(b) An energy audit was conducted on a building to demonstrate energy savings opportunities by replacing the air handling unit or AHU fans motors, condensing and chilled water pump motors of the water cooled chilled water air-conditioning installation with newer, more efficient motors of the same horse-power ratings. In the building, there are five units of AHU fans, two sets of condensing water pumps, two sets of chilled water pumps and two sets of Cooling Towers (CT). All four pumps operate continuously for twenty four hours per day. The existing AHU fans are rated at 10hp with efficiency of 85%, existing condensing water pumps are rated at 60 hp with efficiency of 83%, existing chilled water pumps are rated at 75 hp with efficiency of 83% and existing CT fans are rated at 70 hp with efficiency of 80%. Assume 1 hp = 0.7457 kW. If the new motors have an efficiency of 93%, determine the annual savings in the electricity consumed given the electricity tariff is S$0.26/kWh.