You might not know the name Clean Power Finance, and that’s ok, but the company offers white-label financing for residential solar for a growing number of installers across the U.S. During this year’s Solar Power International the company introduced the beta of its new suite of tools, CPF Tools 2.1, to make it easier for installers to find the most appropriate financing solutions for homeowners that want to go solar.
CPF Tools 2.1 is a software-as-a-service product, which uses cloud-based software to help solar professionals process financed solar systems faster and more accurately than ever before, the company said. It’s features include an improved homeowner credit check process, flexible pricing, dynamic document generation, underwriting compliance features allowing for corrections as needed and accounting reporting.
“The features of CPF Tools 2.1 automate and streamline the processing of any financing product, independent of specific forms and underwriting criteria,” said Adam Marsh, chief technical officer and co-founder of Clean Power Finance. “Our fund investors are very happy with these upgrades because the automation and simplification helps eliminate human error, making the underwriting process better and ensuring their funds are being deployed appropriately,” he said.
The software also makes the sales process quicker, according to Marsh. “Which means investor money gets deployed into the solar asset quickly, installers get paid faster and install more solar, and more consumers save money with solar,” he said.
Clean Power Finance also vets installers to make sure they’re a good partner. “Solar professionals who want to sell financing through Clean Power Finance must be approved through a rigorous verification process. Finance-verified partners perform all actions in CPF Tools 2.1, including generating quote and processing financing,” Marsh said.
“Because CPF Tools 2.1 upgrades are only available to finance-verified partners, the new product will only be available in states where we offer finance products,” Marsh said. At this point that includes Arizona, California, Colorado, Hawaii, Massachusetts and New Jersey. “As products become available in more states, finance-verified partners in those states will also be able to access Tools 2.1, he said. But rollouts to new states will depend on a number of factors, including state laws, incentives and demand for more solar.