Enercare Solutions Hot Water Heater Toronto Nationwide
The Enercare contract for a hot water heater was promoted in October 2010 door to door. It contained an attractive monthly rate ($14.49) and the first 3 months were free. The monthly rate has increased dramatically to $17.99 as of March 2017. This increase is greater than CPI. In addition, cancellation of the contract and buy out of the water heater is $845. The contract extends until the end of life of the water heater, approx 15years. A water heater of this type cost approximately $1600 (2010 $) installed. At this point, the cost of the water heater is approx $1300 plus buy out. Clearly the water heater will cost over $3000 as it reaches the end of life.
Is this a good deal?