SMART FINANCE
PLENTI OF SMARTER HOMES Plenti’s lending for renewable energy has grown 100 per cent year on year providing over $130 million of finance for clean energy products.
IN 2017, PLENTI LAUNCHED an Australian-first: an opportunity for borrowers and retail investors to access the lending market for the purchase and installation of consumer renewable energy products. The launch was based on the company’s commitment to accelerating the uptake of solar energy and the new marketplace provided Plenti’s lenders with access to invest in Australia’s transition to a cleaner, more sustainable energy mix, ultimately contributing to a sustainable energy future. Since then, Plenti’s lending for renewable energy has grown 100 per cent year on year providing over $130 million of finance for clean energy products. It’s been fuelled by the broader residential solar and battery market which saw 378,000 households install some form of solar energy in 2020, a hefty 30 per cent increase on the year before. Plenti’s Head of Renewable Energy Finance Louis Edwards said: “This is such an important part of our business: it’s a segment of the market where we have the potential to make a real difference, and the demand for renewable energy will only continue to increase.” Plenti – formerly known as RateSetter – launched renewable energy lending with a simple, interestbearing regulated loan. Fast forward three years and the business recently broadened its offer to include interest-free renewable energy finance to offer installers and vendors even more options for their customers. The launch reflects Plenti’s focus on
James Strathdee of One Power Solar complimented Plenti for its point of difference, saying the technology, speed and innovation means they have the one-stop shop of finance offerings at their fingertips. providing the best and broadest customer offer to its partner network. “We knew our installers and vendors wanted as many options as possible to offer their customers, so we ran a pilot program over three months to gauge the response to our interest-free product, and everything exceeded our expectations. Our pilot partners who came on board – all existing partners – showed an 80 per cent increase in solar finance applications compared with the six months prior. “It was an obvious next step to roll out the new loan product, creating what is basically a onestop-shop where installers or vendors can choose the finance that best suits their business and the demands of their customers,” Edwards explained. At launch Plenti’s BNPL finance for renewable energy offered the longest loan terms in the market, at six years, highlighting the business’s desire to provide its partner vendors with a meaningful point of difference for customers. Plenti’s ability to quickly develop and launch new products is underpinned by a sophisticated technology platform built, maintained and developed in-house. For consumers this translates to a greater experience on the back of market-leading speed, ease and convenience of application, funding and settlement processes. “It’s not only the technology that matters though,” says Edwards. “The strong relationships
“Renewable energy finance is such an important part of our business: it’s a segment of the market where we have the potential to make a real difference, and the demand for renewable energy will only continue to increase.” LOUIS EDWARDS, PLENTI Information, views and technical details on this page supplied by Smart Energy Council Member
48 WINTER 2021
