Should I buy the Meters or Use the Landlord Metering Service?
Meterpay, working closely with Iskraemeco, who are the second largest European meter manufacturer, have created and run the computer systems needed to operate these smart meters. In the last three years the advantages of this system have really proved themselves, and there are now over 6,000 of these meters on the Meterpay system within the UK.
Landlord Metering are partners of Meterpay, with our mission to deliver their PAYG smart meter service in a manner which is simpler and more cost effective to landlords.
We are now the largest channel of Meterpay’s services, having grown to over 1,000 meters in the last six months across more than a hundred sites – from installations of a single meter to our largest of 248.
We will happily sell you the Iskra ME382 and MT382 meters directly and a subscription to Meterpay, moreover we will match any price that you can find elsewhere. But we would ask why would you want to buy the meters when you can use our service? See how the services compare below:
|Buying The Meter||Landlord Metering|
|Initial Cost||£210+ per meter||From £120 per meter|
|Ongoing Cost||Approx £100pa in subscriptions + Credit Card Fees||Free for landlords when tenanted|
|Time and Effort||Required||None|
|Top-up Line||0845 (around 50p per minute from mobiles)||0800 (Freephone)|
|Energy Procurement||You're on your own||We'll sort it|
|Regulation||Potential for pitfalls||Fully Compliant|
|Tenant Support||You'll be involved||We take care of it|
|Landlord Support||Standard Meterpay Support||Exceptional|
Cost & Commitment: Besides for the initial cost of about £215 for the ME382 (about £300 for the 3-phase MT382), if you buy these meters and run them yourself there are ongoing costs involved – including the cost of subscription to Meterpay’s service and card payment fees – which comes to around £100pa.
Also you will be committed to using the system, as if you end up deciding that the system is not for you and your tenants, then you would waste the full cost of the meters and the installation.
Compare that to Landlord Metering’s service, where the initial cost is a fully refundable deposit from just £120 per meter, with no ongoing cost to the landlord. Moreover, should you change your mind and decide that you don’t like the system for any reason, you can simply return the meters and we will refund your deposit.
Time & Effort: There’s little doubt that the time and effort you put in will be less than if you were using Digicard or coin meters. But should you buy these meters and run them yourself, then you will still need to spend some time managing them:
Although problems are rare, Meterpay wish for tenant issues to be routed through the landlord. So you may find yourself acting as “piggy in the middle”;
Not to mention that the Meterpay back-end interface can be a little intimidating to first time or non-tech savvy users;
Moreover, Meterpay and Stripe only integrate with the Xero accounts package which costs around £26 (incl VAT) per company per month plus the cost of bank feeds. If you don’t use this integration, then you will be needing to manually enter your payments into your accounts every time that any tenant tops-up;
And it is easy to fall foul of regulations such as Ofgem: The Resale of Gas and Electricity guidance for re sellers update 14/10/2005 and the EU Payment Services Directives should you attempt to recover your costs for running the sub-meters yourself. Using our services ensures that you stay the right side of the law.
We will run everything for you. Not only do we manage the back-end of the meters, but we also provide support for tenants in the form of user friendly guides, freephone out of hours telephone support and an exclusive website. Due to our specialist expertise, we can often resolve issues without involving Meterpay, but even when we do, it will usually be sorted without your even being aware.
You will get a single payment directly into your bank account at the end of each month for the full cost of the electricity used by your tenants in each building.
Landlord Support: Meterpay offer great support on technical issues. However, we aim to always deliver excellent support not just on technical issues, but also commercial matters. For instance, we provide exclusive easy installation guides for landlords who choose to fit the meters themselves, advice on dealing with suppliers, etc.
Our founder, Gary Wernick, is a landlord (including HMOs), a former property developer, as well as having a long career in the energy market. He has set up our service especially with your needs in mind. Whether it’s providing advice on regulation, scouring the energy market to make sure that you and your tenants are getting the best deal or ensuring that VAT in mixed residential/commercial properties is charged at the correct rate, we understand what it is that landlords want, need, and deserve – and we always strive to provide it.
How Can We do It?: If you use Meterpay directly you will be charged 20% VAT – an amount which cannot be recovered in the overwhelming majority of cases. We have structured ourselves and our services to be VAT efficient, meter deposits are zero VAT rated, and our services are charged at 5% for domestic and even for the majority of commercial tenants. This big cost advantage goes a long way to paying for our additional services.
As Meterpay’s biggest customer we are able to bulk purchase meters and their services, and we are geared up to offer our services efficiently.
And finally, we recognise that many of our tenants are in energy poverty and are keenly aware of our social responsibilities. We pass our cost savings onto you and your tenants, and set our tariffs to only make modest profits.
In conclusion: Choosing Landlord Metering’s solution takes the hassle out of sub-metering, but with less cost.