When it comes to sourcing water pumps, businesses may be faced with budgetary pressures and may choose a cheaper option. Unfortunately, this could lead to purchasing a water pump that is not the most economical in the long term. As the saying so amply goes: “You get what you pay for.” This is usually the case when the buyer only considers the upfront purchase costs instead of the total Life Cycle Costs (LCC).
We explore the total Life Cycle Costs of a water pump to help guide you into a more economical purchase.
What are the Life Cycle Costs of a Water Pump?
The initial concept of Life Cycle Costing was first adopted back in the 1960s by the US Department of Defense. The method was adopted to aid military procurement decisions, and the basic principle considers all costs related to buying, operating, and maintaining products. To achieve the lowest long term costs, the method below is used to analyse the expenses and to calculate LCC:
LCC = Initial Costs + Future Costs
Initial Costs of a Water Pump
The initial or upfront costs are most identifiable at the point of purchase. They include the following:
- The purchase price of the water pump
- Delivery costs
- Installation costs
- Training costs of the operators or engineers at the point of installation (this cost is often overlooked).
Future Costs of a Water Pump
Allocating monetary value towards future costs can be challenging. This could also be the reason why so many people neglect to consider future costs as part of the total cost of buying a water pump. It is important to note that future costs can amount to roughly 83% of a pump’s LCC, with the balance allocated to initial costs (17%). These numbers demonstrate the importance of considering the future costs associated with running and maintaining a water pump over its lifespan.
Some of the future costs you need to consider include the following:
- Labour
- Energy
- Maintenance
- Downtime
- Disposal
Let’s break down some of these costs in further detail.
Labour
Labour is one of the largest overhead expenses, and one needs to remember that wasted time is wasted money. Should you decide on a water pump that requires operators to manually intervene regularly, then labour is a high cost worth considering before you finalise your purchase.
A water pump with specialised automation or control features, such as timers, preset batch meters, etc., may carry a higher initial cost; however, it will save you labour costs since less manual intervention will be needed.
Energy
In general, 16% of a typical industrial facility’s electricity is generated by pumps. This means you need to carefully consider various ways to improve the energy efficiency of your water pump. Methods of reducing the energy consumption of your water pump include the following:
- Install a variable speed drive to operate the motor at the actual requirement level.
- Invest in parallel pumping systems.
- Install certain control features to ensure your pump operates optimally when needed and not longer than required.
Improving the energy efficiency of your water pump may be an added initial cost; however, it will significantly reduce your future costs.
Maintenance
Just with any mechanical equipment, all water pumps require routine maintenance to avoid corrosion damage, pump cavitation, and general wear and tear. By carrying out regular servicing and maintenance, you extend the lifespan of your water pump, and you are less likely to incur any unexpected failures and expenses associated with the repair.
The manufacturer’s instruction manual will advise how frequently you need to carry out maintenance on your water pump. Your manual will also offer a guide on when to replace certain components, such as mechanical seals, impellers, and wear rings. The costs of carrying out this routine maintenance depend on your specific pump’s features, such as the complexity of servicing, the price of spare parts, and the pump’s overall quality.
Downtime
Depending on the application of your pump, downtime can be highly costly for the business, especially if your water pump system plays a vital role in production. The cost of your pump’s downtime could potentially result in the loss of income, unhappy clients, added labour costs, and repair expenses.
Where downtime costs are extremely risky for a business, you need to purchase a backup water pump in a parallel pumping system that automatically starts when the other fails. It is also advisable to keep spares on-site, especially if they are challenging to come by in an emergency.
Disposal
Typically, this expense shouldn’t vary greatly from one pump type to another unless the pump handles hazardous fluids. If your pump handles hazardous liquids, especially during decommission, then the pump needs to be thoroughly cleaned before disposal for environmental purposes. A self-cleaning pump would, therefore, be a viable option to save time.
Click here for a pump LCC calculator which factors in initial costs and future costs.
Finally, do not focus just on the price of your next pump; instead, focus on purchasing the RIGHT pump.
Contact Jordan Pumps if you want to purchase, install, or maintain a water pump that perfectly suits your needs and has an economical Life Cycle Cost. Established in 2002, Jordan Pumps offers a full range of agricultural, domestic, and commercial pumps, including borehole, submersible, centrifugal, pressure, swimming pool, solar, solar geyser, and petrol pumps.
