While it is true that the monthly energy bill savings that smart thermostats deliver are typically realized by the tenant, there are two ways that smart thermostats save the landlord money. Firstly, smart thermostats can be installed in common areas and reduce the energy bill for the building. Lobbies, fitness rooms, and laundry rooms are areas that can remain largely unoccupied, especially overnight or during the workday. A smart thermostat will learn the patterns of your tenants and increase or reduce the temperature depending on the season enabling your building to use less energy heating or cooling the space when it is not in use.
The second way that smart thermostats can save landlords and property managers money is in the up-front cost of the unit. While smart thermostats tend to be sold at a premium to their standard counterparts, utility program incentives can even the playing field and, in some cases, make a smart thermostat cheaper than a standard one. For example, the Multifamily Energy Savings Program partners with PG&E multifamily customers to offer a $50 rebate for each smart thermostat installed in a property*. Most utilities offer some sort of incentive for smart thermostats so check the website for your local utility to find out if it makes a smart thermostat a more attractive purchase for your building. Visit www.MultifamilyESP.com to learn more about this program.
*rebate subject to change