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has any one ever done this, and can recommend a good product (meter) I am finding them online for about $240-$300 dollars.
 

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Charging your tenants for power computed via submetering may or may not be legal in your state.

But where permitted, submetering can encourage more energy conservation.

That said, a condominium in which I owned a unit considered submetering the common forced hot water heat using counters and timers attached to thermostats and zone valves. The trustees could not agree on a formula given that units on the top floor did not need to call for as much heat from the furnace compared with units on the bottom floor. So the submetering project was not done. If heat is electric then a similar dispute among tenants could arise.
 

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The trustees could not agree on a formula given that units on the top floor did not need to call for as much heat from the furnace compared with units on the bottom floor.
The Stack Effect should have been factored in. It depends on how much accuracy you want but there must be an equitable formula if you know the variables.
Getting consensus is another matter.
 
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