Ed, Wouldnt it be an investent if oil continues to go up as it has.
What about unforseen repairs on an old unit. What about overall
efficency, I think its called Energy Factor. I would think you might
have a payback in 6-8 years if present trends continue, there is no
reason they wont as things are going now. What is the true operating
efficency of an old unit, they take much longer to heat up to Steady
State efficency. They have alot more metal in the exchangers to heat
up. It might be near 80% when hot but getting there is the issue. An
example is my 1,000,000 btu Kiwanee NG steam boiler is 80% Steady
State efficency but if I replace it with a new 80% unit I might save
10-20% on NG since getting the Kiwanee to steam costs more than a new
unit since it holds more water and is big. Run numbers with these 3
changes, Energy cost increases, True efficency or Energy Factor, and
unforseen repairs. I think could cut your payback in half. Wouldnt
that be an investment, or am I wrong.
A new boiler will save me about 120 gallons of oil a year. Having it
installed will exceed $6500. Today I'm paying $3.09 so a gross savings of
$370 a year at today's price. That comes out to over 17 years. Factoring is
some price increases, it will come down some, thus the estimated 12 years.
Truth is, my boiler will probably have to be replaced or need major repairs
in the next few years so the question is, when do I do the replacement? I
just don't see the need to spend a lot of money today just for the potential
savings. As always, the lingering question is when? Next summer at a
leisurely pace? Or some bitter cold winter day when it dies? I can still
buy a lot of repairs for the annual cost of the replacement equipment.
Someone mentioned it would increase the value of the home. Yes, it will,
but not to the point of full payback. It is understood that a house will
have a working heater when you buy it so an older original will have a
slight knockdown, but will that be $2000 or $6500? I'd get a better return
putting that money into the bathrooms or kitchen. Besides, I have no plans
to move so I'm not using that in the decision making process.
Now, if the installer said I could pay it off in annual payments equal to
150 gallons of oil, I'd have a new boiler at no additional out of pocket.
I'd take that.
FWIW, I'm looking at having O2 trim installed on our boilers at work.
Projected savings is 2%, but we spent $220,000 for gas last years.