Panay power firm to launch lease-to-own solar panels for consumers

Willard Cheng, ABS-CBN News

Posted at Oct 23 2019 04:08 PM | Updated as of Oct 23 2019 04:30 PM

MANILA - Panay Electric Company (PECO) is launching a lease-to-own program for its subscribers to make solar panels more affordable, an official of the utility firm said on Wednesday. 

Clients of PECO can become independent power producers by selling back to the utility the excess power generated by the panels, said its head of public engagement and government affairs, Marcelo Cacho. 

Under PECO’s net metering system the excess power will then be credited to a subscriber's regular electricity bill in the form of rebates, he said.

“Consumers become ‘prosumers.’ They get to participate and shape demand by generating their own power,” Cacho said.

Cacho said PECO has a customer that earned rebates amounting to P48,000 in a year. 

PECO also urged its subscribers to switch to smart meters that allow customers to track their consumption in real time on the company's website. 

The company's interactive website shows customers how and when they use energy, and what steps they can take to use less energy and save more money, PECO said. 

Around 2,000 smart meters have been installed in its franchise area and another 2,000 will be delivered within the year, Cacho said. 

ABS-CBN's sister company, First Philippine Holdings, is a minority stakeholder in PECO.