“There are several financing choices for solar, all of which have FICO-based credit hurdles for the residential consumer that limits adoption and slows sales. PACE revolutionizes solar financing where lofty credit-scores are not required,” said Deep Chakraborty, CEO of ENACT SYSTEMS. “Contractors and home-owners can get financing approval for solar leveraging their property-value, not their credit rating, and PACE also finances home upgrades beyond just solar.”
Renewable Funding is the administrator for the CaliforniaFIRST program, the nation’s largest Property Assessed Clean Energy (PACE) program. The firm has secured a $300 million credit facility to fund residential PACE program across the state. The Program allows property owners to finance the installation of energy and water improvements on homes or businesses through the issuance of a municipal bond, and pay the amount back as a line item on their property tax bill. Operated under the auspices of the California Statewide Communities Development Authority (CSCDA), the CaliforniaFIRST residential PACE program launched this summer in 17 California counties and 167 cities, and makes energy and water efficiency projects more affordable and accessible for millions of California homeowners.
“While we have greatly simplified the PACE financing process, enACT’s platform takes it to the next level by automating the solar financing quotes and related workflow documents for contractors. All proposal and deal documents for underwriting and installation are now on one system, making it easy for contractor sales teams to scale their offering”, said Scott Strait, Chief Information Officer at Renewable Funding LLC, program administrator for the CaliforniaFIRST PACE program.
enACT’s tool allows contractors to develop solar rooftop layouts quickly, choose their solar hardware products, compare utility savings options based on design, manage operating cost and compare multiple financing options at once, to help fine-tune the right offer. enACT also offers a simple-to-use, yet powerful CRM capability, which makes it easy for sales teams to manage appointments and deal documents. enACT’s platform offers a broad range of financing options and is being used by solar developers in 10 states. enACT will be exhibiting at the Solar Power International Conference in Las Vegas, from October 20 to 23, 2014.
ABOUT ENACT SYSTEMS INC.
enACT’s software-as-a-service (SaaS) platform enables and improves customer engagement, channel engagement, and workflow automation for solar energy and energy efficiency sales. The platform enables improved sales origination and reductions in transaction costs for developers, installers, manufacturers, and financiers by leveraging its patent-pending approach for channel convergence and data analytics. enACT Systems is headquartered in Santa Clara, CA, and has an experienced and expert leadership team and Board of Directors. For more information please visit www.enact-systems.com.
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