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This paper describes how smart meters can be used to improve thermal energy performance in buildings, particularly in homes and small commercial facilities. The specific smart meter used in this paper is the non-intrusive load monitor (NILM). The NILM can disaggregate the operating schedule of individual loads from aggregate current measurements. Combining load operating schedules with measurements from several environmental sensors, the NILM builds a representative thermal model for the building. Two different model formulations are proposed. The first is designed to detect refrigerant leaks in traditional HVAC systems; the other is intended for use with next-generation systems able to modulate cooling capacity. Experimental results are presented.