As interest rates have risen over the past year, the industry has and continues to see a shift from loans to an increase in cash deals for residential solar systems. This is good business if you can get it, but dealing with large cash payments — and timing the payments — can be a messy business.
Enerflo, a lead-to-PTO platform for residential solar installers, has a new solution — integrating the Automated Escrow Software from PayKeeper for solar cash deals. This function helps solar dealers keep all those new cash deals as pain-free as possible and keep their cash flowing.
PayKeeper’s Automated Escrow platform has been around for 20+ years, adding accountability and trust to any contractor and customer relationship. Its trademarked SlowPay is an automated, milestone based payments system that reduces the time to collect from 2-8 weeks to 1-2 days after install.
Installers can reduce customer holdback from 70% down to just 5%. Homeowners can avoid backwards projects, which is essentially paying contractors before they work. PayKeeper keeps both the installer (EPC) and homeowner protected, and makes payments easy and automated.
The PayKeeper integration is available to all Enerflo partners at no additional charge.
“I am so pumped for this new partnership with PayKeeper,” said Enerflo Co-Founder Spencer Oberan. “Cash deals are notoriously risky in solar and this gives our partners an easy way to protect themselves and their customers, while also saving time and resources in accounts receivable. Everything’s automated.”
How does it work? Using insured escrow accounts, PayKeeper eliminates non-payment, minimizes delayed payments, and prevents disputes that lead to costly litigation. PayKeeper’s automated system simplifies the creation of project escrow accounts, facilitates digital payments, and provides transparent progress tracking.
Homeowners have peace of mind in funding their accounts, while contractors can confidently engage in projects with secure finances. PayKeeper streamlines the construction process, fostering collaboration and efficiency while safeguarding everyone involved.
Adding PayKeeper to solar deals through Enerflo is similar to adding financing and TPO (Third Party Owned) options through Lendflo, Enerflo’s secure payments platform. Enerflo centralizes and standardizes the data, creating time-saving efficiencies that enable sales reps to close deals faster. It benefits homeowners as well.
— Solar Builder magazine