How to offer a point-of-sale finance option on Solar Panels

Since 2010 there have been over 900,000 new solar panels installed across the UK. This number is only expected to rise; the UK has the solar capacity to power an estimated 3 million homes, using only solar panels. If you’re lucky enough to be in such a lucrative and eco-friendly business, you might be wondering what could possibly be stopping people from investing in solar energy.

By offering solar panel finance options, you can give your customers one less reason to hold back from being able to produce their own energy, resulting in a greener, more cost-effective way of life. In this blog, we’ll explain how to offer solar panel finance, and why doing so will benefit both your business and your customers.

What is point-of-sale finance?

Providing the option ‘point-of-sale finance’ means offering your customers the chance to pay for large purchases in instalments. As the name suggests, at the point of sale (be it a virtual or in-person checkout) you give your customers the choice of a repayment plan instead of the full upfront cost. By being able to pay this way, over an extended period of time, costly purchases are made more affordable, more accessible, and less intimidating to the buyer. Say goodbye to abandoned baskets.

The customer can choose a monthly repayment plan that suits their budget and the size of their purchase – while at the same time, thanks to your lender, your business still receives the full payment, minus an agreed subsidy, upfront. Customers will then be responsible for budgeting and repaying their chosen loan on time – failing to do so may negatively impact their credit score.

How will offering point-of-sale finance benefit your solar panel business?

One of the main things stopping people from investing in solar panels is the initial cost of purchase and installation. Despite the importance of this green energy source, little has been done to encourage people to make the switch, as Wired points out – reduction in tax and occasional government grants aren’t enough, the pressure is ‘overwhelmingly on individuals to foot the bill for solar panels’.

By making solar panels easier to buy and allowing customers to spread the cost, you’re removing this obstacle. This will help to convert more leads into customers, and customers into brand ambassadors. As solar panels become more and more popular, you want your business to stand out from the crowd. You want to be the one that they recommend to their neighbours, and a smooth checkout process, with helpful options and information on solar panel financing, will go a long way in making that a reality.

How will offering point-of-sale finance benefit your customers?

The desire for green energy is strong, with 62% of people in the UK wanting to make a move towards renewable energy. By offering finance for solar panels, you’re increasing the likelihood of customers being able to make that change. The average homeowner could stand to save as much as 46% on their electricity bill by using solar panels – with the current cost of energy, this could make a huge difference not just for the planet, but for people’s lives.

As well as this, 65% of people said they would likely buy a house with solar panels installed – so through making them more affordable, you’re helping your customers to add value to their homes, as well as reducing their carbon footprint.

What finance options are available to offer customers?

At Duologi we can help you decide on the finance options that will be best for your business, whether that’s traditional interest-bearing finance, or 0% (APR). Through us, customers can spread the cost of purchases between £150-£15,000 over a time period as long as 60 months.

Decide which options will be most beneficial to your customers, and focus on offering payment terms to suit your ideal buyer’s needs. If you’re new to finance, we can run you through the ins and outs.

Your customers will be subjected to a soft credit check to determine their eligibility, and have to input some information on their financial circumstances into your chosen lender’s form. If they qualify for POS finance the repayments will be made directly to your lender, and you won’t be responsible for following up with the customer if a payment is missed.

How can you incorporate point-of-sale finance into your checkout process?

Point-of-sale finance can be incorporated into both virtual and in-store checkouts. Your chosen lender should be able to set you up quickly and easily, and leave you feeling confident about explaining the process to your customers. Remember, if your potential customers don’t know that you offer solar panel financing, they can’t take advantage of the opportunity you’re giving them – make sure to advertise your new financing features to your target audience.

How does Duologi differ from other finance providers?

We’ve been making waves in the retail finance sector for years. We understand that point-of-sale finance is only effective when it’s making life easier for everyone – that’s why our team of friendly experts like to make sure we can get it up and running in a matter of days. We combine hard-earned experience with data-driven insight to make sure you’re optimising your marketing potential, and not missing out on opportunities to boost your business.

But don’t just take our word for it – why not hear it from the businesses we’ve already helped? Or, if we’ve convinced you already, you can book a demo.

Book a consultation to find out more

If you’re looking to find out a little more about what Duologi can do for you, or if you’re ready to boost your business by offering solar panel financing, let us help.