Credit for PV installations

[gr7]

Apologies of this question has been asked before, I have searched and only drawn blanks.

Is anybody aware of any credit companies offering long term loans for PV installations? I have a salesman with the relevant licence to advice on credit and would like to make use of this if possible. Any ideas?

 

[SolarCity]

I don't know of any either, but would be interested to hear of any.

 

[goodwilld]

Morgage company is a good one if they have a morgage!!

 

[dansk]

I know Co-op are doing something like this, offering retail finance, ive also have a CCL and am looking for an agent i can introduce to, a quick search brings up the following:

Solar4Schools and the Co-Op provide free Green Energy for 50th Solar School / News / news / Home - Solar 4 Schools and if you read this it mentions Solarcentury working with Quartz - is this the Quartz? Quartz Finance Limited - providing Customer, Vendor, Educational, IT, Local Authority and Technology Financing that there talking about?? try em.

Green Mortgages: Co-operative Bank

 

[gr7]

Thanks for the info dansk, we will investigate that one further.

 

[High Tower]

Work it the same way as used cars!

You have a approved lender, you quote the job, you arrange the finance application and submit it, approved lender sends you the funds, you complete the job, finance company gives you a fee for suppling the finance on their behalf.

So try approaching some of the premium lenders, premium = reputable well known lenders with sensible rates, IE black horse etc etc for example.

See if the services you offer are the kind of thing that they would be interested in financing, and if it is then you need to negotiate the fees that they will provide to you for bring the customers to them.

So this way everything is managed in house by you, you are in control of applications and time frames and you make money on the finance.

This saves pricing a job, risking having it undercut or gazumped while the client shops around for finance and avoids the waiting game while you wait for the finances to come from a unknown party. if this was the case you would have to wait till payment was cleared befor commencing work as opposed to using your own finace channels where you could commence as soon as the confirmation is emailed to you in the knowlege that payment is a g'tee to arrive.

 

[dansk]

One that has sprung to mind is Hitachi Capital.

I would pursue this further if there were more hours in the day - if anyone has any luck do come back to report because im interested but have the time to investigate.

 

[dansk]

gr7 - is your salesperson freelance or employed?

 

[gr7]

gr7 - is your salesperson freelance or employed?

He is currently freelance.

 

[gr7]

I'm liking the idea of approaching a reputable finance company and will discuss this with him as I need to further understand the implications of offering credit, having skimmed the consumer credit guidance document it strikes me that this is a legal minefield. The benefits of arranging credit highlighted by High Tower certainly appear attractive.

 

[async128]

I'm a consultant working for a large bank on many aspects of green finance, what type of funding would you like/need in an ideal world and how would you like to work it ?

 

[dansk]

Much like retail finance, act as an introducer, so being able to sell the system and spread the cost, with the payments from the FiTs being the capital repayments until its paid off - interest free would be nice, but i know this would be loaded on the retailer anyway.

 

[Go Green]

I'm a consultant working for a large bank on many aspects of green finance, what type of funding would you like/need in an ideal world and how would you like to work it ?

Hi I'm interested, please let me know.

 

[JD6400]

The company that i personally helped to get MCS for with niceic after we had got ours with elecsa , asked about this type of funding for possibly some of their clients and were told that it would almost definitely be in breach of the real code of conduct , now i do not know how or why but thats what the man said !

I think it was only if you as the installer were to recommend some one that did or offer the service yourself .
So obviously if they had sourced the finance their selfs it would not matter !

 

[SRE]

You need to be very careful with finance - if your recommeding something you need to be a member of the Finacial Services Authority so as I understand it either pass client details onto someone who is a member of the FSA without making any recommendations or steer clear. Interesting that Martin Lewis's view on getting loans for pv are not positive - he's recommending purchase outright or not at all.