On ERENEWABLE and The Green Insider Podcast we discuss green lending as a service with Bill Paulen, Founder & CEO of loanTERRA. On episode 298 we explored Bill’s background in banking and credit unions, leading to the development of green lending as a service that enables financial institutions to offer solar loans without significant technology investment.
- Accidental Entry into Solar Lending:
- Bill’s background in banking and credit unions led to his accidental introduction to solar lending.
- His credit union became one of the first to offer solar loan programs around 2014 through referrals from a local solar installer.
- Transparent Solar Financing Model:
- Green Lending as a Service offers transparent solar financing without hidden dealer fees.
- Dealer fees traditionally inflate project costs by 20-40%, but their model presents a growth opportunity as the tax credit expires at the end of December.
- Green Lending Platform Expansion:
- The platform enables financial institutions to offer solar loans without the usual investment in technology and expertise.
- It focuses on educating consumers about the solar industry and helping them make informed financing decisions.
- The platform will launch in 45 states, with plans to expand to all 50.
- Solar Sales Tactics to Watch:
- Consumers should ask installers about cash and financed prices and be wary of low interest rates that may indicate hidden dealer fees.
- Common sales tactics include exaggerated claims about government payments and elimination of utility bills.
- Solar Energy and EV Systems:
- Solar panels typically feed energy into the grid, and without battery storage, homes are not fully self-sufficient.
- Batteries allow for time-shifting of energy usage and provide power backup during outages.
- Solar panels can serve as a “gas station” for electric vehicles, though range anxiety still exists for some drivers.
- Commercial Solar Financing Strategy Update:
- Loan Terra currently does not offer commercial solar financing but is exploring partnerships for referrals.
- Bill plans to discuss the importance of dealer fees at the RE+ conference in Las Vegas.
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