Sustainable Energy Finance: Using High-Ticket Financing for Solar Energy Finance
Published June 06, 2024
Sustainable Energy Finance: Using High-Ticket Financing for Solar Energy Finance
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Many consumers have started to embrace solar energy for their homes and office spaces because this sustainable energy source is cleaner, renewable, and reduces the effects of greenhouse gasses thereby decreasing their impacts on climate change. But while solar energy may be the way of the future, some consumers are unable to convert to solar because they don’t find it affordable within their budget. The purchase of solar panels is a high ticket product and businesses that sell and install the panels, chargers, and accessories for solar may find it hard attracting new customers with interest in making the switch.
That can leave solar businesses in a tough spot as a reduction in new clients leaves a solar energy provider waiting to generate revenue, thus slowing down growth and expansion. Potential customers want to convert their home or office to solar energy but the cost puts that sale well out of reach for now. Perhaps next month the client will be in a better financial position to purchase your products and hire your staff to install them.
But for now, the customer’s price objection will leave your business waiting to bring an income and you are left to wonder how much longer you can wait before your solar business runs out of time.
Fund My Contract has the financing solution that can give your solar business an advantage towards long-term success and consistent growth in the marketplace – high ticket financing options that can make your goods and services more affordable to more clients. Our network of third-party lenders can give you the ability to reach people who may not have the resources available for completing a transaction in one lump sum by offering them financing programs with low monthly payments.
When you can make it more affordable to convert to solar, both you and your customers benefit. We represent a wide range of lenders that are ready to work with solar companies just like yours who want to see a marked increase in sale revenue, get paid quicker, and broaden their clientele. The result is higher customer satisfaction which can translate into more positive customer reviews, more leads on future potential customers and more high ticket sales on the products and services in which you specialize.
Fund My Contract has the high ticket programs that can benefit all of your customers, those with great credit and even those with challenged credit who qualify for an affordable payment option to get the solar panels they want installed on their homes.
Why it Pays to Offer Financing to Your Solar Customers
When you consider how far out of reach solar energy can be for many of your potential customers, wouldn’t you want to offer them affordable alternatives for converting their homes and offices to solar energy? Not all of your customers will be eligible for the many federal tax credits and rebates that exist through solar energy government programs. Those who do not qualify for federal assistance in purchasing solar panels and installation may find themselves priced out of this green and sustainable energy source that is better for the environment and easier on the wallet in the long run.
But offering financing options to those customers who are ineligible for tax credits and rebates still allows them access to an affordable payment option on the solar products they need.
Financing can be a game changer for potential clients and your solar business. Here’s why:
More High Ticket Sales
When a customer approaches your business about going solar, they have a number in mind that can’t be exceeded. If your price falls outside of that expectation, the customer may say he or she needs to think about it or they decide to shop around to see if they can find a better deal from another service and installation provider.
But financing options through Fund My Contract can put more purchasing power in the hands of your clientele to access the solar energy products they want and, knowing they have the choice of paying for those products over time, they have the freedom to spend more in one transaction. That means more revenue for your business as more high ticket sales and larger invoices help your business not just meet but exceed those sales projections year in and year out.
Financing also offers many marketing opportunities for bringing in more potential clients as you can include verbiage that financing options are available for qualified customers in your company’s advertising, be it through social media or traditional marketing campaigns.
More often than not, a customer feels empowered to spend more from the start when they’re given a choice of payment options from the start.
Consistent Cash Flow
Solar sales and installation businesses that offer financing can avoid the indecision and hesitance of customers who may need to wait to complete a purchase until the cost of the transaction can fit into their monthly budget. How often have you heard a customer decline to move forward with a sale because they can’t fit it into this month’s expenses? When they wait, you wait. Sometimes they return, oftentimes they do not and you’re left waiting for the next opportunity to generate income, hoping the next customer doesn’t elect to put off a sale to some time in the future.
That doesn’t bode well for your solar company’s future.
But when you offer financing through Fund My Contract, the time is now for the customer to decide on the solar panels they want, schedule an installation of the product, and pay in full. More income without waiting is how your business succeeds and when you partner with our third party lender network, you give your customers the chance to say yes at the time they want to close a sale instead of putting it off to another time when the costs are more affordable. You can give your clients a number of financing choices that make the costs more affordable right now, with flexible terms, low interest rates, and low payments that can fit in with any monthly budget.
