Pedernales Electric Cooperative

Transcription

1 Pedernales Electric Cooperative PEC Empower Loans Member Manual PEC attempts to comply with federal and state laws regarding extensions of credit to its members. Members eligible for this financing program must meet creditworthiness standards including evaluation of payment history and other criteria as described herein. In addition, Members will be subject to loan application and credit score checks. 1

2 Loan Requirements Terms No more than $20,000 for grid-tied Distributed Energy Resource (DER) systems, including distributed renewable solar photovoltaic systems and grid-tied battery storage systems installed by a participating vendor. Repayment of loan is ten (10) years or less. There will be no penalty for loans paid in full before 10 years. Program offered to PEC residential and commercial members only. Program Criteria To participate in the PEC Empower Loans program, members must meet the following criteria: Must be a PEC member with a minimum 12 month billing history. For residential service, during the most recent 12 consecutive months of electric service: o the member is not late in paying a bill more than once; o the member does not have service disconnected for nonpayment; and o the member does not have more than one returned check. For commercial service, during the most recent 24 consecutive months of electric service: o the member is not late in paying a bill more than once; o the member does not have service disconnected for nonpayment; and o the member does not have more than one returned check. Member must meet one of the following credit scores criteria: Credit Score Billing History with no more than one late payment (Months) Member must own the property where the system will be installed. Member s annual income must be three times the loan amount. Member must use a PEC Empower Loans program participating vendor. The DER must meet all PEC interconnection standards. Financing of all grid-tied DER systems is contingent on final approval of installation and approved interconnection with PEC. 2

3 All joint members must authorize appropriate loan documentation. Only one loan per account until expiration of any existing loan with PEC. Credit report fee will be collected upon submission of application. Application fee will be collected upon billing history review and credit check review; application fee will be retained regardless of the decision on the application. A tax monitoring fee will be collected after review of tax history. A filing fee and a document preparation fee will be collected upon execution of the loan documentation and closing of the loan. The interest rate of the loan shall be the cost of funds plus an additional one (1) percent for administration costs. PEC Empower Loans Program Fees A PEC representative will contact the participating member throughout the application process to collect the fees listed below. All fees must be paid prior to final loan approval. Application Fee: $45.00 Credit Check: $25.00 Filing fee: $15.00 Document Preparation: $45.00 Tax Review: $20.00 Late fee will follow PEC Tariff for Electric Service, section , for non-payment or delinquent payment. Interest Rate: Interest rates may vary from month to month so please check PEC s website for the current interest rate. PEC Empower Loans interest rates will include an additional one (1) percent for administrative costs. Collection and Repayment Guidelines Repayment Guideline After approval of installation by PEC and closing the loan, member's bill will include a line item for repayment of the loan through monthly installments. Monthly payments by member go first to the cost of interest and principal of the loan, then to the electric service bills. 3

4 Collection Standards In case of delinquencies, any payment by member goes first to the costs of interest and principal of the loan, then to the electric service bills. Participation Process Step 1: Sign up for Energy Audit and site assessment Step 2: Verify that billing history meets program requirements Step 3: Fill out the online application Step 4: PEC will send out approval or denial letter based on the program criteria and elegibility Step 5: Follow interconnection process by submitting application and uploading supporting documents Step 6: PEC representative will verify installation and complete any additional paperwork that is needed Step 7: Repay the loan on your monthly electric bill Step 1: PEC Energy Service will perform an energy audit and site assessment evaluating the following: Energy Audit o Review consumption history o Evaluate appliances and other equipment on the property o Evaluate envelope of the building Site Assessment o Discuss location of desired solar PV system o Assess shading concerns o Determine appropriate orientation o If desired location is on the roof, the advisor will review the roof condition 4

5 Following the energy audit and site assessment, the energy service advisor will provide a report with suggested energy-efficiency upgrades and advice on whether to pursue energy-efficient upgrades first or pursue solar PV system installation. Step 2: Review billing history To proceed, the participant will contact PEC to verify that billing history meets program requirements. Step 3: Fill out application Revisit PEC Empower Loans program web page to find the link that will direct participant to a secured third-party website to fill out and submit the application. Step 4: PEC will send out approval or denial letter based on the program criteria and eligibility. PEC Administrator will review the following: o Credit score o PEC membership o Billing history o Property ownership o Confirm member is using a participating vendor. If any of the program criteria are not met, a letter of denial will be sent out notifying the participant of the denial. If the program criteria are met, a letter of approval will be sent out to proceed and notifying the participant that final approval is contingent on final approval for interconnection. Step 5: Follow interconnection process, submit application and upload supporting documents. Visit PEC s website (System Interconnection page) Step 6: PEC representative will verify installation and complete any additional paperwork that is needed. Participant will notify PEC after installation is complete. PEC Energy Service Advisor will schedule a date and time to meet with participant to review to following: o System size o Labeling o Disconnect switches o Perform simulated grid failure o Answer any additional questions the member might have about the interconnection. Step 7: Repay loan on the monthly electric bill If participant meets all the program requirements and passes final verification of the installation, the participant will receive funding. Loan repayment will be a line item on the member s monthly electric bill. 5

6 Program Contact Information Any questions about PEC s Empower Loans program? Please contact PEC s Energy Services Department. conservation.loans@peci.com Phone: (ask for Energy Services) 6