Understanding the Difference Between the Cost of The Gated and Metered Parking Systems
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. Another thing that they will consider is the revenue generated. During the evaluation of the cost, some of the things that you will consider is the maintenance, installation, and operation cost. Ahead is the difference between the metered and gated parking system in terms of cost.
The gated parking system is more expensive compared with the metered system. For the gated system, you will be needed to install in many things such as the gate, entry machine, pay station, server station, and exit system. The estimated initial cost of the gated parking is about 25% of the revenue generated in the first year of operation. If you need more income, then you must invest more in the equipment. 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.
The other cost you will incur is installation. Compared with the metered parking; the gated system is more costly. 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. Within a day you can complete the meter system because there few tasks that are involved.
Regardless of the system that you consider, you should make sure that it is maintained. The maintenance of the two systems is different. You should note that there are few finance activities of the gated system. However, for the metered parking, there are many different costs that you will incur during the life of the system. They include the meter warranty, hosting services, cost of transaction, technology support, and license, among other expenses. Although the gated system has few things to be maintained, the overall maintenance cost is twice that of the metered system.
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. For the gated parking, it is more complicated to manage and therefore expensive. Since the meter system is self-service, to ensure that the people are honest, then you should enforce the parking rule. You shall be required to hire a person to do the enforcement. One more thing you are supposed to invest in the enforcement technology and vehicle.