While portfolio owners seek more energy efficient systems to accurately assess energy charges to its residents, the technology is evolving more quickly than the regulations that govern the multifamily industry. The reality is not every new technology warrants new legislation; however, it can be difficult to determine if a solution could potentially set you up for regulatory risk. Minol’s Regulatory Team can help determine if you can bill back usage based on state and local regulations.
Steps to Consider to Help Avoid Compliance Issues
- Due diligence in regulatory research (i.e., landscape, intent, need for approvals, etc.), manufacturer studies/specifications/testing/actual use, obtaining referrals
- Seek out third-party billing providers willing to work with you through the regulatory approval procedures, if necessary
- Ensure proper training of leasing staff
- Revise lease language incorporating new technology/billing methodologies (easy explanation to the resident – may also require visual presentation)