1. Estimate the cost savings you incur during an extended power outage
a. The cost of replacing the contents of the refrigerator and freezer
Estimated food value in a standard refrigerator and freezer: $650
b. The cost of staying in a hotel
5 nights at $199 per night: $995
c. The cost of being out of business for a few days (for people who work out of the home.)
Depends on the individuals business
d. The cost of frozen pipes (plumbing repairs plus water damage cleanup)
e. The cost of damage due to failed sump pumps
Per floodsmart.gov, the damage cost for getting 6 inches of water in a 2,000 square foot home is over $39,000
(Note: These costs can vary from state to state and from home to home.)
2. What is the value added to your home for resale?
Per the Remodeling Cost vs Value Report 2011-12 (www.costvsvalue.com), the home owner in the New York Metro area can expect to add $9,700 to the value of their home with the installation of a whole house standby generator.
In most cases the cost of a standby generator will pale in comparison to the cost savings for the untold number of outages you will experience over the life of the generator and the added value to your home.