Submetering Solutions
When you’re a property manager, you have a lot of circuits to keep track of, and the rates add up quickly when tenants aren’t conscious of much energy they are consuming. The last time you received the electricity bill for your property, you may have felt frustrated and bewildered about the thousands of dollars that seemed to be pouring out of the outlets.
Fortunately, there is a much better way. Don’t get stuck paying insane utility costs that definitely rise above what your tenant is paying - start submetering! In this article, our pro electricians provide a basic guide to getting your submetering solution rolling in 5 steps.
Begin billing residents for power separately
Install submeters with Axiom Power
Read meters remotely
Work with a third-party billing company
Sit back and relax
1. Begin Billing Residents for Power Separately
Before you install submeters, begin billing residents separately for their power to show how much they are consuming. Incorporating this utility cost in your tenant’s overall rent can cost you a lot of money if you are underestimating how much they will use, but you also don’t want to punish tenants if they barely use power.
A Ratio Utility Billing System (RUBS) is a legal way to divide the overall utility bill of your complex across all tenants based on the square footage or the number of occupants. This will make your clients more aware of how much power they are using month-to-month so they can try reducing their usage as much as possible.
2. Install Submeters with Axiom Power
Submeters allow you to measure your tenant’s individual power usage so that you can bill them for precisely how much power they are using. Installing submeters encourages people to be mindful of conserving energy. Several studies show that utility costs dramatically drop within a few months of usage.
Reach out to Axiom Power to install your submeters, as this is a job best left to the professionals. A submetering system will make it much easier to charge your renters fairly instead of making them pay for their neighbor and will likely help your business overall.
You can purchase meters that manually tell you how much power is used and do the math yourself, but a remote submetering system can be much more effective, especially if you have a lot of tenants.
3. Read Meters Remotely
Meters that can be read remotely are cheaper than ever before thanks to the advancement of technology. No more walking around your complex with a clipboard at the end of each month.
An automated reading system can tell you exactly how much power is used as well as provide you with countless other helpful analytics. You don’t have to have a massive property to benefit from this kind of system.
Reading systems specifically designed for smaller properties with fewer units are also super cost-effective. In a world where we are constantly overloaded with tasks and to-dos, that’s powerful!
4. Work with a Third-Party Billing Company
Using a third-party billing company can make it much easier for you to manage your residents. They will remotely monitor your submetering setup as well as prepare and send power bills to your tenants. What’s awesome about these services is any fees can also be covered by the people drawing the power!
Ensure you hire a third-party company that is fully knowledgeable about any local codes and has the licenses to work in your area.
Sit Back and Relax
Whether you manage a small or large property, submetering can elevate your system and make your life a whole lot easier. You get to decide what level of submetering is the best fit for your company. If you don’t mind checking the meters each month or plan to hire an in-house person for utility management, your classic manual meter may do the trick.
However, if you simply want to avoid the hassle and simply recoup any power costs, then work with a third party! The point is, you won’t have to pay for any energy that you aren’t personally using!
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Get Smart & Submeter with Axiom
If you’re sold and think submetering is the right upgrade for your property management business or commercial property, call upon our pros at Axiom Power! Our residential and commercial electricians can meet any of your property’s electrical needs, whether you are just looking for a standard inspection or are interested in a whole rewire.
Call one of our team members today to get your free cost estimate! Call our residential electrician, Greg Bennett, at (813) 308-9328 or our commercial electrician, Jose Rivera, at (727) 687-4452!