Stuck on whether you should rent or buy a generator? Don’t worry; you’re not the first person posed with this predicament. A generator is a valuable asset for businesses, especially for those in areas with electricity issues or if there is a need for a portable power source. Before rushing out and buying a generator, you’ve got to know that it comes with a pretty hefty price tag, so it’s not surprising that many opt to hire one instead. What’s the best move? Well, that’s what we’re here to find out.
It all comes down to your short-term and long-term needs. Does your business rely heavily on electricity for operations? If so, then a backup is necessary. Do you need a generator for isolated projects spread throughout the year? Then buying one wouldn’t necessitate the money spent on it. In the end, the answer comes down to three questions:
- What is the risk or reward for having a generator or not having one?
- How often do you need a generator?
- How does it financially impact your business?
When you should rent a generator
Renting a generator can be beneficial in many different scenarios. For instance, if you’re planning an outdoor event like a wedding, festival, or sports event, having a reliable power source is a must, especially in areas where electricity isn’t as available. The same goes for businesses. Frequent power outages can be catastrophic for businesses that rely on power to operate. Hiring a generator would be the best solution in these circumstances.
Construction sites also often require generators to power tools and equipment, especially when working on remote sites without access to power. In essence, a generator is the go-to solution for short-term backup power regardless of what you’re doing.
When should you buy a generator?
Buying a generator is also a good investment. There are many valid reasons to get a generator, like if you live in an area prone to power outages or if your business relies on consistent power to run. Many shops and retail stores have backup generators for their fridges so they don’t turn off in order to prevent food from going off. In these cases, buying a generator would be better than renting one.
Look at it this way. If there’s a power outage and you don’t have backup power, how will that affect the productivity of your business? If you can get by without it, then you probably don’t need one. However, if your losses are significant, then the end justifies the means in this case.
Weighing up your options
So where does this information leave you. Well, you need to weigh up the options and choose what would be better for your business or situations. Consider the factors around the situation as well. For example, in the case of regular power cuts you might want to ask, how long are they going to go on for, will they continue indefinitely or is it just a one time instance?
Asking questions like this could give you a better idea of what you need to do, hire or buy. Looking at the advantages and disadvantages on both sides is also helpful. Check them out below:
Advantages of buying a generator
Here are some of the advantages of purchasing a generator:
- Purchasing a generator has long-term benefits that allow for no interruptions during power outages
- When you purchase your own generator, you have a say about what happens with it. Whether it needs to go for maintenance or you want to move it, it’s your decision to make because it belongs to you
- Owning a generator provides you with an immediate source of backup power during power outages. No need to scramble to hire one quickly; you can simply turn yours on.
Disadvantages of buying a generator
Like most things, buying a generator also has some disadvantages that we’d suggest you consider:
- The initial cost to purchase a generator might be quite high, especially in comparison to hiring. This might be a stretch if you’re on a tight budget but need the backup power
- When you own the generator, you’re responsible for its fueling and upkeep. These are two additional costs that you need to factor into your decision
Advantages of hiring a generator
Here are some of the advantages of a generator hire:
- Hiring a generator allows you a lot more wiggle room in more ways than one. Through hiring, you’re not limited by size or power because you have the option to choose
- The upfront cost of hiring is much lower than buying a generator
- Generator rental companies are often responsible for the upkeep and maintenance of their assets (generators). This means you don’t have to perform regular maintenance on the generator you hire, saving you time and money
Disadvantages of hiring a generator
Here are some of the disadvantages of generator hire:
- Renting the right generator largely depends on what’s available. Should the generator be unavailable, you might have to find it elsewhere. This can be a major issue if you’re looking for an emergency generator
- Hiring a generator is best suited to those who need them for short-term projects. If you calculate the costs over a longer term you might find that they actually become more expensive in the end.
- You might risk hiring a faulty generator, which could offset your operations even more. Ask to check the functionality of the generator you’re hiring first
Final Thoughts
Choosing whether to buy or hire a generator really depends on your circumstances. For those looking for a reliable energy source for remote businesses or backup power for events, purchasing your very own generator is the best solution. For those needing a power source in short-term situations,