The installed capital cost listed at the very bottom of the *.txd report represents the actual total cost including materials, labor, taxes, and overhead. It is the actual cost that would be paid to complete a project. The installed cost value listed under the life-cycle costs savings section displays both the present and annualized values of the installed cost as used in the life-cycle cost analysis. The present value of the installed cost may be less than the installed capital cost if the study period for the analysis is less than the life of the new equipment. This can occur when the remaining life of the existing technology is less than the life of the retrofit technology. In this case, the cost of the retrofit technology is annualized over its full rated life, but only the annualized costs occurring during the remaining life of the existing equipment is discounted back to the analysis year and used for a fair cost/benefit comparison.