Energy Improvement + Incentive + Low Interest Loan = Immediate Return on Investment
We're always happy to design and help implement energy improvments with short payback periods and long lifecycles, allowing for generous returns on investment.
But what's even better is when there's no initial investment required, and thus no payback period, and the utility cost savings start immediately upon improvement implementation.
If you have a 1-4 unit building, this may very well be available to you right now!
Let's say, for instance, that your property's domestic hot water is currently heated by electric hot water tank. Depending on unit efficiency, number of occupants in your building, and other factors, it may very well be wise to swap it for a heat pump hot water heater.
While we do our own, more in depth analyses, let's just take Efficiency Maine's estimate for the time being. Efficiency Maine estimates that water heating with an electric tank, with $0.16 per kWh utility cost, will cost $5,423 over the next ten years.
How much would water heating via heatpump water heater cost over those same ten years? Approximately $1,721 - savings of $3,702 (or about $370 per year).
Great savings in their own right no doubt, but such an investment gets even better with available incentives and low interest loans.
Consider that a heat pump hot water heater installed may cost about $1,400 (though some vendors charge more).
But due to an available incentive, this price can be reduced to $900. At this price, the payback period is already very short at just shy of twenty months.
But why not just skip the initial cost and start out right away with the considerable electric cost savings? With the financing available, it's very possible to do just that.
Even with a low credit score or high debt-to-income ratio, loans are available with no fees and at low interest. Rates are typically 4.99% to 5.99% APR and can have 10-15 year terms depending on scope of work.
Let's say you finance $900 at 5.99% for ten years. That equals a loan payment of $9.99 per month. Your utility cost savings are $30.83 per month. So, essentially, you can start profiting about $21 per month right off the bat! And keep on doing so for the next ten years!
Of course, you need to do a little due dilligence to ensure the cost savings will make it all worthwhile. So, for more info, just give us a call! (207) 632-8112.
As you consider whether to implement more energy improvements, the potential return can increase, but the need to have trustworthy cost savings projections also increases (not to mention the complexity of teasing out such projections). So let us save you the hassle!
We've been serving Maine building owners for many years and pride ourselves on the many clients who have been referred by other clients! No matter what your project or budget, we'll work with you to get you a great deal!
So give us a call for a free consult!: (207) 632-8112.