When investors determine whether they will settle for the gated or metered parking system, one of the main things that are on the top of their mind is how much the project will cost. Beside, they will want to know the revenue that will be generated by the parking investment. For the cost, some of the things that will be considered are the expenses of installation, maintenances, and operation. In this article, you will understand the cost information regarding the parking and metered gating system.
The gated parking system is more expensive compared with the metered system. The many things in the gated system such as gate, exit, and entry machine, pay station, a Server station is some of the things that make the gated system more expensive. The approximate capital cost of the gated parking is 25% of revenue generated in the first year. The more the equipment, the more the income you will come. On the other system, you will be required only to purchase a meter. It is estimated that you will incur about 12% of the yearly income in the case you consider the meter parking system.
Installation is the additional cost that you will incur. The gated system will be more costly because many tasks need to be executed. The system will require infrastructural planning on where the vehicle will be queuing, exiting, and entering the parking lot. Also, you will incur cost on the installation. Installation of the metered parking is very simple and can be executed within a day.
Once the system is installed, maintenance is required to make sure that it last for as long as ten years. The maintenance of the two systems is different. For the gated system, it very simple. However, for the metered parking, some many things will be handled. This includes the transaction cost, technology support, software license, hosting services, meter warranty, and many others. The metered system has many things to be handled, but it is inexpensive compared with the gated one.
Operational cost is one more expenses that you will consider to help you in making a decision. Metered system is self-service and therefore, you will not be required to hire an operator. You will only be needed someone when there is maintenance to be done. The gated system is more expensive because there are many things to deal with. For the meter service, enforcement system is neecdatyu to ensure people are honest. Enforcement will require you to hire enforcement agent. Beside, you will incur costs on the enforcement technology and car.
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