Rate payer executes all documents
Contractor commences construction, applies for progress payments from Construction Loan Provider.
Construction Loan Provider manages construction loan disbursement and monitoring to stakeholders.
On Bill Surety Program administrator responds to adverse data to manage potential contractor default by coordinating with surety that wrote solar installer construction bond.
Project is completed, and the IECRE 61724 benchmarks are achieved.
Utility Company, if term loan is internal, pays the committed funds to pay off the construction loan.
Or, if term loan is from a third party, has the third party pay off the construction loan.
Confirming Financial Terms and Selecting Contractor
Ratepayer elects to proceed with financial underwriting and requests funding options with terms and conditions.
Utility Company/On Bill Surety Program administrator provide guidelines for hiring contractors, with links to find qualified contractors including small business and veteran owned companies.
Rate payer secures bids from bonded contractors, and compiles the following documents for the selected installation contractor:
Rate payer secures:
Rate payer submits updated application to Utility Company/On Bill Surety Program administrator.
Utility Company/On Bill Surety Program administrator confirms documents are complete and acceptable
Utility Company commits take out funding, either by internal resources or third party funding, and establishes On Bill account for rate payer.
Construction Loan Provider commits construction loan and establishes monthly progress payment procedure from its disbursement center.
Ratepayer No Cost Obligation to Explore On Bill Surety Program
Ratepayer submits initial application to Utility Company to confirm eligibility.
Utility Company confirms the project qualifies for its On Bill funding program, either by internal resources or third party funding, and establishes a tracking account with data interoperability utilizing IECRE 61724.
Ratepayer completes initial basic online company profile on the On Bill Surety Program Administrator website, and establishes access, limits and sharing rights for third party service providers to exchange data utilizing the Company Profile and IECRE 61724
Links to various qualified third party product and service providers are provided to ratepayer for exploring options and calculating preliminary estimates for projects total cost. Initial report will establish budget parameters, projected underwriting requirements and detailed cost benefit analysis with exported reports utilizing IECRE 61724 data set.
Ratepayer uses Green Button Download My Data or uses Green Button Connect My Data which authorizes Green Button Data to be provided by utility to Surety Program Administrator and other ratepayer selected third party providers
Ratepayer authorizes utility to confirm payment history to On Bill Surety Program Administrator .
Ratepayer uploads, or links, the estimated project cost and IECRE 61724 report to the On Bill Surety Program Administrator website, and provides limited additional company information filtered by project specifics to just the information needed for a preliminary quote.
On Bill Surety Program Administrator provides preliminary review acceptance or rejection, with instructions how to proceed or request reconsideration. No underwriting or credit checks pending ratepayer authorization.
Ratepayer elects to proceed with financial underwriting credit review and requests funding options with terms and conditions.
On Bill Surety Program Administrator requests underwriting information required for formal credit approval, confirms with ratepayer available credit based on estimated project cost and notifies utility company.
Utility company confirms eligibility and compliance, and an active status for the ratepayer application.
Rate payer pays Utility Company through On Bill.
Utility administers the loan payback and distributes funds accordingly
Rate Payer system provides monthly reporting of IECRE 61724 data set to Rate Payer, Utility Company, On Bill Surety Program administrator, Surety on utility payment bond and Term Loan Provider
On Bill Surety Program administrator coordinates response to adverse data to manage potential default by coordinating options with Rate Payer and Surety that wrote payment guarantee bond..