The original system at this 94 unit suburban condominium building was approaching 40 years old and in need of repair and parts replacement. Routine and non-emergency maintenance was very expensive.
The old, inefficient boilers and hot water holding tank were replaced with 96% efficient boilers and 99% efficient indirect water heaters.
The high efficiency equipment saved 31,600 therms annually and the investment had a cash-neutral impact on the association. No special assessment was needed, and the utility rebate and gas savings realized paid the monthly low-interest bank loan within 7 years. When paid off, the association will have in excess of $40,000 per year to fund other projects.