Window and balcony door replacement
Using funding from the Hi-RIS program, a rental apartment building with 20-storeys and 304 units, completed a $1.3 million window and balcony door replacement.
Built in the 1960s, the property owners had not replaced the single-pane windows or wooden balcony doors since construction.
The project installation took place from August to November 2015 and lasted three and a half months.
The majority of the savings came from natural gas at $85,000 per year. In addition, there are annual maintenance and repair savings of $35,000. Total annual savings resulting from this building improvement are $120,000.
| Project Cost Breakdown 2015 | |
|---|---|
| Total annual savings: | $120,000 |
| Total amount financed: | $1.3 million |
| Financing costs: | 4.25% fixed interest rate + 0.8% administration charge |
| Term length: | 15 years |
| Annual cost of financing: | $112,000 |
| Estimated Net Annual Savings | $8,000 |
Installing new windows and balcony doors will …help to improve our buildings’ energy efficiency, and will increase our buildings’ value. […] We’ll be able to reduce our buildings’ energy usage and operating costs going forward in perpetuity, while increasing NOI, cash flow and property values.
– Randy Daiter VP, Residential Properties, M&R Property Management
In 2017, Hi-RIS introduced lower interest rates and to demonstrate the benefits we ran the numbers on the window and balcony door replacement project to show you how you could save more:
| Project Cost Breakdown 2015 | |
|---|---|
| Total annual savings: | $120,000 |
| Total amount financed: | $1.3 million |
| Financing costs: | 3.5% fixed interest rate + 0.8% administration charge |
| Term length: | 15 years |
| Annual cost of financing: | $107,000 |
| Estimated Net Annual Savings | $12,000 |