While many people regard power outages as mere disruptive nuisances, an extended loss of power due to a severe storm or man-made cause can actually become quite destructive and expensive. What’s more, your home doesn’t need to lose power for weeks in order for the costs to start piling up. A survey sponsored by Briggs & Stratton found that almost 70 percent of Americans who experienced a power outage of just 12 hours or more in the last two years faced unexpected expenses as a result.
Surprised? Here’s how the related costs of power outages start piling up.
The True Cost of a Power Outage
While the inconvenience of a power loss is real enough by itself, the true monetary costs that are possible when a prolonged outage hits can’t be understated. In fact, according to a report put together by Kohler Generators, American households face approximately $150 billion in power outage-related expenses each year. So where do these costs come from?
In their survey, Briggs & Stratton looked at both how common certain power outage expenses were and their average cost. The most common expense was spoiled food, which 40 percent of survey respondents faced at an average cost of $160, during just one power outage. The second most frequent cost was for emergency supplies such as flashlights, candles and firewood; 29 percent of those surveyed reported such spending at an average of $76 per household.
Facing a prolonged period of time without power, many American homeowners looked for alternate solutions. For 16 percent of the survey’s respondents, this meant picking up a portable generator with an average price tag of $650. An additional eight percent of those questioned opted to get a hotel room at $108 per night on average. In addition, 13 percent of those canvassed had to take time off of work to deal with their loss of power, resulting in an average $310 in lost wages.
The single biggest cost related to power outages, however, was property damage, reported by 11 percent of those surveyed. Power outages can cause property damage in a number of ways, from surges that can fry electronics, to burst pipes that can flood your home. According to Briggs & Stratton, the average cost of power outage-related property damage was $1,916. Of course, the potential cost can be much higher. For example, frozen or burst pipes can easily cost $10,000 to fix, while a flooded basement can cost over $20,000 to remedy.
To avoid these unexpected expenditures, many people (especially those in regions that have a high propensity of inclement weather) are choosing to prepare in advance by installing a residential standby generator. With so many affordable standby generator options, and with many companies offering financing and payment plans, it does seem like the most cost effective way to go.
Worried about the potential cost of your next power outage and ready to invest in a new residential standby generator for your home? The experienced technicians at A & A GenPro can evaluate your home and determine the best option for your needs. Contact us today to schedule an appointment for a free quote.