The rising cost of utilities is a universal concern for residents, property managers and developers across the country. Developers are helping to lower costs and increase value for residents by using submetering companies like Wyse Meter Solutions to administer utility bills through individual suite meters. Many provinces, including Ontario, already require new multi-residential buildings to submeter for electricity, and Wyse provides a convenient, all-in-one service to manage all, or a combination of different utilities.
Based in Mississauga, Ontario, Wyse provides turnkey submetering services to property managers, building owners and developers across Canada. The company has over 110,000 suites under contract and is ranked as Canada’s 16th fastest growing company by Canadian Business and PROFIT 500, with over 3,900 per cent growth in five years. Through the use of innovative online tools, state-of-the-art technology and advanced billing services, Wyse has made it easy for developers to choose sustainable submetering solutions for their projects.
Some multi-residential buildings use the bulk metering method to charge for electricity, water, gas or thermal energy. With bulk metering, the local utility company takes the aggregate of a building’s utility cost and provides one bill that is then split evenly among each suite, typically by square foot. It gets buried in residential charges as part of the common area maintenance fees, or rent for the suite. The result is an unfair allocation of energy costs since residents who actually use less energy or water end up paying for their neighbours’ usage.
In comparison, submetering allows for each suite to be individually metered, giving residents direct control over their usage and allows investors the ability to transfer the utility bills to their tenant’s name. Not only does it result in lower fees and add value to your property, but it also motivates residents to be more energy conscious and engage in more environmentally-friendly behaviour.
“Unit owners and investors want total control over their nest,” says Peter Mills, Co-CEO of Wyse Meter Solutions. “No matter who is living in the suite, they will only pay for their own consumption. Residents have the flexibility to be away for two months without having to pay part of a ratio-billing scheme and nobody gets stuck subsidizing the high-use neighbours down the hall.”
For new construction projects, Wyse offers a lower cost solution to submetering that can save developers up to 35 per cent in administrative fees compared to local utility companies. In addition, Wyse is responsible for 100 per cent of the capital costs to install submeters and will even have its own project manager on-site to ensure a smooth installation that’s on time and on budget.
“What Wyse is known for is customized submetering solutions delivered on time for developers without upfront capital costs,” says Mills. “We optimize the technology selection to best suit the individual project, ensuring the right high-density digital submeters are in place for total control and flexibility. No one can afford to get stuck with outdated technology, which is a real problem facing old off-the-shelf technology.”
As one of the largest buyers of metering equipment in Canada, Wyse is able to source the most advanced systems from the best manufacturers. Unlike the traditional glass metering systems used by most local utility companies, Wyse’s high-density digital submeters are designed to fit into tight spaces that are often considered too confined. The compact size can save developers an average of 10 square feet per floor, which, at $1,500 per square feet for some buildings, can add an additional $300,000 in sales revenue for a 20-storey development.
Mills says that another major advantage of submetering utilities in a new construction project is that it can help reduce a building’s initial condo or strata fees. For example, by removing the in-suite component of the “bulk” common water or bulk heating costs, building owners can lower the strata fees by up to $60-$90 per month. This, in turn, makes developments more attractive to potential homebuyers during the pre-construction sales stage.
Once the residence is built, clients will benefit from a 21st century billing platform designed to bundle fees for multiple commodities and services like parking, locker fees and EV charging stations, into one clear and concise invoice. Each monthly bill is itemized with complete rate disclosure, one administrative fee and can easily be accessed using the Wyse online portal. The portal can also be used to track energy usage and is backed by a fully-trained call centre to answer any questions.
“Our sophisticated billing services ensure the highest level of resident satisfaction,” says Mills. “Customers can chat with our call centre in 26 languages, 14 hours a day, or use 24/7 online tools to do everything they need.”
To learn more about Wyse and how you can benefit from submetering solutions, visit wysemeter.com.