Hi Guys

Any of you assisted clients with renewable financing as yet?

Seems like the banks are become more open to this financing over 10 and 15 years.

Some experience would help.

Regards

Fazil

4 hours ago, Fazil said:

Any of you assisted clients with renewable financing as yet?

I will send you a installers name that is doing it for his clients. With two of the 4 more well known banks its basically a done deal if the client has a good credit rating. The other 2 is not so keen on helping yet. 

The funds gets paid out to the installer in 4 payments, two days apart, so if its a big install, you, your client and your supplier must all be aware that the job will progress as the payment are made. He has an arrangement with his supplier to allocate the spares to his account and not to sell it after producing the approval letter from the bank, he then pays for a section of the stuff, then go and install it, while he waits for the next payment. On bigger installs he says it works great.

Let me know if you would like to speak to him. 

28 minutes ago, Jaco de Jongh said:

I will send you a installers name that is doing it for his clients. With two of the 4 more well known banks its basically a done deal if the client has a good credit rating. The other 2 is not so keen on helping yet. 

The funds gets paid out to the installer in 4 payments, two days apart, so if its a big install, you, your client and your supplier must all be aware that the job will progress as the payment are made. He has an arrangement with his supplier to allocate the spares to his account and not to sell it after producing the approval letter from the bank, he then pays for a section of the stuff, then go and install it, while he waits for the next payment. On bigger installs he says it works great.

Let me know if you would like to speak to him. 

With solar equipment being tangible and all, I assume financing rates involved here are closer to that of cars and houses than unsecured credit lines like credit cards and personal loans?

It is also an idea to add it to your bond, as it becomes a fixture.

Regarding the rebonding many clients dont fully understand this and opt out the proposal

Approaching it like financing a car seems to bring comfort to them.

Other installer friends i have spoken to havent yet explored this even for domestic backup systems.

Curious why?

If I had to redo it and I had a bond, I would have put it on the bond, as it is part of the house now. Obviously keeping in mind the NRS and SANS regs and CoC and transferring the house and all that.

I see in CoCT, if you sell the house, system must be transferred to the new owner, s[he] must sign a new contract, or it must be decommissioned. So there is that too.

Edited August 4, 20197 yr by Guest