Smart water management company Banyan Water has introduced SmartRate, a water management tool for commercial users that translates water consumption into dollars spent and allows full visibility into the financial impact of water use.
Through its smart water technology suite, Banyan Water gathers specific rate information from local water and wastewater utilities and accurately calculates costs by factoring in different rate types, meter sizes, rate tiers, seasonal rates, and service fees. The new feature combines water use projections based on historical use with newly increased rates to determine how rate increases will affect the overall water costs for a specific user, the company says.
Key features of SmartRate:
- Comparable Costs: Cost data can be viewed at the meter, property or portfolio levels to identify both the water and financial performance of facilities.
- Precise Values: Costs are calculated exactly as utilities calculate them and factor in different rate types, meter sizes, rate tiers, service charges and seasonal rates to give users exact dollar amounts.
- Real-Time Rate Data: Water cost data are available 24/7 via Banyan Water Central, giving customers a clear water use and cost breakdown without waiting for the utility bill to arrive.
- Realized Savings: Users will be able to view financial savings associated with actual water use in comparison to historical baselines.
SmartRate offers a history of water-related costs, allowing users to view the impact of water use and rate changes over time. The new feature also provides water cost comparisons across a portfolio to show users how their costs vary between properties with different utilities.