The Top Differences for Gas vs. Electric Homes Every First-Time Landlord Should Know
First-time homeowners usually grapple with deciding to invest in gas or electric homes. While things may seem straightforward at first, in practice deciding between gas and electricity is more nuanced.
There are several factors to consider, including each option’s upsides and downsides. This article looks closely at the major differences between gas and electric homes. Let’s dive in!
The Cost of Gas and Electric Homes
Gas is a cheaper energy source compared to electricity. The operating cost of gas appliances is also less expensive than those powered by electric energy. Generally, the upfront cost of setting up a gas home is high, but it is a cheaper option in the long run.
Gas vs. Electric Appliances
You can decide if gas or electricity is the best option by calculating the cost you need for installation and maintenance. To get prospective cost savings, research the average monthly expense in your local area. Call your utility provider and prorate the numbers you get to the size of your home and power sources.
Additional Energy Cost Considerations
Other essential factors to consider are the durability of appliances, energy efficiency, and the associated setup and installation cost. Also, you should factor in each appliance’s lifespan and replacement cost. Some electrical appliances usually last far longer than their gas counterparts. Your property location may also impact the operational costs, given that gas prices vary from state to state.
Pros and Cons of Gas vs. Electricity
The top benefits and drawbacks to gas and electric homes include:
Gas Pros
- It is cheaper to operate in the long run
- Generally offer better performance
- Are more efficient to utilize
Gas Cons
- The setup costs are high
- It can be hard to repair or fix yourself
- The prices vary between states
Electricity Pros
- Is it affordable to setup
- Most of the equipment is smaller
- More choices and options to pick from
Electricity Cons
- Typically expensive to operate over time
- Vulnerable to power outages
The Bottom Line
Gas homes are generally cheaper to own and operate than electric homes. The choice largely depends on location, local weather conditions, and more. In both cases, it would be best to get reliable private financing for your home. At Leaf Management & Funding, we provide short-term funding and loan capital that covers 100% of your home upgrade and renovations. Get in touch with Michael Leafer to learn more about the services.