The True Cost of Waiting to Replace Your Boiler
Owning a building comes with numerous costs of operation. Among them, you will have costs associated with your boiler system. As it ages and requires, it will require more repairs to keep it up and running.
However, as tempting as it may be to put off replacing this aging appliance, it is far more costly to keep going on like this until it completely breaks down and puts you in a bind.
When you need help with the boiler repairs, the technicians may recommend that you replace your boiler. You might think that they’re just trying to upsell you, though, in reality, they’re trying to spare you the astronomical costs you’re incurring by putting off boiler replacement.
High Energy Bills
Older or inefficient boilers consume much more energy, and the result is that your building’s utility bills will continue to rise every month. It’s natural for them to become less efficient in time, even when you have been diligent in scheduling maintenance.
When you upgrade to a modern boiler for your building, these newer models are much more energy-efficient, which translates into savings of hundreds of dollars for your energy costs every year. These savings tend to offset your initial investment into a replacement boiler. Delaying the inevitable means that you are wasting money that could be better spent serving your building.
Reduced Comfort
Aging boilers have a hard time maintaining consistent temperatures for heat and hot water in the building. If you own or manage a residential building, the tenants will likely complain often about their discomfort. In a work environment, your employees will feel uncomfortable too, which can lead to them becoming less productive as they cope with cold air indoors.
More Frequent Breakdowns
Boilers are complex pieces of machinery with many working parts. Over the years, the wear and tear it takes on can lead to much more frequent breakdowns. It becomes like a game of whack-a-mole, where you have one problem repaired and then another one pops up.
One of the biggest problems with replacing parts in aging boilers piecemeal is that it’s more difficult to find parts for these older models. This can cause the repair costs to go up, not to mention delays when the part needs to be tracked down.
When your building’s boiler keeps breaking down, it certainly costs you more money. However, it is also costly in the disruptions it causes for your building. You will have tenants that are cold or can’t access hot water, or employees who are left shivering at their workstations, dreaming of warmth in winter.
Expensive Emergency Repairs
As a building owner, you may have already discovered that boilers don’t know how to tell time. They often break down in the middle of the night, or on the coldest day of the year. You can’t simply let it be as you have a duty to those in your building. Many companies will charge a premium for emergency repairs, and those costs can become even higher if parts need to be expedited to make the repairs.
When you plan to replace your boiler in advance, you can avoid these added costs. It also gives you time to research boiler installation companies, learn more about different boiler models, and compare costs to make a sound decision without the added pressure of needing to get the heat and hot water back on immediately.
Increased Danger and Safety Risk
With an older boiler in your building, you have an increased danger, particularly when it is malfunctioning. A boiler with a carbon monoxide leak or gas line problem can endanger every tenant or employee on the premises.
People could succumb to the effects of carbon monoxide or the boiler could explode, causing a massive fire. Your duty as the owner is to provide a safe environment, and if you ignore that your boiler needs to be replaced and tragedy strikes, you may be held liable.
New and modern boilers are now equipped with the latest safety features such as sensors or automatic shut-off mechanisms that reduce the risks tremendously. When you upgrade by replacing your aging boiler, you will create a much safer building while getting all the other benefits mentioned here.
Environmental Impacts
Whether you’re concerned about the environment or not, the impacts an aged boiler has on the environment can come back to haunt you. Your operations may become a target for wasted energy as older boiler models have higher emissions.
When running a company, consumers look at how it responds to the world at large, and taking the steps to reduce your building’s carbon footprint casts you in a favorable light. New boilers are eco-friendly. They use less fuel and emit fewer greenhouse gases into the atmosphere. Additionally, you may be able to receive tax rebates or incentives by swapping out an inefficient, wasteful boiler with a new, environmentally friendly one.
Increased Insurance Premiums
Your initial investment into a new commercial boiler may seem like a steep business expense. However, tally up the costs of trying to keep your old one running and you’ll see that you will save much more with a replacement, especially when you look at insurance premiums.
The older your building’s boiler is, the higher your insurance premiums will be. Insurance companies will increase this premium to compensate for the increased accident and damage potential. Some may even deny your policy renewal because they deem the risk too great.
Bottom Line: Don’t Wait Too Long to Replace an Old Boiler
The initial investment you make into replacing your building’s boiler system may seem like a lot. However, when you look at your long-term savings on energy bills along with reduced maintenance and repair needs, you’ll see it’s a worthy investment.
In return, you’ll have a more reliable boiler system that provides peace of mind while enhancing your building’s value. It’s also smarter to stay ahead of boiler issues, allowing you proper time to research different boiler systems and installation companies to see which one is the best fit.
