Make solar batteries more affordable with Powow Payment plans


March 7, 2023

If you don’t want to miss out on battery sales this year, read more to find out how Powow’s industry leading payment options can help you unlock a steady stream of battery sales in 2023.

Offer your customers the best battery focused payment solutions on the market – The Powow PPA and Hire Purchase Plans*

One of the biggest challenges solar retailers and installers face when selling solar battery solutions is being able to offer customers feature rich and affordable payment options that remove frictions that get in the way of closing the sale. When they don’t have the cash and want something that makes sense now, current payment options on the market fall short.

The Powow PPA (for combo panel and battery systems), and Powow Hire Purchase Plan (for battery retrofits) have been designed from the ground up to remove the most common customer affordability and savings objections, while at the same time offering homeowners added benefits that other payment options can’t match.

If you don’t want to miss out on battery sales this year, read more to find out how Powow’s payment options can help unlock a steady stream of battery sales in 2023.

At a glance – a comparison of the main payment options available

Before we explore the Powow Payment Solutions advantage – let’s take a step back and look at the main payment options available to homeowners.

Chances are you already offer one or more of these so we won’t dwell on them too much. Below is a short summary of the available payment solutions available to Australians looking to fund a solar project.

Unsecured personal loans can be used for any purpose and are not backed by collateral, but they may have higher interest rates and higher monthly payments. They also usually have shorter repayment periods of 5-7 years which means that customers may have higher monthly repayments because they are spreading the payments over a shorter period, potentially making it a less affordable option and unlikely to yield day 1 savings.

Green/solar loans are specifically designed to finance environmentally-friendly projects such as solar systems, and may have lower interest rates than unsecured personal loans. However, often these types of loans have even stricter qualifications for borrowers, often get knocked back, and do not come with any assurances of system performance or reliability.

BNPL 0% interest loans allow for immediate installation of solar systems with no upfront cost[m1] , and while the repayments may not carry interest, the retailer pays a sizeable fee to be able to offer this payment plan. These payment plans also do not come with any customer protection on the performance of their solar solution.

The Powow Difference

So why are Powow payment solutions so good? It’s because they have been specifically designed from the ground up to make solar affordable and handle common customer objections to batteries like “it’s too expensive” or “will it really work?”

With a 10-year term, customers can benefit from lower affordable monthly payments and therefore get day-1 savings in many cases. This removes the common “it’s too expensive” objection. Plus with a 100% performance guarantee you’ll easily be able to handle the all too common “will it work/generate enough savings” objection.

Let’s have a closer look at all the benefits of Powow Power Purchase Agreement (PPA), the best payment solution on the market for homeowners looking for a combo panel and battery solution.

The Powow PPA

The Powow PPA is a $0 up front option with low monthly payments so that your customers get the benefits of a complete solar panel and battery solution straight away. They then pay a simple fixed monthly payment which is often less than what they would be paying on their energy bill.

What makes the PPA different?

The Powow PPA is the only panel + battery plan with a 100% performance money back guarantee. This is crucial, because it means Powow is responsible for maintenance, monitoring, service, and equipment replacement for the whole system throughout the plan. If the customer’s system doesn’t produce as much power as it should, they’re credited every day until it’s fixed.

In addition, the monthly payments stay the same the whole time they are on the Powow PPA. This means customers enjoy a fixed, stable cost of power month after month. As power prices keep going up, their savings keep growing with every increase. No worries about variable rate increases here.

In addition, the Powow PPA is a 10 year plan which means that prices can be kept affordable for all system sizes over a longer period of time. Compared to most BNPL solutions on the market which range from payback periods of 6 months to 5 years, payments can be kept affordable by spreading them over a longer time period. At the end of the plan the customer can either buy out the system outright for $1.

The Powow Hire Purchase Plan**

The Powow Hire Purchase Plan is a new way to pay for a solar battery retrofit. With $0 to pay up front, the Powow Hire Purchase Plan is an affordable way for customers to add a solar battery to their existing panels.

Like with our PPA, the Powow Hire Purchase Plan has been designed from the ground up to address the shortcomings of other payment solutions available to pay for a battery retrofit. This makes it easier to overcome key objections to getting a battery retrofitted such as whether it will deliver additional savings and deliver to customer expectations.

With $0 to pay up front and a fixed affordable monthly payment you may be able to save money on your bill from day 1. And unlike a Green Loan or BNPL option, we’re responsible for maintenance, monitoring, service, and equipment replacement for your chosen system throughout the 10 year plan. The Powow Hire Purchase Plan comes with the Powow 100% performance guarantee; plus with a 10 year battery warranty so you get peace of mind that you are covered throughout your plan.

Customer’s payments stay the same the whole time they are on the Powow Hire Purchase Plan so they can enjoy a fixed, stable cost of power month after month.

The Powow VPP is free with both the Powow PPA and Hire Purchase Plan

To give your sales conversations even more added oomph, when you partner with Powow to offer the Powow PPA or Hire Purchase Plan you can also offer your customers another additional killer benefit – free participation in the Powow Virtual Power Plant (VPP).

The VPP is another powerful way that you can build on the battery affordability story for customers. When they sign up they’ll join 1000’s of other households on the VPP to sell their excess battery power back to the grid in times of high demand, earning $0.45/kwh for all power used for the VPP. This adds to their overall savings, with earnings of up to an additional $200 in passive income every year.

Unlike a lot of VPPs in the market, the Powow VPP is retailer independent which means they are free to stay with their existing retailer. Or if they want to, they can switch grid energy provider if they happen to find a better deal or solar feed-in-tariff at any time during the plan. This makes the VPP easier to sell because you don’t have to sell an energy retail plan with a lock in contract. The pitch with the Powow VPP is simple – earn extra money from your battery. That’s it.

Are you ready to grow your business with solar battery sales?

Whether your customers are looking for a complete solar panel + battery solution or want to retrofit a battery to their existing solar panels, we are confident that we have the best payment solutions on the market.

What’s more, partnering with Powow for your solar business is a great way to supercharge your business with battery sales. Partnering opens up a whole new way to sell solar battery energy solutions to homeowners.

We’ve made the process easier by bringing everything you need to sell batteries together in one place.

In addition to our industry leading payment solutions you’ll also be able to offer customers the added value of the Powow VPP.  Plus, when you partner with Powow you’ll also get access to our comprehensive battery sales training program to help unlock new growth for your business.

If you are tired of missing out on battery sales because your payment solutions get in the way of customers saying yes to solar batteries, let us show you how you can dominate your local market by converting more of your battery leads with Powow payment solutions at your side. Contact us today to set up a meeting with one of our consultants to explore the power of the Powow battery advantage.

Get started with Powow

*The information contained in this blog is for general information purposes only. Products and services described in this blog are available to the approved parties only,and are subject to Powow’s product terms and conditions. Please contact us before acting or relying upon any of the information published.

*** Powow Finance approved customers only. Powow Finance terms and conditions apply.

^ Powow PPA – approved customers only. PPA Plan is only available in select territories. Savings vary according to individual circumstances. Qualifying customers’ accounts will be credited with their energy usage based on the calculated solar generation and specifications of the solar generation unit installed at their premises under the PPA.

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