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Also referred to as "In-kind" replacement.

Replacement of an asset with an asset of similar quality and design, as distinct from an upgrade or improvement.
That is, the existing asset (the defender) is similar to the replacement asset (the challenger).

A reserve study (depreciation report) would typically estimate asset renewal on a like-for-like basis. This is the default for the following reasons:

Listed below are some of the key attributes of a lik-fo-like renewal
  • Similar quality materials
  • Similar life cycle cost
  • No incremental cost.
  • The challenger asset mataches the defender asset
  • No upgrade occurs

Listed below are some examples of like-for-like projects:
  • A low efficiency boiler is replaced with another similar low-efficiency boiler.
  • A BUR roof is replaced with another BUR roof.

Owners are sometimes are not able to make a like-for-like replacement in the following circumstances (ie., replacement drivers):
Fig. Domestic copper piping being replaced with copper piping

See also:
Compare with:
  • Upgrade
  • Adaptation
  • Adaptive Renewal

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