Resolving Inaccurate Meter Readings: How Electric Bill Audits Can Help Your Business

If you are a restaurant, hotel, or another commercial business owner, then you understand how difficult and perplexing your electricity, water, waste, and other utility bills can be. Are you sure you’re not overpaying your utility bills

Utility bills are always computed using intricate tariffs and are prone to inaccuracy. But with utility bill auditors, they can see those mistakes. They will examine your utility bills thoroughly to find inconsistencies. In this article, we’ll discuss what causes inaccurate meter readings and how utility bill audits can help your business.

What Causes Inaccurate Meter Readings?

There’s always a possibility that you could notice a small issue with your gas or electricity meters.  You run the danger of receiving a nasty surprise when you receive your energy bill if you let the situation persist! In any case, getting it changed right away is a smart choice.

Learn how to identify inaccurate meter readings to save you from any inconvenience.

  • The meter’s design can cause some electronic energy meters to provide erroneous readings that are up to 582% greater than what was actually consumed.
  • It has been determined that erroneous readings are caused by energy-saving light bulbs, heaters, LED lights, and dimmers that alter the design of electricity.
  • The accuracy of your energy consumption may be impacted if you keep your energy meter located inappropriately.
  • Erroneous readings of meters can occur due to human mistakes, which include misreading the meter, incorrectly interpreting the data, or recording the incorrect values.

How Utility Bill Audits Address Inaccurate Meter Readings

A qualified utility bill auditor will examine the invoices and audit procedures in order to recover any potential savings or refunds. An audit of a utility is a fairly straightforward operation and provides solutions to help businesses save on monthly bills. 

A utility audit typically proceeds as follows:

  • Check your bills over time

Comparing your electricity bills over time and looking for any notable changes or inconsistencies is one of the easiest ways to confirm the billing information. To keep track of your monthly usage, demand, and prices for each utility service, utility bill auditors use a strategic approach to assist you in locating any trends or patterns that might point to an issue. 

  • Verify meter readings

Checking if the readings on your meter match the ones on your bill is another technique to confirm the correctness of your energy bill.  Your statement and your meter reading may differ, suggesting that you were either overpaying or underpaying. As soon as you can, get in touch with your utility company and ask for an explanation or a correction.

  • Examine the schedules of rates

A rate schedule is a written explanation of how your utility company determines your bills according to demand, usage, season, and other variables. Utility bill audits make sure you are on the best and most affordable plan for your company by regularly reviewing your pricing schedule. It’s advisable to ensure that any discounts, incentives, or rebates are accessible for your energy-saving initiatives.

  • Reporting of results

The audit’s findings are given to pinpoint areas where considerable cost reductions can be realized. In an attempt to lower utility costs, reports are generated outlining any billing problems, rate plan optimization options, potential exemption identification, and other adjustments. Utility bill audits and reports can show how putting the suggested adjustments into practice will save money in the long run.

  • Implementation of recommended changes 

Businesses may safeguard their finances and make sure they are only getting charged what is accurate by implementing the cost savings initiatives after the electricity bill audit is finished.  In addition to identifying real-time problems, such as improper tariffs or exclusions that may result in tax refunds, this enables businesses to obtain refunds for overpayments made on previous invoices. Business owners can enjoy optimum long-term cost savings prospects and pinpoint accuracy when it comes to utility bills.

<h2>Benefits of Utility Bill Audits for Your Business

Businesses can gain a lot from a utility audit. Apart from getting back any money that was overpaid for utility mistakes, the business can find further ways to save money on energy bills. These are a few of the main advantages of an audit of utility bills.

  • Cost Savings

The most evident advantage is also the most significant: cost savings. You can save money each month by reducing your bills with the assistance of a utility bill audit.

  • Energy Efficient

Helping you discover ways to use less energy, water, or whatever else you’re being charged for is one of the objectives of a utility bill audit. This can benefit the environment in addition to saving you money.

  • Improve Property Value

An audit can assist you in making your home more energy-efficient, which may increase its appeal to potential purchasers if you intend to sell it.

  • Peace of Mind

An audit can provide you with the information you need if you’re unsure if you’re paying the right amount for your utilities. It can provide you great relief to know that you are not overpaying.

FAQs

How do inaccurate energy meter readings impact my business?

Inaccurate energy meter readings can result in overbilling or underbilling, leading to financial discrepancies. Overpayments due to inflated readings can strain your budget, while underpayments may cause unexpected costs or penalties when corrected.

How can a utility bill audit identify inaccurate energy meter readings?

Utility bill audits involve a detailed examination of historical billing data, comparing recorded meter readings against actual consumption. By scrutinizing trends, anomalies, and discrepancies, audits can pinpoint irregularities that may indicate inaccurate readings, such as sudden spikes or inconsistencies in usage patterns.

What steps are taken to rectify inaccurate energy meter readings uncovered during an audit?

Upon discovering inaccuracies, audits prompt further investigation into meter calibration, potential equipment malfunction, or human errors in recording readings. Businesses can then liaise with utility providers to rectify these discrepancies, seeking meter recalibration or adjustments to ensure accurate billing moving forward.

How do utility bill audits benefit businesses in resolving inaccurate meter readings beyond cost savings?

Apart from cost savings through accurate billing, utility bill audits enhance operational efficiency. By identifying and rectifying inaccuracies promptly, businesses can establish better energy management practices, optimize resource allocation, and foster a culture of sustainability by ensuring precise energy consumption data.

Conclusion

An excellent place to start if you want to reduce your monthly spending is with a utility bill audit. You can save a substantial amount of money every month by taking the time to go over your previous accounts and having professional utility bill audits where you can reduce expenses. By taking these actions, businesses can better control their budgets and tighten control over future spending by knowing what rates they are paying. Contact us today.