This blog post is an edited transcript of a video done by HMO Daddy, Jim Haliburton on Youtube.
HMO Daddy, Jim Haliburton, who is a full time property investor and owns J9 accommodation for over 25 years tells us why he has been using Metro Prepaid electric sub meters for his HMOs’s landlord electricity.
I know people are really concerned about energy prices because the cost of energy is going up through the roof, so I am going to tell you how you can significantly reduce or eliminate your energy costs by fitting electric sub meters. There are different kinds of electric sub meters and my favourite is the Metro Prepaid meter - you can also use card meters.
The Metro Prepaid meters do it all online or through Paypoint shops where you can buy electric codes. These are quite simple and I have found from experience (I have over a thousand tenants and over a hundred HMOs) that when you fit the electric sub meters to the property, each room has its own sub meter and the cost of electricity almost halves. The problem is that when tenants have 'all inclusive' electricity they tend to leave all the lights switched on like a christmas tree and the cost lies with you (landlord). So when they start paying for their own electricity through the electric sub meters, they become conscious of the cost of electricity and they stop misusing it. This reduces the cost for landlords and a bit is done for the planet.
Because tenants buy electricity from Paypoint outlets and online, the money saved from the usage will be collected by Metro Prepaid and paid to the landlords in order to pay energy supplier accounts.
Fitting the prepay meter is simple and it should be done by an electrician. We use plastic trunking on an existing socket in the room and surface mount to save time and trouble - and avoid cutting out the wall.
To reduce costs on the lighting you can use low energy bulbs. It's minuscule and a good idea for safety reasons.