The benefits of upgrading to smart metering technology for the real estate sector are too many and too valuable to ignore
Modern buildings find themselves at the epicentre of a digital revolution that’s sweeping the economy and altering every industry. Indeed, today, buildings are much more than spaces to live and work. In the new reality, residential addresses and commercial structures have to discharge the additional responsibility of being aligned with the planet’s sustainability goals, meeting the industry’s ESG benchmarks and becoming energy intelligent.
SMART METERING: DRIVING THE CHANGE
With Smart Metering driving the transformation, smart meters are a core component of this ecosystem.
Smart meters may be defined as digital version of traditional meters that measure and record electricity, gas, water, lighting and solar consumption – but that would be skimming the tip of the iceberg.
At their heart, smart meters play a much more profound role : They are fundamental building blocks of an evolving digital grid and energy framework that is redefining efficiency and performance in the power domain, while making possible never-before levels of convenience and control for both consumers and providers.
Smart meters go well beyond receiving instructions from the source grid and measuring energy consumption at the users’ end, which is about the only functions old meters traditionally performed. Smart meters can also digitally communicate with electric grids to convey critical user and infrastructure related information back to power utilities – thereby completing the loop and making for a truly ‘aware and intelligent’ two way communication and control system while eliminating human errors associated with manual intervention.
Smart metering, the broader term that defines the entire ecosystem, uses intelligent gateways (modems), adaptors, bridges, sensors and technologies like IoT and M2M to make this potent, two way dynamic possible.
As the last point in the entire smart grid infrastructure through which electricity passes before entering our households, factories and workplaces – smart meters are the silent workhorses driving modernization, digitization and transformation in the energy sector. Their transcendental impact, of course, works across industries and affects the entire economy. As a key component of AMI (advanced metering infrastructure), smart meters are rapidly replacing traditional analog meters and emerging as a nodal tool in modern energy management.
HOW DO SMART METERS HELP REAL ESTATE?
1. MEETING ESG AND SUSTAINABILITY GOALS
Real estate players are increasingly having to meet ESG targets such as energy usage, waste and temperature – along with emissions and carbon footprint and recyclability. Directly or indirectly, many of these metrices can be accurately and efficiently monitored and managed with smart metering technologies and processes. In fact, builders and property owners are increasingly looking at ESG as more than just a compliance mandate : It is fast emerging as an opportunity to innovate and become more attractive to a new generation of environment and sustainability conscious customer demographic.
2. BETTER CUSTOMER EXPERIENCE WITH AGILE OUTAGE MANAGEMENT
With real time monitoring and alerts on anomalous behaviour, smart meters are also revolutionizing downtime management. When about to lose power, smart meters often send last-minute ‘gasp notifications’ to the utility OMS system. This helps authorities accurately identify affected geographies and customers, and deploy appropriate corrective course. Smart meters can ‘sense’ grid failure symptoms like anomalies and abnormalities in advance, thus helping predict future malfunction, allowing for swift resolution and enabling pre-emptive maintenance. Intuitively deployed analytical applications – along with phase and geography wise mapping – can significantly enhance smart meter data, unlocking for more advanced controls at every level. All of this allows real estate builders (and, indeed, power utilities) to tick important boxes like operational efficiency and cost control. This translates into better lifestyle experiences and greater user satisfaction – snowballing eventually into enhanced brand reputation with markets and property buyers.
3. TOTAL FACILITY MANAGEMENT
Not just electricity. Smart metering solutions by Xenius (from Radius Synergies) can also help residences and commercial establishments manage various other components of their energy landscape such as water, lighting, DG backup and solar with remote monitoring, responsive control, detailed consumption and usage reports, automation via pre-set parameters, better supply – demand alignment, leak and tampering alerts, preventive maintenance and reduced wastage. Xenius smart solutions also allow establishments to run their own sub stations, adding an extra layer of autonomy, flexibility and resilience to their energy activities. Bringing the entire energy ecosystem on a single platform – which can be easily controlled with smart dashboards and leveraged for truly actionable decision making – effectively taking facility management of the establishment to the next level.
DISCLAIMER
Observations and options expressed in the article (except where specifically validated by market numbers and stats) belong to the contributing writer of the article, and are not necessarily indicative of the company’s position and stance in the matter.
