Get an introduction to the hidden costs in a pumping system.
LCC stands for Life Cycle Cost and it is a concept used to determine the total cost of a pump or a pumping system over time.
We will show you the most important factors in a Life Cycle Cost calculation
So why is it important to learn about Life Cycle Cost? Well, when we invest in a new pumping system or replace an old one, we tend to focus on the cost that is the most obvious – the initial cost.
But over a 20 year period, the initial cost only makes up a small part of the total cost – it is the tip of the iceberg.
Under the surface lies a group of costs that are equally important to pay attention to.
These are the installation and commissioning costs, the energy costs, the operating costs, the maintenance costs, the downtime costs, the environmental costs and the decommissioning and the disposal costs.
When we put all these costs together, we get the total cost of a pumping system over a period of time.
When it comes to commercial buildings like big office buildings, hospitals and shopping centers, the three most important factors of a life cycle cost calculation are the initial costs which is the purchase price, the maintenance costs and the energy costs of the system.
That means that a pump has more than one price tag.
So besides looking at the price tag with the initial cost, you have to think about the maintenance costs over time as well.
And last but not least, you should look at the most expensive element of them all – the energy costs.
So when you invest in a new pump, you have to make sure that you have checked all three price tags.