BayWa r.e., a U.S.-based distributor of solar and energy storage components and systems, has entered a partnership with GoodLeap, a point-of-sale technology platform for sustainable home solutions. The partnership adds GoodLeap into BayWa r.e.’s Split Pay financing program, which is available to BayWa r.e.’s residential solar and energy storage installers.
The Split Pay financing program offers solar contractors a streamlined way to finance their equipment from a single source. Split Pay’s simple process, coupled with GoodLeap’s redefined criteria for installer eligibility, means more opportunities for installer approvals, higher homeowner completion rates and more gross profits for installers.
“We’ve heard what keeps solar contractors up at night – cash-flow worries,” says Rachel Schapira, director of residential finance at BayWa r.e. Solar Systems. “By reducing those credit crunch concerns, our partnership with GoodLeap gets contractors the equipment they need from one source – not multiple vendors – so they can complete more installations and grow their businesses. We’ve built a streamlined process that makes Split Pay one of the easiest finance programs for our network of installers to access.”
Solar loans continue to dominate the residential solar finance market. According to Wood Mackenzie data cited in the “U.S. Solar Market Insight: 2020 Year in Review” report, loans grew from 50% market share in the first half of 2020 to 60% in the second half of the year. The research group sees loans’ share continuing to increase this year. Innovations like the Split Pay program and long-term, low-interest loans with modest monthly payments have helped fuel the growth.