The advent of smart meters in the utility management space has greatly improved the accuracy, energy efficiency and overall operational practices of the energy sector. More accurate readings provide insight into cost-saving methods and encourage businesses and residents alike to be more aware of their energy consumption. Although its ubiquity is a relatively recent technologic advancement in energy management, it’s clear that the benefits of smart metering greatly outweigh any of it’s surrounding concerns. Smart meters are more than a smart decision, they are vital to a cost-efficient and ecologically sound future.
But many businesses have even taken this upgrade one step further, by pushing the boundaries of energy consumption analytics by using a method called submetering.
Submetering technology is the practice of implementing a software or program that allows property management to account for individual utility usage. This includes additional insights and operational observations that can ultimately reap in large energy savings. But exactly how does utility submetering change building and energy management? Here are our five best reasons to upgrade to submetering to ensure better building management.
1. Building costs are optimized
When tenant data can be accessed individually, property management is able to access the total utility capacity and account for spaces that are under or overutilized. What this mean is that operational costs can sit at an all-time low due to the real time feedback on electric, water and gas consumption. For example, if a certain property is vacant during the workday, submetering can provide the information to keep heating at a low. Times and areas of high consumption are also easily recognized and appropriate changes can be made to account for any inefficiencies. Better intel of a building’s utility schedule and load allows the management to save operational costs by making practical changes.
2. Individual invoicing is accurate and easy
A submetering software also makes the struggle of individual tenant invoicing and measurement much simplier. A submeter also provides accurate useage measurements and time specific data to tenant so they are able to be cognizant of their bill and usage patterns. The clerical work and time needed to measure, calculate and deliver an invoice is significantly reduced for property management, giving way for more important or forward-facing tasks such as personalized interaction or other building improvements. The automated process simplifies invoicing, making the monthly process accurate and stressfree.
3. Problems are immediately evident
Since submetering collects and analyzes your utility data over a period of time, it can also provide alerts and warnings when there are inefficiencies in progress. For example, it can identify unusual energy usage patterns of machines within your property and make note of them to be checked. It can also monitor individual circuits to ensure all processes and machinery are running smoothly with secured setpoints. It can also predict and warn building management of upcoming problems or situations.
4. Comparisons and goals can be managed
Everyone is going green these days and the addition of a submetering software allows your building and property to be more ecologically-minded than ever. Building management can track, record and set consumption goals over long and short periods of time to improve property efficiency while still providing during times of demand. This comes along with the trend of benchmarking and sustainability reporting are a large part of many organizations. It’s part of a green initiative that not only saves costs but allows property owners and tenants to make more informed decisions about consumption. Tenants are also more willing to pay more for sustainable buildings because they hold an alignment with the building management to spend the most efficient dollar possible.
5. It’s all from one simple place
The absolute best part of submetering is how accessible and easy it is for building management and staff to use and understand. All the usage data from multiple properties can be accessed on one mobile dashboard, allowing you to access this information anywhere. Property management is able to check current energy usage in real-time, set alerts or consumption goals as well as monitor building and individual tenant progress. Submetering is an update that brings building and property management into the ecologically-minded 21st century.