You work with our lenders to offer one financing program or a series of financing programs that meet the needs of your clients. Now you’ve put spending power in their hands and more income into your business.
More Robust Business Growth and Expansion
Solar companies that generate revenue on a consistent basis are in a better position to grow and expand. That’s what Fund My Contract is all about, giving small and large businesses alike the tools to succeed in competitive markets, regardless of the industry or the products and services they offer.
Companies that are having difficulty staying afloat will often implement all kinds gimmicks and price reductions to attract business. But these desperate attempts at survival are all too transparent and it only works to scare away buyers instead of bring them through the door.
It’s also a recipe for accelerated failure. Customers are too savvy in this day and age and they know when a business is doomed. They start to wonder why that company is failing and the consensus is usually a resounding rejection of their products and services because they may not be reliable or trustworthy. Perhaps that business doesn’t offer value commensurate with the costs of their goods and services.
Dropping prices also means cutting into your profits and basic math dictates that is a lousy plan for business growth. High ticket financing on solar energy products and accessories allows you to maintain your profit margins and avoid the silly gimmicks to get people through your door. You’re running a no-nonsense solar business, not a carnival, generate traffic and revenue with integrity by providing a better product at a fair price fitting the quality of your products and services.
Leave the clearance sale tactics to your competitors by offering financing programs that benefit your customers and your solar business.
Customers Get Approved Quicker
Fund My Contract has taken the approval process and streamlined it for maximum benefit to the consumer and the business providing that financing to the client. When our lenders can increase approval rates on more applicants, that means more customers are putting revenue into your business with more sales and fluid cash flow.
The way it works is straightforward – your customer wants to purchase solar panels from your business and pay for the products using one of the financing programs you offer. The customer fills out a quick application through our dedicated online platform, supplying basic personal information along with the amount they need to finance for closing the transaction for your solar products.
Our third party lenders determine which programs the customer is eligible to participate in by using a variety of qualifying criteria. The customer’s credit profile is examined but their creditworthiness is not determined solely by credit score alone, additional contributing factors include debt to income ratio, employment history, and the amount requested on the application, along with other criteria.
This allows for more customers to get approved for financing to purchase your products and hire your services. A customer’s credit history doesn’t necessarily prevent him or her from getting the financing they need to patronize you business. Applicants may still qualify even without excellent credit.
Your Business Gets Paid Faster
No more chasing after late invoices or handing over unpaid bills to collections agencies for pennies on the dollar, the Fund My Contract financing solution enables your business to get paid in full at the time a sale is made and completed. When the customer applies for financing and their application is approved, your business gets the full balance of the sale paid in full, upfront immediately. The customer is then responsible for making monthly payments to the lender with whom they have signed a financing agreement at the terms agreed upon when approved.
Your business gets paid faster and all at once. That puts more income towards growing your company and expanding your fortunes.
Fund My Contract also ensures that your customer is spending the money they’ve received through financing with your business and no others. You offered the financing options to the customer, when they get approved, the funds go directly into your business. Should the customer decide to back out or ultimately opt not to move forward with the purchase, the funds are no longer valid towards the transaction and the financing is canceled.
This ensures the money doesn’t go elsewhere and only your business benefits and grows from the revenue.
Beat Out the Competition
Gain a sterling reputation throughout the industry as a problem solver. Solar energy is the sustainable energy solution for the future and working with Fund My Contract can give your business the solar financing solution that attracts more potential clients and puts solar energy within reach without breaking the bank in a one lump sum transaction.
When more customers realize they too can convert to solar energy by converting the costs of the panels and the installation work into low monthly payments, word travels fast and you may find yourself with a stacked schedule of service appointments that make your competitors jealous.
Those competitors may also include the local electric utility company as the cost of clean solar energy with a new installation of solar panels paid on a monthly payment plan may also beat the monthly electric bill, saving your customer a whole lot of money.
Want to Learn More about Financing Through Fund My Contract?
Our team of financing experts are ready to discuss how our lenders can help your business expand and reduce the barriers to conversion that can hinder the growth of companies in the solar industry. Contact us today and we can walk you through the financing process from start to finish, explain how you can design and develop the financing programs that you feel will benefit your customers, and learn all of the ways in which marketing and advertising can be one of the many methods for increasing sales before the customer even asks for a bid on installing solar panels on their house.
Give us a call and start increasing income and growing your business today. Why wait, when you can succeed now.
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