While I like to think I am an intelligent person, who usually makes good financial decisions, like everyone else, I make mistakes.
When our family bought our home in 2011, I encountered something I had never experienced before: the previous owners rented the water heater from the local utility, and paid them on a monthly basis for the privilege of using it.
This seemed odd to me, as although water heaters are expensive, most are priced well below $1,000. The furnace, the central air, and even some of the kitchen appliances were more expensive than the water heater, and they weren’t being rented.
There must be some benefit to renting the water heater, rather than owning it, I thought to myself. Perhaps if the water tank failed and leaked all over my basement, the utility would be responsible for the damages as the owner?