Byers Automotive Group has taken major leaps with its plans to install wind turbines at two Central Ohio dealerships.
The Columbus-based company said it has won approval for a $200,000 grant from the state Department of Development to install commercial turbines at its Byers Mazda Subaru dealership on Billingsley Road in Columbus and its Byers Toyota site in Delaware. The Delaware site is a former Ford dealership that underwent a $3.5 million renovation last year.
The estimated cost of the installations at the two sites is $600,000. Byers told Columbus Business First last year its Delaware dealership, the first tagged for the turbine installation, could save up to $6,000 annually in electricity costs with the new hardware.
Quick (and probably bad) math: The cost to the dealerships is $400,000 ($600,000 installation cost-$200,000 subsidy). That's $200,000 per dealership. Let's assume that is paid in lump sum today. At a 0% discount rate, it would take 33.33 years in $6,000 per year energy savings to recoup the $200,000 investment. At 1% discount rate, it would take between 40 and 41 years. At a 2% discount rate it would take 55-56 years. At 3% or greater discount rate, it is impossible to recoup a one-time investment of $200,000 earning a return of $6,000 per year. Unless of course there are side benefits, like increased sales. Or government incentives. Or...what am I missing?
Read more: Byers gets grant, permits for Columbus, Delaware wind turbines | Business First
