Elevator Crisis: How to turn a major headache into an opportunity

We apologize for the inconvenience: the elevator company has been notified. Many of us see signs like this far too often. New statistics show a steady increase in the number of elevator-related 911 calls over the past 15 years, confirming what you may have already suspected – easy access to your 16th storey apartment is far from guaranteed. In 2015, fire fighters in Ontario alone responded to 4,461 calls to free people stuck in an elevator. This doesn’t include the cases where people managed to get out on their own or the many would-be riders who didn’t have access in the first place because the elevator was out of service.

A Costly Crisis

Aging equipment is a big part of the problem. The majority of elevators in Ontario were built 25-50 years ago, and another 1,550 are even older. An elevator in need of repair can be out of service for days or even weeks, largely due to a shortage of qualified technicians. In fact, many large commercial buildings in downtown Toronto pay a premium to be first-in-line for repair services.

Ensuring Long-Term Reliability

Elevator upgrades can cost $150,000 to $300,000 per elevator. Unless they come with a diamond chandelier, residents are unlikely to consider their new functioning elevators a building “upgrade”. But what if there was a way to ensure long-term elevator safety and reliability while offering residents a more comfortable environment in a green building? A deep, comprehensive energy upgrade can be financed on the basis of future utility savings and the excess savings can help pay for a new elevator.

Financing an Upgrade

The Energy Savings Performance Agreement (ESPA™) offered by Efficiency Capital (EC) provides building owners with up to 100% of the funds required to do comprehensive upgrades and includes third party insurance. Typical energy savings after an efficiency upgrade are between 10 and 40%. This means residents can enjoy the many benefits of a better performing building while reducing the cost of an elevator replacement.

EC captures most of the energy savings over the life of the contract and guarantees clients’ payments will not exceed their verified energy savings. The ESPA™ also includes ongoing performance monitoring, building user education and project oversight. EC has an enviable record of success meeting savings targets and once contracts end, clients enjoy all the savings and the enhanced value of a better performing building whose efficiency attracts and retains satisfied tenants.

Consider upgrading your building with high efficiency technology such as a new heating, ventilation and air conditioning (HVAC) system, a building automation system (BAS), LED (light emitting diode) lighting, and water-saving fixtures in combination with a new elevator. It’s an opportunity to complete all your priority upgrades at once while building a reputation as a green leader.

Improving your building doesn’t have to involve a never-ending series of reactive repairs. The ESPA™ offers financing for cutting edge technology that will save money, conserve energy and help you replace that aging elevator.

Interested? Contact us to find out more about the ESPA™ and how we can help!

Call us at 416-849-4797 or email at info@efficiencycapitalcorp.com and a member of the team will get back to you shortly.