The payback period for a submetering program depends on its initial cost and whether the M&V program identifies inefficiencies that wouldn’t have been found otherwise—substantial fixes can pay for the metering system. The true return on investment, however, depends on the commitment of the tenant, owner, and operational staff. Because M&V monitors actual building operation over time, the data provided can lead to valuable operational savings by uncovering system design, installation, and control issues not caught during commissioning.