Lost & Found Money Utility Audits Lead to Big Savings

Wouldn't it be nice to save your building thousands of dollars without doing any work? Well, there

is a way it can be done. Although many co-op and condo boards may not know it, utility audit companies have been around for years, finding savings for buildings in their utility bills. As one company puts it, There have always been errors or we wouldn't have been in business for 18 years. By going through your previous bills, as far back as six years, these audit companies can get the building a refund and,sometimes, even permantly reduce the rate at which the building is billed.

The industry standard for errors is 75 percent, according to Mike Lockhard, president of American Telephone & Utility Consultants in Manhattan, meaning that there is a good chance that your bill has an error. If so, it's your money, not theirs. Ellen Bindler, president of Utility Check, an 18-year-old company in Nassau County that specializes in utility audits, suggests that, The errors are out there and you should always be on alert. We're digging into the old bills. It's money that has been lost and found.

How Does it Work?

The process is practically hassle-free to the building. Once a utility audit company has been chosen and an agreement signed, all the building has to do is provide them with up to six years of past utility bills. One of the first things we do is make sure that the building is getting charged under the proper service classification or tariff, explains Bindler. This is one of the most common billing errors we see.

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