BayWa re’s Split Pay financing program offers solar contractors a lean way of financing their systems from a single source.
SANTA FE, NM, June 9, 2021 – BayWa re, a leading U.S. distributor of world-class solar and energy storage components and systems, today announced a partnership with GoodLeap (formerly known as Loanpal). GoodLeap is the nation’s leading point-of-sale technology platform for sustainable living solutions. Through this partnership, GoodLeap will be included in BayWa re’s split-pay financing program, which is available to BayWa re’s solar and energy storage installers.
BayWa re’s Split Pay financing program offers solar companies a lean way of financing their systems from a single source. Split Pay’s simple process, coupled with GoodLeap’s redefined criteria for installer eligibility, means more options for installer approvals, higher completion rates for homeowners, and more gross profits for installers.
“We heard what keeps solar companies up at night – cash flow worries. By reducing these credit crunch, our partnership with GoodLeap gives contractors the equipment they need from a single source – rather than multiple vendors – to help them grow more installations and grow their business, “said Rachel Schapira, director of residential finance at BayWa re Solar Systems, “We’ve developed a streamlined process that makes Split Pay – now with the exciting addition of GoodLeap – one of the most easily accessible finance programs for our network of installers.”
Solar loans continue to dominate the private solar finance market. According to Wood Mackenzie data cited in the US Solar Market Insight: 2020 Year in Review report, loans rose from 50% market share in the first half of 2020 to 60% in the second half. The research group anticipates a further increase in the loan share for 2021. Innovations such as the split-pay program and long-term, low-interest loans with modest monthly payments have spurred growth.
For solar installers who would like to find out more about solar financing, read the podcast “Financing 101 for Your Solar Installation Business” from BayWa re Solar Systems here.
About BayWa re
At BayWa re we are rethinking energy – how it can be generated, stored and best used to enable the global energy transition that is essential for the future of our planet. We are a leading global developer, service provider, distributor and solution provider, have put over 4 GW of energy online and manage over 10 GW of systems. We are also an independent power producer with an expanding energy trading business. BayWa re works with companies around the world to offer tailor-made renewable solutions. We work 100% climate neutral and are committed to our own sustainability path. We work hard every day to actively shape the future of energy in a diverse, fair and inclusive workplace. Our shareholders are BayWa AG, a global company with 19.6 billion US dollars, and Energy Infrastructure Partners, a leading provider of investments in energy infrastructure. BayWa re Solar Systems LLC is a leading US distributor of world-class solar and energy storage components and systems. More information is available at http://solar-distribution.com.
GoodLeap is the nation’s leading point-of-sale platform for sustainable living solutions and offers a digital experience that is easy, fast and smooth. GoodLeap’s proprietary technology platform is actively used by more than 13,000 sales reps and has raised over $ 6.5 billion in capital to sustainable home improvement products since 2018, enabling countless consumers to lead more sustainable lifestyles. GoodLeap is a proud partner of GivePower, a 501c3 company whose mission is to build and deploy solar powered clean water and energy systems for communities in need around the world. To learn more about GoodLeap, visit goodleap.com, follow us and get in touch.