The life cycle cost of a pump system is the total cost of all system components over their lifetime. This is typically 10 - 20 years.
The life cycle cost of a pumping system is calculated as:
LCC = Cic + Cin + Ce + Co + Cm + Cs + Cenv + Cd
LCC = life cycle cost
Cic = initial costs, purchase price
Cin = installation and commissioning costs
Ce = energy costs
Co = operating costs
Cm = maintenance and repair costs
Cs = downtime costs (loss of production)
Cenv = environmental costs
Cd = decommissioning/disposal costs
The most significant life cycle costs are initial costs, energy costs, and maintenance and repair costs. As shown on the graph, energy costs are by far the greatest of all costs.