The process of acquiring and maintaining a building includes a variety of up-front and hidden costs. Through the process of life-cycle costing analysis, you can assess the total cost of owning and operating a facility. With life cycle costing and analysis, or LCCA, you can also compare different project setups to determine which offers the maximum savings.
Through life cycle costing and analysis, owners, users, and managers can more easily make decisions about their facility assets. The initial cost of purchasing a facility is only one component of its total actual cost. By determining and considering the costs of the lifespan of your facility, you can make more informed decisions.
- Project future resources that may be required over the expected life cycle of systems and components
- Improve system design for lower cost and improved efficiency
- Compare costs associated with various options, and determine which solution will provide the best value over time
LKPB Engineers, an IMEG Company offers life cycle costing analysis services that are designed to help you make cost-effective choices for your projects. Our approach focuses on the numerous costs that are associated with owning and operating your facility. We provide you with a straightforward measure of your expected costs over the lifespan of your facility.
In general, we focus on the following cost categories:
- Initial Costs. The term “initial costs” encompasses any of the costs associated with acquisition, renovation, and construction, as well as any equipment that is needed for the facility’s operations.
- Operation Costs. Operation costs can often be difficult to estimate due to variables such as building age, maintenance standards, and operating schedules. We carefully investigate any variables for the most accurate costing analysis possible.
- Energy. Operation schedules, occupancy, building type, and other factors play a major role in determining energy usage and costs. Energy usage can be predicted based on a thorough analysis and the use of specialized software. Current energy prices, as well as energy price projections, are used to project total energy cost over time.
- Water. Much like energy costs, water costs are influenced by a variety of factors. Typically, water costing analysis is handled in a similar way to energy, and is based overall on water usage and disposal costs.
- Maintenance and Repair Costs. When an entire system or component of a system is in need of repair, the cost of that repair can be an unpleasant surprise. Through life cycle cost analysis, we can help you determine what your potential maintenance and repair costs could be over time.
- Replacement Costs. Systems and components have estimated lifespans, and even a well-maintained system will need to be replaced over time. We can help determine the number and timing of building system replacements that will be needed over time.
- Additional Costs. In some situations, finance charges and taxes must be considered as part of the life cycle costing analysis process. Non-monetary costs such as improved occupant comfort and increased worker productivity as a result of efficient systems should also be accounted for, but are difficult to associate with an exact monetary value.
Our life cycle costing analysis service is designed to provide you with the answers you need to plan for the future. Contact LKPB Engineers, an IMEG Company to learn more about our full-service mechanical and electrical engineering services.