct Energy is changing their Hot Water Tank Rental contracts effective as of May 1st 2012.  Currently you can remove your hot water heater from Direct Energy at no cost or possibly a small fee.  As of May 1st under the new contracts if a contract is cancelled the renter will have to pay a buy-out fee of between $200 and $1000 depending on the size and year of the tank.    

 

"We've changed our cancellation options. So if customers want to end their rental agreement they will pay a buy-out fee at which time they will own the equipment. Returning the used equipment to us is no longer an option," said Len Diplock at Direct Energy.

 

The company says most people who continue to rent from them will not see any additional charges. However, if a customer wants to stay with their old agreement they must contact Direct Energy. If they don't call or email, they will automatically be signed up with the new contract.

 

How these new contracts affect resale homes:

1)Your buyer is asked to accept your rental contract which now has a fee built in to get out of ($200-$1000) and the removal must be done by Direct Energy at an extra cost.

 

2)If the buyer does not want to assume the rental agreement you may be faced with the buy-out and removal costs

 

3)If the buyer is satisfied with the rental agreement which has been traditional practice in Ontario, the buyer will assume the agreement as they have always done.

 

Action Steps

1) Find out what your buy-out cost would be.  ex.) Ellen Roseman from the Toronto Star discovered her buy-out cost would be $131.08 and she is currently paying $17.00 in rental fees.  In less than 8 months she will have broken.

 

2)If you choose not to buy your Hot Water Tank call Direct Energy and request to stay on your current rental agreement.  This way when you sell your home if the buyer does not want to assume the contract you can cancel it at no cost.

 

3)Decide if you want to be a renter or an owner of your hot water tank.  We don't typically rent our furnace, stove, fridge, washer or dryer.  Take a look at the math, ask a friend for their opinion or give us a call, let's talk about what would be the best choice for you.

 

You can contact Direct Energy at 1-866-202-1120 or rentalterms@directenergy.com

 

 

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