One of the most important data to help improve a building’s energy efficiency is utility data. Building owners and managers can improve building performance and value with accurate and relevant data, as well as proper benchmarking and reporting.
Utility data includes all information associated with electricity, water, gas, and sewerage. This data is commonly used by utility providers, property owners, and contractors in managing utility infrastructure, maintenance, consumption, and cost planning. They also use utility data to deliver excellent customer service and technical support.
In this article, you’ll learn how utility data can help improve building efficiency.
1. Maximize Energy Cost Savings
Building management can use utility data to reduce overall utility costs and improve building efficiency. Utility data services are now available to help accomplish these goals. With the help of energy solution providers and energy consultants, building owners can maximize their energy cost savings through the following:
Accurate Data Gathering
When building managers know the updated utility information of the building, it’s easier for them to control expenses.
Real-time and prompt reporting can give building management accurate updates for them to act quickly when the consumption is going overboard. You can learn more about utility data analytics below, which plays a crucial role in utility data reporting.
2. Data Analytics Improve Utility Data Management
Utility data analytics enable building owners and utilities to better manage information and improve system efficiency. The steps in optimizing utility data analytics include the following:
Collecting Utility Data
Communication networks can now provide data about a building’s power usage, infrastructure, and outages. Utilities can think about the other data sources they could tap to view systems and operations more comprehensively.
Utility data collection helps improve coordination, giving various departments a bigger picture of the entire utility. Hence, each department will see how they affect the building’s overall utility through data analysis. Every department will be willing to work together without many questions and alibis, improving the building’s utility operations.
Analyzing Utility Information
Sharing utility data across departments can address problems, including customer-related issues. Building owners can improve operational efficiency because they can view if there are any future outages and utility overload, allowing them to create effective contingency plans.
The two options in utility data analysis include building an in-house system and outsourcing utility data services from a third-party data analytics vendor. When you build a system internally, you have more control over your utility data. An in-house system allows you to customize your data analytics system.
On the other hand, if you work with a third-party vendor, you don’t have to manage a utility data analytics system. The utility data service provider will take care of software updates, so you don’t have to deal with internal constraints. In addition, you don’t have to continuously monitor utility data on your own.
Converting Data Into Actionable Insights
Utility data can be massive for a high-complex building. Utility data management allows you to sort various information and draw actionable insights. Utilities and building owners can determine the necessary data to improve operations and reduce costs. Most of all, it’ll help improve customer service to building tenants and even guests and visitors.
3. Take Better Control Of Energy Demand
Every commercial or building utility bill includes a demand rate, which can be substantial. Demand charges can include almost half of their total electric bill. Utility data services can help building managers track the cost in one place.
A cloud-based dashboard can show demand history and monthly energy data. You can view the current and maximum electric demand that all your buildings generate. With visualization, you can determine trends and behaviors that contribute to demand peaks.
Here are the other advantages of energy demand tracking:
- Visualize demand over several months and seasons
- Better understand the highest and lowest-demand times
- Identify the best strategies to maximize demand rate structure
- Compare peak demand and energy demand cost to other buildings you own
- Tenants can check their energy demand history as you collect their bills
4. Better Decision-Making
Property management involves careful decision-making. It’s a good thing that property owners can use data and visuals like graphs, charts, and online dashboards to explain any discrepancies or surges in utility costs and consumption to their tenants. With data analytics, utility providers can provide greater value and transparency to their clients.
On the other hand, building contractors and managers can use the utility information to make sounder decision-making than having only basic data. For instance, it’s easier for the building management to determine if other utility sources are required during peak operations.
It also holds true with additional utility infrastructure and budgeting. When they use utility data, property owners and managers can make smarter decisions such as whether to still shoulder common utility expenses or pass them on to their customers or tenants.
5. Save Time And Money
You can save money and time by embracing technology. Utility data intelligence paves the way to a series of routine checks to verify and balance data. Instant and continuous monitoring allows utility providers and buildings to run more efficiently to serve their customers better.
If you have several buildings or properties, you can save resources, time, and effort tracking utility data in each of them. You can use utility data services to view everything in one dashboard using your internet-capable device. Hence, this technology provides property managers and owners a more convenient way to track energy consumption and expenses.
Utility data solutions help measure changes in electric demand or consumption to help control energy cost better. Building owners and property managers can explain to their tenants the importance of tracking their utilities and the impacts on the entire building they belong. In this way, there’s a better understanding of any policy that’ll be imposed concerning utilities.
Utility analytics drives energy-saving opportunities that provide valuable insights to building owners and managers. Hence, this increases commercial building value as well as return on investment. Consider the ideas mentioned here as you improve the efficiency of your building.