Smart Water Sub Metering: 4 Key Savings for Landlords and Property Managers
In property management, staying ahead of the curve can make all the difference. With a growing focus on sustainability and efficiency, landlords and property managers constantly seek ways to enhance their offerings and reduce operational costs.
One such solution that's gaining traction and delivering substantial benefits is water sub-metering. In this article, we'll explore the myriad advantages of sub-metering systems for landlords and property managers while shedding light on how municipalities offer incentives to make this transition easier.
- Water Conservation and Tenant Accountability
Water is a precious resource, and we all have a role in its conservation. Water sub metering empowers landlords and property managers to allocate the responsibility for water usage to tenants. By billing tenants for the water they actually use, you create a direct financial incentive for them to conserve water. This not only reduces utility costs but also promotes sustainable water consumption habits among residents.
- Municipal Rebates Up to 50%
Many municipalities and cities are recognizing the importance of water conservation and offering financial incentives to support the installation of sub-metering systems. You can access rebates of up to 50% (sometimes with a maximum cap of $10,000 or 100 units) for water sub-metering installations in duplexes up to apartment buildings and condominiums. These incentives can significantly offset the initial investment, making the transition to water sub metering more accessible and cost-effective.
For example
Guelph, Ontario - If you own a property in Guelph that is connected to the municipal water supply, have a water account administered by the City of Guelph and purchase and install at least one water sub-meter you can apply for a rebate from the City of Guelph. https://guelph.ca/living/environment/water/rebates/sub-water-meter-rebate-program/
Waterloo, Ontario - The Water Efficient Technology (W.E.T.) program provides commercial, industrial and institutional-sector companies with resources and funding to reduce water use. https://www.regionofwaterloo.ca/en/living-here/commercial-programs-and-funding.aspx
- Remote Monitoring and Leak Detection
The benefits of water submetering extend beyond savings; they also enhance property management capabilities. Most sub-meters allow you to monitor water usage remotely from your smartphone or computer. This real-time data lets you identify unusual consumption patterns that may indicate leaks or inefficiencies. Some water sub meters even have automatic shut-off features to prevent potential property damage in the event of a leak. This level of control and oversight can save landlords from costly water-related repairs and property damage.
- Enhanced Property Value
Investing in sub-metering demonstrates your commitment to sustainable practices and responsible resource management. This commitment can enhance your property's overall appeal and market value. Environmentally conscious tenants are increasingly seeking properties that offer water sub metering as a way to reduce their environmental footprint. By offering sub-metered units, you set your property apart and attract eco-conscious residents.
In conclusion, water sub metering systems offer a win-win scenario for landlords and property managers. You can promote water conservation, save on utility costs, access municipal rebates, monitor water usage remotely, reduce insurance expenses, and increase the attractiveness and value of your property.
As sustainability and efficiency become priorities in the real estate industry, embracing sub-metering is an intelligent and forward-thinking choice that benefits both your bottom line and the environment.
Don't miss out on this opportunity to save while also making a positive impact. Book a consultation to discuss your specific properties - Book a free consultation now