When it comes to financing a solar array for a home, one size does not fit all. Depending on the homeowner’s needs and the solar installer, homeowners can choose from a number options from buying it outright to financing it with no up-front costs. The latter is a huge driver behind the residential solar industry’s boom in the past few years and companies are finding innovative ways to offer these options to homeowners. Spruce Finance is among such companies and added a new solar loan option to its portfolio of home solar offerings along with the introduction of its new SpruceFlow platform.
The product and service adds to Spruce’s existing offerings, which include power purchase agreements (PPAs) leases. The new service allows homeowners to choose from its multiple offerings while using a single credit check.
The company is unique in that it works with solar installers to offer its solar financing products to homeowners. Solar installers can use its services rather than working with a local bank to create financing options. Already it’s raised more than $2 billion and has financed more than 50,000 homeowners throughout the country.
“Our position as financier allows us to control the terms of our products and make them attractive to both solar companies and homeowners,” said Nat Kreamer, CEO of Spruce. “Spruce is a licensed consumer lender in 50 states and Washington, DC: that and our consistent access to low-cost capital makes us an ideal finance partner for solar companies across the U.S.”
The loan will we be available in 25 states by October, according to Spruce. The product is flexible enough to allow it to finance solar power on single-family homes, townhomes, condos, duplexes or for ground-mounted solar installations.
The SpruceFlow platform also allows sales reps to focus on certain aspects of of the products with customers. They can show customers the anticipated lifetime or the immediate savings of a solar system. The rep also can tailor the product to the homeowner’s preferences with various options. The SpruceFlow platform allows salespeople to switch back and forth through options at the point of sale, allowing homeowners to compare options while going through the sales process.
“Sales reps need to have the right product for the right customer, and they need a sales process that’s fast and easy-to-understand,” Kreamer said. “Offering homeowners both a loan and a PPA at the point of sale with a single credit check helps our partners reduce their acquisition costs and close more deals.”Tweet