Why Sub-Metering Solutions are Important?
Did you know that utility rates are expected to increase over the next few years, and have been on the rise across Canada since 2015? On average, it is expected that residential building rates will increase at 1.2% and for industrial users, rates could increase by 2% yearly. Commercial and Industrial rates are expected to be much higher and significant as the rates are computed based on peak demand consumption. – NSPOWER
With the current pandemic affecting the world along, with fluctuating crude prices, energy rates are expected to increase and could be higher than predicted. Hence, it is important to monitor usage and consumption to control utility costs.
Home sizes, appliances, quality of insulation and demand are all factors that contribute to utility and maintenance costs. Submetering provides you with detailed insights into how each device contributes to your overall usage and provides opportunities to make adjustments and improve your utility costs over the long term. Although, installing submeters help, other actions must be taken to maximize the benefits and returns on investment .
The deployment of real-time monitoring devices (submetering solutions) provide data and access to household consumption, energy consumed by various equipment and overall tenant behavior. In Nova Scotia, 38% of residents struggle to pay their power bills. Landlords and facility managers can help mitigate this struggle by installing submeters. This will in turn empower tenants to manage their individual consumption and change their behavior, making rent and utility expenses more affordable. This would result in better living experience for your building occupants and reduce tenant turnover rate. With their experience improved, this develops a better relationship and transparency among all stakeholders involved.
In conclusion, there are many benefits why submetering solutions are good investments into buildings. Generally, many landlords are responsible for various utility costs around their properties. When this is exorbitant, costs affect profits and bottom-lines. Submetering solutions are very helpful with resolving this by providing data about patterns of behavior and equipment contributing to these high costs. Other benefits of submetering solutions allow building owners to achieve the following:
- Improve building and equipment performance
- Energy conservation
- Extend equipment lifecycle and ROI from buildings
- Monitor performance and trend equipment efficiency over time
- Track and monitor demand more effectively
Regardless of the reason for deploying, submetering is one of the easiest and cheapest resource for achieving energy efficiency. It is also only a product in our smart solutions portfolio . Interested in installing submetering solutions in your buildings?
Contact us today for your needs at 902-989-5661 or email [email protected].