The cost of a well hand pump in the US has risen significantly in recent years.
With more and more Americans relying on gas pumps for their heating and cooling needs, pumps are a popular choice.
But, the cost of the pump itself has increased dramatically, and is projected to hit $20,000 in 2020, according to research from Gensler.
Pumps with higher capacity and lower pressure can cost up to $20 per 1,000 cubic feet (BCF) of gas, and pump prices are rising by the week.
In 2016, a pump that would cost $20 was still being sold for $12, according a Genslers report.
The pump industry is also looking to add more advanced pumps to help lower costs.
Gensler estimated that the average pump costs $1,500 to $2,000 per well.
To find the best pump for your needs, Gensers researchers compared pumps from various brands and types to determine the most affordable.
The researchers compared pump brands and capacities to determine which pump would provide the best performance at a lower price.
They then used that price and capacity to price the pump based on the price of gas at the pump station.
The study found that pumps with a capacity of 3,000 or more cubic feet per minute (BCPM) cost about $6,000.
A pump with a 3,400-5,000-5-1,000 BCPM capacity cost $30,000 to $35,000, while a 1,200-3,000BCPM pump cost $60,000 and a 1-3 BCPM pump $100,000.(Genslers via The Consumerist)The Gensols report also found that pump prices were set to double in 2020.
Pump prices will likely increase further in 2021 as the economy recovers.
According to a report by PricewaterhouseCoopers, pump prices will increase by $5.65 per 1 cubic foot (BCDF) of capacity in 2020 from 2017 levels, which are projected to be about $1.40 per 1 BCF.
While the price increase is significant, experts say the pump prices may be more than the pump maker is willing to pay.
“They may be paying the pump price, but they may be getting an extra 1,400 to 3,200BCF that they were paying for the pump,” said Mark Goss, vice president of sales for Gasoline and Gasoline Products at the International Oil and Gas Association (IOGA).
“The price will certainly increase in the future, but there’s no guarantee it will.”
Gensers also looked at how many pump pumps are on the market today, and the company found that the majority of pump manufacturers are still struggling to maintain their business.
The majority of manufacturers have struggled with the cost increase in recent decades, Goss said.
“You’re going to see more pump makers go out of business,” he said.