Another rate hike from the Fed at the end of July and the passage of the Inflation Reduction Act near the start of August, proved, once again, that there's never a dull moment in solar - or solar finance!
Although inflation appears to have leveled off (we hope), analysts expect further rate increases from the Fed in the coming months; we expect further rate increases and product changes from solar lenders as they keep up with the Fed and the broader economy, as well.
With that in mind, the best strategy is to sell while the sellin's good! With future rate increases on the horizon, the loan offerings (i.e. term, APR, dealer fees) you have today may be the best you have for some time. We'd definitely encourage you to lock those in where you can by getting your customers approved for finance!
Getting approved faster
Thanks to integrated financing on OpenSolar, you can take your customers from credit application to a decision in about five minutes. In August, solar pros using integrated finance spent an average of 4:45 minutes filling out the credit application and took just 44 more seconds to receive a credit decision right there in the OpenSolar app!
The reason is simple - the entire process of applying for credit, getting approval and signing the contract is all done on the OpenSolar proposal. No multiple apps, no double data entry. Just a simple, easy checkout process for your customer.
Every minute counts when it comes to closing a deal with a solar customer. The difference between getting your customer approved through OpenSolar integrated financing and going through typical financing channels could be the difference of a sale being won or lost.
Summary
Of course, I’m biased, but it’s not without proof. If you want to make the most of your sales pipeline by month’s end, you need to be offering solar financing through OpenSolar. The Integrated Financing feature is an easy and quick way to offer your customers competitive financing options.
Get more of your clients to say “yes” to solar while the getting’s good.