Cost Benefit Analysis of Coin Laundry
Comprehensive analysis of costs and benefits for coin-operated laundry systems
Carbon Tax on Gas Fired Dryers
Carbon tax can be defined as the amount of fee or tax proposed to make the users of fossil fuels have to pay in case of climate damage their fuel use imposes by releasing the amount of carbon dioxide directly into the atmosphere.
According to Bolland & Seather (1992), implementation of carbon tax is considered most significant as it motivates switches to cleaner energy. The carbon tax centre was started in January 2007 to give voice to Americans who accept that implementing taxing on carbon dioxide pollution as well as the primary greenhouse gas is very important for the reduction of global warming.
Ontario Climate Strategy Impact
The new climate change strategy of Ontario will cost nearly every family unit $13 per month, far less than the carbon tax that would cost a monthly amount of $107.
Gasoline Price Impact
According to estimates, the price of gasoline will increase by 4.3 cents per litre, thus households will experience additional costs related to carbon pricing.
Benefits of Returning Units
Before acquiring equipment like washing machines or any other sort of equipment, it is important to consider whether it should be leased or bought. Both options have advantages and disadvantages depending on the specific situation.
Short-term Use (Leasing)
According to Tushnei (1998), if you are thinking to keep the equipment for a few days or for a short period of time, then leasing is the best option rather than buying it. If you do not require the washing machine for a long time, you will try to resell the unit - in this case leasing is better.
Technology Updates
Walsh (2012) said that lease option is better in other situations too, as the technology of things alter day by day and companies are introducing innovative equipment with more facilities, thus you can change the equipment by returning the old one.
Budget Considerations
If you tend to purchase a new washing machine unit, it will definitely cost an undue burden on your cash flow. Hence if you are on a shoestring budget, you must prefer the lease option.
Ease of Installation
It should be clear for the buyer before buying the new washing machine unit that the unit will easily pass through the specific area of laundry in the house.
Professional Delivery
According to Philips (1996), it is good to take help from delivery professionals to carry out the washing machine because everyone cannot use the hand truck easily. The professional will load the unit on hand truck sideways so that the narrowest sides of the unit may fit by the doorways.
Plumbing Requirements
According to Logsdon (1986), if you are going to install the washing machine unit in a new location, it is necessary to run both hot and cold water supply pipes at the place of washing machine installation point. To terminate the waste of water, the shutoff valve should be attached at the pipes.
Reduce Water Bills
High water bills are one of the major problems of most families at this time. Although there are multiple ways of water consumption as well as water saving.
Water Saving Strategies:
- •Reuse water from laundry in the garden
- •Wash clothes with full load (saves nearly 10 litres per wash)
- •Control water level for less than full loads
- •Turn off water supply when not in use
Smart Washing Tips
According to Troy (2008), to reduce water consumption, avoid washing clothes unnecessarily. Wash clothes only when needed, not for wrinkle removal. Washing clothes in dark also saves electricity and keeps colors bright.
Return on Investment
Return on investment is the essential term which represents the benefit to the investor resulting from an investment of some resources.
ROI Importance
According to Juster (1964), if the value of return on investment is very high, it indicates that the investment gains compare constructively to the investment cost. ROI is used to assess the efficiency of any sort of investment or to compare different investments with their efficiency.
Project Comparison
According to Sammer (2006), the ROI metric is also used as a gauge during the comparison of various types of project investments within an assortment of projects. When landlords are on a shoestring budget, ROI metrics help provide a snapshot of profitability and adjust investment size.
Single Washer Unit
Most people consider it worthy to invest in a single washer unit and dryer, while they consider Laundromat more expensive.
According to Lampila (1989), it saves money as well as time for the long run. Kovac (1993) notes that if the family is small with only a few members living together, they can benefit from a single washer unit by washing clothes and making drying free.
Best for: Small families (1-3 members)
Double Washer Unit and Dryer
Washing machine unit which has both facility of washing and drying clothes in the same unit is known as combo washer dryer.
According to Suzuki (1991), families living in smaller urban properties with very little space for drying clothes, and having more than 4 members, should buy combo washing and dryer. This unit allows clothes to be washed and dried in one turn, saving time, money, and effort.
Best for: Larger families (4+ members) with limited space
Why Coin Timers Are Better Than Buying Single Unit Washer and Dryer with Built-in Coin Slides
Single Family Use
According to Stein (2003), for a single family, it is better to stay away from coin-operated laundry machines as they are considered one of the cheapest forms. It's a waste of money to pay coins every time for laundry.
Own Unit Purchase
According to Cocca V (1976), it is better to buy their own single unit washing machine and then install it. For households, buying is better than leasing.
Hostel/Individual Use
According to Clark (1961), those living in hostels individually should not invest in buying washing machines. Instead, they should pay coins for washing to Laundromats.
Summary Recommendation
Buying washing machines is good for families, and those living in joint families should buy combo washing and drying units for maximum efficiency and cost savings.