The aim of any apartment owner or landlord who is in the real estate business is to make a profit. In-unit washing machines such as the Lightning One machine fitted in apartment units can be costly; therefore the landlord is eager to know how fast the appliance can pay for itself.
What does it mean for a machine to pay for itself?
It means an in-unit washer and dryer you bought or invest in pays for itself after a period of time? It means that the money gained or saved from the use of the machine is more than the amount of the original purchase or amount invested in it.
Let’s determine how fast an in-unit washer and dryer can pay for itself
The average cost of an in-unit washer/dryer such as the Lightning One machine is between $820 to $2500. In the cause of carrying out this calculation we will make use of the average of the two ranges.
Therefore the cost of installation for the purpose of this calculation is $1660.
The total cost of using the in-unit washing machine (in this case a top loader) per load in the United States of America is $0.42. When you consider that the cost of electricity in the United States is $0.12 per kilowatt-hours.
If the average American family does 8 – 10 loads of laundry each week, using the average system as above, it means that there are 9 loads per week.
Considering that the cost of using a top loader in-unit washing machine is $0.42 per load, then the cost per week is 9 x $0.42 which is approximately $3.78 per week.
In a calendar year, the cost of using an in-unit washing machine is $3.78 x 52. Which is approximately $197 per year.
The cost of laundry in a laundromat
The cost of washing in the Laundry room or Laundromat per load ranges from $1.25 to $1.75. Using the average rule, it is assumed that the cost is $1.5. While the cost of using the dryer is between $1.00 to $2.00, let’s assume the cost is $1.5. Therefore the total cost of using the laundry room or Laundromat per load is equal to $3.00.
At 9 loads per week per household, the cost of using the laundry room per week is 9 x $3 which is equal to $27 per week.
In a year a household spends $1,404 per year ($27 x 52) on laundry in the laundry room.
The total savings using an in-unit washer and dryer for a year when compared to a laundromat is $1,404 – $197. Which is equal to $1,207 per year.
Since the cost of an in-unit washer and dryer is $1,660, it will take 1 year, 4 months for the washer and dryer to pay for itself. This is calculated by dividing the cost of purchasing the washer and dryer ($1,660) by the total savings in a year ($1,207).
Rent Cost
On the flip side of this is the question, does it make sense for a landlord? Taking the base cost of a machine at $1660 compared to the rent increase in a place like Los Angeles that is $325 more per month you get, a mere 6 months before that machine is making you money. And now with Lightning Clean, there is actually enough space for a machine in the unit. This is a game-changing solution.