Industry experts have noted that as the cost to install solar continues to fall, consumers are demanding financial options that support ownership instead of leasing.
“PPAs (power purchase agreements) and leases are declining in popularity, and loans are rapidly gaining ground among savvy consumers. Credit-union backed loan products with contractor-friendly processes and best-in-class servicing teams, like Sungage’s, are in high demand,” said ENACT Co-Founder and CEO Deep Chakraborty.
To that end, ENACT Systems, a provider of web-based distributed energy sales software, and Sungage Financial, a financial solutions provider for the residential solar industry, have formed a partnership to enable installers to have easy access to Sungage’s financing products through ENACT’s distributed energy sales and financing workflow automation platform. The low-interest loans, ranging in term from 5 to 20 years, offer homeowners flexibility and affordability. Under this partnership, Sungage and ENACT are offering an on-line and streamlined application process which allows homeowners to receive credit decisions in minutes.
Visitors to Solar Power International (SPI), held in Anaheim, Calif. (Sept. 14-17), can visit ENACT Systems at booth #228 to demo its software and this new integrated financing solution with Sungage Financial.
What else is going on at SPI (besides everything?)
ENACT’s collaboration with Sungage Financial expands on the company’s mission to incorporate best-in-class financing options into its offerings for the distributed energy ecosystem. Remember this collaboration Quicken Loans? Using the ENACT web-based platform, installers can reduce operating costs while accelerating revenue growth, allowing them to scale faster. The platform also enables the ability to reduce soft costs associated with customer acquisition, operations and financing, track and report sales and finance pipelines, as well as improve internal team collaboration.
“By using the ENACT platform, installers can reduce their costs as well as increase their productivity and sales efficiency,” said Sara Ross, Co-Founder and CEO of Sungage. “Making installers more profitable and effective in the marketplace is core to Sungage’s mission. We are thrilled to offer our financial products to homeowners through ENACT’s installer user base and software as a service platform.”
Sungage’s residential solar loan products are available to ENACT users in California, Colorado, Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Texas, and Vermont. Sungage joins 60 other organizations offering products and services on ENACT’s web-based workflow automation platform.
— Solar Builder magazine