Sure, sounds reasonable, but I still bet most jurisdictions dont have the specific wording, case law, precedents, nor give a damn about sub metering. If the electrical inspector is fine with it who else would care? Sure a tenant with a bone to pick and nothing better to do could call the public service commission and find someone there who also has nothing better to do, do research, hire a lawyer etc - everything you can think of has happened at least 23 times. Heck, look at me: I should be working on invoices to collect that $10,000 that I am paying 20% interest on but instead I am arguing hypotheticals about sub metering