Pedernales Electric Cooperative, one of the nation’s largest cooperatives, has launched a new on-bill financing program for solar energy systems. PEC will finance up to $20,000 for qualifying solar energy systems in their territory. The first step in the process is to conduct an energy audit and site assessment for the solar PV system. In order to qualify, the homeowner must be a PEC member with a minimum 12 month billing history. If the member meets the basic qualifications, then PEC will review the member’s credit score.

Credit Score Billing History w/ one or less late payment
600 – 649 24mo
650 – 699 18mo
≥ 700 12mo

The member must also own the property where the system will be located and have an annual income that is three times the size of the loan. If the member meets the program qualifications (full guidelines here) as well as those set specified by the interconnection guidelines, they can apply to the PEC Empower Loans Program. The application has a fee of $150 and is hosted through a secure 3rd party site. PEC then sends out an approval or denial letter based on the program criteria. If the loan is approved, the PV system needs to be installed according to the interconnection guidelines. PEC will then inspect the system and approve it for energizing. From that point, it is simply a matter of repaying the loan on your monthly PEC bill.