Individual electric meters

[Caleb MacDonald]

Hello BP! 

I'm looking at househacking multifamily properties (2-4 units) and find that some potential properties are not individually metered for electric. The prospect of covering the electric bill for all tenants, even if this expense in figured into their rent, is unappealing for two reasons. First, I feel that it disincentivizes conservation because from the tenants point of view someone else is paying for the electricity while their rent remains fixed regardless of the amount they use. Second, I am investing in Honolulu HI which has double the national average cost rate for electricity. So I think I want to install individual meters for each tenant and shift the expense to them. A quick google search tells me to expect this to run $500-$600 per unit.

Has anyone out their in the BP community faced this scenario and have any lessons learned? Do these installation numbers sound accurate? Anything that I'm not thinking of?

Thanks much,

Caleb