4 Distinct Submetering Benefits

Submetering or suite metering offers many advantages. Data collection, accurate bills, energy reduction and resident savings are some of the top submetering benefits. Take a look at 4 more distinct reasons why submetering is the right solution for multi-residential properties.

Weather

The weather in Canada is unpredictable all year round. It can jump anywhere from 2 to 20 degrees in one day. The demand for heat, air conditioning and hot water can be high, especially in extreme weather conditions.

It is unfair to make all residents carry the burden of cost for a whole buildings’ utility usage. You will find some residents are more comfortable putting on a sweater and cozying up with a blanket rather than blasting the heat all night. Whereas other residents are privy to leaving their television and lights on on while they go out for the day. Human behaviours and patterns differ from family to family. These patterns can be changed when there is a real incentive.

With suite metering, each resident will be directly responsible for paying for their share of the utility usage. Those who opt to turn out their lights more often and reduce their utility usage, will pay less. If residents refuse to cut down on their utility usage, they will receive a bill reflecting their exact utility usage. Saving money is a great incentive for anyone to change their behaviours.

Suite metering is the only fair way to allocate, and bill for resident utility usage.

Billing Responsibilities

Property Managers wear many hats and attend to different tasks throughout their day. Priority is a full-service billing company. We take care of all the steps required to ensure accurate billing procedures are followed. Priority can read the submeters, download the utility usage data, provide reports on usage, create accurate resident bills based on actual utility usage, mail out the bills, collect funds and offer debt protection. Property managers will never be stuck with chasing down delinquent accounts. Priority supports an in-house customer service team of knowledgeable representatives who are available by email, live chat and phone call to assist all residents. The submetering benefits keep on rolling in.

Building Value

There is a long list of associated costs for ensuring your multi-residential building holds value. There are a number of strategies you can employ that have the potential to increase your cash flow, decrease your expenses, and increase your overall equity and the value of the property. Accounting, advertising, insurance, lawn maintenance, legal fees, licenses, property management, repairs, and maintenance all add up. Because gas, water, and electricity are all consumable resources that can be used variably by residents, it is appropriate to have them pay as much of their utility expense as possible. Submetering will help allocate expenses to your residents fairly.

Furthermore, when residents know they are responsible for paying for their own share of utility usage, they are automatically encouraged to use less water and electricity. This will put less strain on the buildings’ infrastructure including piping, wiring and in-suite appliances. Your buildings overall maintenance costs will decrease and building value will increase. Energy consumption decreases by roughly 20% after submeters are introduced to a property. Submetering benefits are noticeable and lasting.

Saving Energy and Money

As data is collected and analyzed, patterns begin to emerge. You might notice that some areas in your building tend to use more heat than others, while other areas use less light. This data can be used to assist in retrofitting different areas in your building.  Over the long-term, submeters and the data they provide assist property managers in identifying leaks and damage to enable them to repair systems and further increase the building’s efficiency.

Submetering can also help a facilities manager optimize HVAC, lights, plug loads, common spaces, security and emergency evacuation systems. Whether it’s predicting which equipment is about to fail and replacing it, or running it when electricity is cheaper, once submetering is enabled, there are many energy management solutions to consider.