Clean Power Finance’s Software Brings Unprecedented Speed, Automation and Accuracy to Solar Finance Processing
Orlando, Fla.—September 10, 2012—Clean Power Finance, the online marketplace for residential solar financing and leading provider of solar sales software, today announced the release of its new software-as-a-service product, CPF Tools 2.1. The cloud-delivered software’s sophistication and automation are unprecedented in the solar finance industry and will help solar professionals process financed solar systems faster and more accurately than ever before.
Solar companies selling residential solar financing get paid faster for solar installations with CPF Tools 2.1. The new software will dramatically simplify the residential solar finance process for Clean Power Finance channel partners, delivering smart credit decisions across multiple financing products, streamlining document processing and easily accommodating solar system specification changes.
“Before CPF Tools 2.1, finance processing was a recognized industry pain point because it is highly manual, detailed and time-consuming. This software eliminates that hassle and cost for solar integrators and ensures underwriting quality for solar investors,” said Nat Kreamer, CEO of Clean Power Finance.
Finance-verified CPF Tools users will gain access to the following new features the week of September 17:
- Improved homeowner credit check process. CPF Tools 2.1 allows solar professionals to run homeowner credit against multiple financing products offered in the CPF Marketplace. If a homeowner’s credit does not qualify for one finance product, the software automatically checks to see if the homeowner qualifies for other products and delivers a credit decision. This smart and streamlined credit process helps channel partners close more deals faster; and
- Flexible pricing. CPF Tools 2.1 allows solar professionals to build proposals and design systems around specific selling points and customer preferences. For example, if a homeowner opts for solar based upon the attractive cost of electricity per kWh, the solar professional can generate a proposal in CPF Tools 2.1 starting with that value proposition and working backwards, instructing the software to generate all system parameters based upon selling the homeowner electricity at a particular price per kWh.
Clean Power Finance’s finance-verified partners will have access to additional features on a rolling schedule; the account-by-account migration, tailored to each partner’s needs, will minimize disruption and ensure operations continuity across the transition. Key elements of the additional features include:
- Dynamic document generation. The solar sales process requires that many documents be signed and submitted by various parties at specific points during the sale, design, construction and activation of the solar system. Generating, signing, scanning and uploading these documents is time-consuming and prone to human error, resulting in high soft costs as well as project and payment delays. CPF Tools 2.1 is unique in the industry in its capability to automatically generate, complete and error-check documents at each step in the project cycle, based upon the most recent system data. The software then allows all documents to be electronically signed, ensuring data integrity and eliminating manual processes that currently bog down busy solar professionals;
- Smart underwriting. Ensuring underwriting compliance and accurate paperwork is challenging during a dynamic, labor-intensive and detailed process like solar installation. Solar projects often must be submitted multiple times to financing providers to correct errors at multiple steps during the project cycle. CPF Tools 2.1 is the first solution that automatically identifies underwriting issues before documents are generated or submitted. Moreover, the software not only alerts the solar professional to the issue, but also offers multiple options for quickly fixing it, eliminating change orders. These capabilities replace what would otherwise be a time-consuming back and forth interaction, speeding project approvals to deliver faster payments to Clean Power Finance channel partners; and
- Accounting reporting. Via API or downloaded reports, CPF Tools 2.1 delivers solar integrators detailed data on financials and equipment for each solar system as it progresses through the project cycle. This data enables solar installers to create preliminary, variance and final financial accounting reports that help them forecast revenue, measure operating performance, report financial results and run their businesses more profitably.
“CPF Tools 2.1 delivers the solar industry best-in-class software capabilities, with automated finance processing features that meet or exceed what is available with similar solutions used in the mortgage, auto or credit card industries. These features increase transaction speed and accuracy while reducing soft costs,” said Adam Marsh, CTO and co-founder of Clean Power Finance. “There is an unrealistic assumption in the solar finance industry that the system quoted to the consumer is the exact system that ends up on the roof, but it’s actually a dynamic process with many constraints. Our software is the first to really take that fluidity into account.”
About Clean Power Finance
Clean Power Finance is driving the mass-market adoption of residential solar by building an online business-to-business marketplace to connect the solar industry and the capital markets. Clean Power Finance provides solar professionals, including marketers, installers, manufacturers and distributors, with access to a variety of non-exclusive, white-label residential finance products and an easy-to-use solar sales quoting and design tool. The company’s transparent pricing makes it easy for financial firms and lenders to invest in residential solar projects that provide reliable rates of return. Founded in 2007, Clean Power Finance is venture backed by Kleiner Perkins Caulfield & Byers (KPCB), Google Ventures, Claremont Creek Ventures, Clean Pacific Ventures and Sand Hill Angels. To learn more about how Clean Power Finance can accelerate the growth of solar businesses, please visit www.cleanpowerfinance.com.