There’s a little secret that most broadband internet companies do not want you to know, and that’s the monthly charge for leasing your cable modem. Cable modem lease fees have risen rapidly over the years and have become a nice revenue stream for your internet provider. With modem lease rates climbing from as little as $3 per month to over $8 -$10 per month over the last few years, many households are paying up to $120 per year for a modem that costs as little as $25 on eBay. This is on top of your already expensive broadband access.
Here’s what the cable companies don’t want you to know: You DO NOT need to lease your cable modem.
Leasing your broadband modem equipment is like most leases, you’re throwing your money down the toilet while making another guy wealthy. I was recently at my parent’s house and noticed they’ve been leasing their cable modem since they got their internet installed 7 years ago. They’ve probably blown $500 on that modem, overpaying for it multiple times over.
Prior to purchasing your own modem, make sure you check the pre-approval list. Here’s Comcast and Time Warner below. The easiest way is to purchase the same exact modem you currently have.
You’ll break-even after 3-5 months vs. leasing – and if you ever move or discontinue your Comcast service, these modems have really good resale value.
Just about every internet service charges lease fees for equipment, so even if you’re using a different cable or phone company, you should be able to buy your own equipment and enjoy similar savings.
10 Easy Steps To Save $100 per Year on Comcast High-Speed Internet
1. Buy a cable modem that matches the one you’re currently using. Our cable modem is currently the Motorola Surfboard, there’s different models and numbers that should all be labeled on the bottom or side of your modem for easy price comparisons and to make sure you’re buying the same exact one. If you’ve been leasing the equipment for several years, you may want to phone Comcast to see if they have upgraded your area. In many cases, customers have been leasing outdated equipment. You can also reference Comcast Approved List Of Modems, but a word a caution, not all areas are equal, so when in doubt, contact Comcast to make sure your new upgrade will function properly.
2. Once you receive your new modem, disconnect your leased cable modem -if this is your first time, take a few pictures with your digital camera prior to unhooking all the chords, this way you’ll have an easy reference to access in case you forget how to put it all back together.
3. Connect your newly purchased modem
4. Write down the MAC address (there should be a sticker attached to the bottom of your modem with these important numbers and an extra one included with your kit)
5. Call Comcast 1-800-Comcast (1-800-266-2278)
6. Tell the technician that you’re replacing your leased modem with one of your own. (Please note we’ve heard some people say technicians tried to talk them out of switching to their own modem, or even telling customers it can’t be done, don’t listen to them, if they cause you problems ask for a manager)
7. They will ask for your MAC ID address to connect to your account and Comcast servers
8. Access the Internet – don’t hang up with the technician until you are on the internet and pages are downloading correctly (make sure your wi-fi is off).
9. Cancel the lease of your Comcast modem by returning your leased equipment to the local office. This is very important, to get the monthly lease fee terminated from your bill!
10. Check your monthly Comcast bill and make sure you’re no longer being charged for your leased modem – and enjoy all your savings!
These 10 steps should work for you. Some Comcast reps may tell you that you can’t do this, which is false. We bought our own modem and have been using it perfectly for several years. Even if you switch companies, most internet modems have solid resale value that will also help you recoup your costs. You’re now on your way to enjoy that extra $100 a year on yourself.