Top Considerations When Choosing a Solar Energy Financing Partner
Top Considerations When Choosing a Solar Energy Financing Partner
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A solar installer looking to compete in a crowded marketplace and grow the business at a faster pace would be well-advised to work with a solar financing partner. When you offer financing options to your clientele, you are putting your solar company in the enviable position of generating more revenue, improving cash flow, attracting more business through increased customer satisfaction, and ultimately expanding your business on your timeframe, no one else’s.
But the partner you select will have an impact on your ability to achieve all of these objectives for your solar installation business, so it’s extremely important that you choose wisely. That means taking a number of factors into consideration to help you build your business more efficiently and effectively before you choose the right solar financing partner that best fits your needs.
Providing Access to Solar Financing Options
Solar installation companies that want to start offering their customers financing options to cover the upfront cost of solar can do it “in-house” or work with a third-party financing partner.
It all depends on whether or not you want to be the lending institution that backs your solar panel financing programs and assume all of the responsibilities, headaches, and monetary commitments that come with it.
But if you would rather place a greater focus on growing your solar company instead of assuming double duty as a full-time solar contractor and part-time banker and collections agent, then you are going to want to choose a third-party financing option.
Partnering with a financing entity like Fund My Contract gives you access to our wide-ranging network of third-party lenders who are ready to work with solar companies like yours to empower your customers and put significant spending power back in their hands.
A third-party lender handles the financing process at every step of the way. From the application to the documentation and providing the monetary component necessary to fund the customer, our network of third-party lenders works with you to assume all of the responsibilities to support your business and give your customers more choices on how they want to pay for the work they need performed.
All you have to do is select the types of financing programs that you would like to extend to your clientele, based on their financing needs, their spending habits, and the barriers to conversion that most often prevent a customer from greenlighting a project once you’ve turned in your estimate. Effectively advertising and marketing those programs will also require your participation and our team of financing experts can help you accomplish those tasks for maximum success.
Applying for Solar Panel Financing
When a customer approaches your business about installing solar in their home, the upfront cost may keep them from moving ahead with the project. They may not have realized what solar panels cost or underestimated how much labor would be required, in many cases, the costs of the project just won’t fit into their budget at that moment in time and they’re “just browsing” or “gathering information” for a decision to be made later. Some customers may decide they want to shop around for the best deal.
These barriers can make it difficult for a solar business to succeed, particularly in a crowded region with many other competitors trying to attract customers. So when you’re deciding on a third-party financing partner who can really help your solar company thrive, you want to consider what kind of application process that partner offers to the customer.
Let’s face it, customers don’t like to wait and, better yet, waiting doesn’t really help your solar business boost sales and stimulate growth. But when a customer wants to participate in one of the financing programs you offer and hire your solar company, a long, drawn-out, complicated application process can have your customer walking out the door and hiring another solar installer.
That’s why Fund My Contract makes the application process quick and easy. When the customer wants to finance solar panels for his or her home, they want to know if they can get the financing they need with a quick approval. But just as important, the application itself should be just as simple and straightforward, which is why our application only asks the customer to fill in some basic personal information and our network of lenders can take that data and reply with an approval in minutes, not days or weeks like on a home equity loan with a bank or credit union.
If you’re considering a third-party financing partner to help with your solar financing, consider the one who understands that time is precious and it only takes minutes for a customer to get discouraged and move on to another solar company for their needs.
Faster Approvals on Solar System Financing
Our applicants can get approved quicker because our third-party network of lenders take a variety of criteria into account during the application process. Traditional financing institutions put a strong emphasis on the customer’s credit score and credit history and will often rely on these two factors for an approval or denial of an application.
Our process incorporates additional information into a decision, using factors like household income, debt-to-income ratio, employment history, along with credit history, and other aspects that help our lenders determine if a customer can get approved for the money they need to purchase your goods and services.
A Financing Partner That Gets You Paid Fast
Solar power companies that specialize in the kind of work you provide for customers are helping to promote renewable energy and stimulating a rise in solar leases and power purchase agreements. But at the end of the day, you want your business to grow. Installing solar panels for customers is what you do best and offering financing options to those customers allows them to pay for their solar energy systems over monthly payments instead of all in one lump sum. That helps your business overcome the most common barrier to conversion – price objections due to budget. Most customers don’t have the available cash on hand to pay for this projects all at once, but giving them more choices through your financing options allows for increased sales and more solar installation jobs on your calendar.
But at the end of the day, you want your business to get paid in full. The right third-party financing partner is the one that ensures you get the full amount of the transaction at the time services are rendered. Even if the customer is paying over time.
Fund My Contract is that financing partner. Our third-party network of lenders work to get customers funded quickly once the application is approved and those funds go directly to your business when the money is due on a job. These financing agreements are also closed loop financing options, which means that those funds can only be spent hiring your solar company to do the work. If the customer decides not to move forward with the job or elects to go with a different solar contractor, the application is canceled and the funds do not go through.
Solar panel installation financing should benefit your business since that’s how the customer gained access to that financing. If the customer wants to move on, they do so with another installer and their financing options, should they offer any.
Choose Fund My Contract as Your Solar Energy Financing Partner
Now that you know which factors to consider when working with a third-party solar financing partner, it’s time to consider Fund My Contract. Our lenders can help your business thrive by providing some of the most innovative and financing options in the solar industry.
Whether your customers want to pay for the work with a low monthly payment, take advantage of promotional low interest rates (for those who qualify), or simply want a better way to pay with more flexibility, our network of lenders can give your customers more choices and that means more revenue for your business.
Faster approvals means you get paid faster and your business grows faster. Fund My Contract can make it easy for your customers to buy your products, hire your services, and stimulate your solar company’s expansion.
Are you ready to thrive in a competitive solar market? Reach out to one of our financing experts today and let’s talk about how solar financing can benefit your bottom line and improve your prospects for business growth.
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