According to research, the global solar energy market was valued at over $50 billion in 2018. In the next five years, the overall global solar energy market is predicted to exceed $220 billion.
As more government incentives are coming online and the photovoltaic (PV) technology continues to mature, both residential and commercial solar sector will continue to grow.
For solar installers to own the entire customer experience they need a bank sponsorship, capital market, and software that works with their existing sales tool to manage the onboarding, underwriting, and loan servicing process.
In order to automate the credit decisioning process, you need software that can automatically verify the owner’s identity to access their credit profile and detect any problems.
Even though the energy bill will be swapped with new financing options, the residential customer or small business will not spend more money than they already are.
Most solar installers already have a robust system to sell to their customers. From roof top design to installation contracts, the financing solution should work seamlessly with their existing CRM tool.
Alchemy has spent the past few years working with various solar installers to launch in-house financing options. We’ve built various solar financing originations process where residential owners and small business owners can complete the applications themselves.
The Alchemy Solar Financing SaaS solution also includes connectivity to various credit bureaus and underwriting residential and commercial solar clients.
Our decision engine can automatically underwrite clients and generate offers instantly through a user interface or API integration into your current CRM solution.
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The more lenders you have plugged into your sales tool results in more financing for customers.
Having your own software, gives you the opportunity to maximize your conversion rate and provide everyone an option to be financed and get solar installations.
One word, cost. Building and maintaining an in-house solution costs millions of dollars. Hence, using a fully customizable software solution will save you money and time to create an exquisite customer experience.
Another reason to go with a SaaS solution is timing. Building custom software requires lengthy planning sessions, while having to hire the proper engineering and support staff.
The third reason is security and compliance. Running a compliant system takes years to perfect. SOC2 Type 1, Type 2 security fencing to PCI and Penetration Testing, are now must haves for any financing platform. Hence, security audits alone could cost thousands of dollars annually.
The last reason is experience and expertise. At Alchemy, we have solar and software experts that can help you strategize the best approach to build your own in-house solar financing solution that coincides with your current financing solution.