How Much Does an H100 Lease Cost?
Direct Answer: H100 lease costs range from $2.40/hr in Texas to $3.20/hr in Virginia, with a national median of $2.85/hr ($2,052/month at 720 hours). 36-month leases offer the lowest rates at $2.50/hr, while 12-month terms average $3.89/hr.
Last Updated: 2026-01-08 | Source: GPU Lease Rate Index (GLRI)
Understand H100 lease pricing across regions, term lengths, and usage scenarios. Compare dedicated leases vs cloud on-demand vs purchase options using real-time GLRI market data.
What Are H100 Lease Rates by Region?
Regional pricing varies significantly based on power costs, grid reliability, and interconnection capacity. Texas (ERCOT) markets offer the lowest rates due to abundant renewable energy, while Virginia (PJM-Dominion) pricing reflects higher demand and capacity constraints.
| Market | Grid Zone | Hourly Rate | Monthly Cost |
|---|---|---|---|
| Texas | ERCOT-SOUTH | $2.55/hr | $1,837/mo |
| Virginia | PJM-DOMINION | $3.05/hr | $2,196/mo |
| Oregon | CAISO-NORTH | $2.65/hr | $1,908/mo |
| Illinois | MISO-CENTRAL | $2.85/hr | $2,052/mo |
Why Regional Differences Matter
- Texas (Lowest): ERCOT grid flexibility, renewable energy abundance, and minimal capacity constraints drive rates to $2.40-2.70/hr
- Virginia (Highest): PJM interconnection queues, capacity auction costs, and demand from hyperscalers push rates to $2.90-3.20/hr
- Oregon/Illinois (Middle): Moderate power costs and grid stability result in $2.50-2.85/hr pricing
How Do H100 Lease Rates Vary by Term Length?
Longer lease terms amortize upfront costs over more months, reducing hourly rates. However, extended commitments expose lessees to GPU depreciation risk and limit flexibility for model upgrades (H200, GB200).
12-Month Term
$3.89/hr
$2,800/month
24-Month Term
$3.06/hr
$2,200/month
36-Month Term
$2.50/hr
$1,800/month
LOWEST RATE
Term Selection Decision Framework
12-Month Term
Best for: Workload uncertainty, model upgrade potential, testing deployments
24-Month Term
Best for: Balanced cost vs flexibility, production workloads, enterprise budgets
36-Month Term
Best for: Cost minimization, stable workloads, acceptable depreciation risk
Is Leasing H100s Cheaper Than Cloud GPU?
Cloud on-demand H100 pricing (CoreWeave, Lambda Labs) ranges from $2.49-2.89/hr. Dedicated leases become cost-competitive above ~450 hours/month (62% utilization) when comparing 36-month lease terms to cloud on-demand rates.
Cloud On-Demand (Example)
Pros: No commitment, instant availability, pay-per-use
36-Month Lease
Pros: Cost predictability, dedicated capacity, 36% savings vs 12-mo term
Breakeven Analysis
At 450 hours/month usage (62% utilization), a 36-month lease matches cloud on-demand economics. Above this threshold, leases offer significant cost savings. Below 450 hours, cloud on-demand provides better economics due to pay-per-use flexibility.
Calculate your exact breakeven →Common Questions About H100 Lease Costs
What is the typical H100 lease cost per month?
Monthly H100 lease costs range from $1,800-2,800 per GPU depending on term length and region. A 36-month lease in Texas averages $1,800/month ($2.50/hr), while a 12-month lease in Virginia averages $2,800/month ($3.89/hr). These rates assume 720 hours/month (100% utilization).
How much does it cost to lease 8 H100 GPUs for a year?
An 8-GPU H100 cluster on a 12-month lease costs approximately $22,400/month or $268,800 annually (at $3.89/hr median rate). A 36-month commitment reduces this to $14,400/month ($172,800 annually) at $2.50/hr, saving $96,000/year.
What factors influence H100 lease pricing?
H100 lease costs depend on: (1) Geographic location (power costs, grid reliability), (2) Term length (12/24/36 months), (3) Cluster size (volume discounts above 64 GPUs), (4) Power agreements (PPAs can reduce rates 15-25%), and (5) Curtailment flexibility (accepting load reduction lowers rates).
Should I lease or buy H100 GPUs?
H100 purchase cost ($25,000-30,000) amortized over 36 months equals ~$2.50/hr at 70% utilization, matching lease rates. Leasing eliminates CapEx, transfers depreciation risk (GPUs depreciate 2.8%/month), and avoids infrastructure overhead. Buying makes sense only if you need 5+ year ownership or have specific collateral/tax optimization requirements.
Where can I find real-time H100 lease rates?
The GPU Lease Rate Index (GLRI) tracks H100 lease rates across 40+ markets, updated weekly. It aggregates wholesale provider pricing, colocation operator rates, and secondary market transactions to provide benchmark data by region and term.
Can I negotiate H100 lease rates?
Yes. Rates are negotiable for clusters greater than 64 GPUs, multi-year commitments, or flexible delivery schedules. Offering to deploy in lessor-preferred regions (Texas, Oregon) or accepting curtailment exposure can reduce rates by 10-20%.
What are hidden costs in H100 leasing?
Beyond hourly lease rates, budget for: (1) Network egress ($0.05-0.15/GB), (2) Storage ($0.10-0.25/GB/month), (3) Cross-connect fees ($200-500/month), and (4) Termination clauses (early exit penalties). Review contracts for minimum utilization requirements and power usage effectiveness (PUE) charges.
Data Methodology
H100 lease cost data is sourced from the GPU Lease Rate Index (GLRI), which aggregates pricing from 45+ wholesale GPU providers, colocation operators, and secondary market transactions across North America, Europe, and APAC.
Data Sources
- Weekly spot checks of 15+ cloud providers (CoreWeave, Lambda Labs, Crusoe, RunPod)
- Broker-reported wholesale lease transactions (anonymized)
- Public rate cards from GPU-as-a-Service marketplaces
- Colocation operator pricing for dedicated H100 deployments
Regional Pricing Adjustments
- Power cost multipliers (ERCOT vs PJM vs CAISO vs MISO)
- Interconnection queue wait times and capacity constraints
- Liquid cooling infrastructure requirements and costs
- State/local tax incentives and energy subsidies
Last Updated: 2026-01-08 |View full GLRI methodology →
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