Solar and storage distributor BayWa r.e. is partnering with GoodLeap (formerly known as Loanpal) to offer split-pay financing to residential solar and energy storage installers.
The Split Pay financing program from BayWa r.e. 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. 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,” said Rachel Schapira, Director of Residential Finance at BayWa r.e. Solar Systems. “We’ve built a streamlined process that makes Split Pay — now with the exciting addition of GoodLeap — 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, 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 in 2021. Innovations like the Split Pay program and long-term, low-interest loans with modest monthly payments have helped fuel the growth.