Overview
Palmetto LightReach, a home electrification financing platform, has launched a consumer focused Home Efficiency Plan (HEP) to support the adoption of energy efficient systems. Market dynamics are drastically changing around consumer behavior and drivers to their economic mindset, many are pivoting away from ownership and moving to convenient leasing models due to:
Rapid rises in interest rates.
Consumer credit is getting stretched.
Service and Maintenance burdens associated with ownership.
Our 'Lease-to-Option' offering provides faster, easier access to energy-efficient systems for homeowners.
The system is owned by Palmetto LightReach.
All major service and maintenance is covered.
The customer pays a fixed monthly payment.
Lease Term is a 10 or 12 year term
How It Works
When a customer signs up for a Palmetto LightReach HEP, they pay a set monthly lease payment to Palmetto LightReach for their energy efficient system. There are no payments for any maintenance or repairs. Customers get faster installation with no upfront costs and no impact to their credit.
When is a LightReach Home Efficiency Plan Best?
Customer is eager to see cost savings immediately. Fixed low monthly payments mean immediate positive impact to monthly budget relative to traditional purchase.
Customer wants predictability or budget stability. With predictable monthly payments, customers know exactly what they'll be paying with Palmetto LightReach each month for an entire year at a time.
Customer isn't sure about owning, yet. Our Home Efficiency Program is a great way to get started with a new energy efficient system with no money down, but with the option to buy the system outright later if they decide to do so.
Customer wants to electrify but is risk averse. It's easy to invest in greener technology without taking on the risk of system maintenance, repairs, or out of pocket expenses.
Dealer Benefits:
Capture new customers who don't want an expensive up front purchase.
Market dynamics are pushing consumers away from expensive up front purchases and loan options for appliances.
Grow service revenues through annual maintenance check ups.
Annual service revenue is built into dealer financials.
Meet soaring demand for energy efficient appliances and home electrification.
Rising utility rates, weather events, and climate create strong value proposition for plans covering repairs and maintenance.
FAQ
1 | Does the customer ever have to pay for maintenance or repairs? |
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2 | Who provides the service and maintenance? | LightReach dealers get first access to annual service visits for installed customers. |
3 | How does LightReach secure their equipment? | Palmetto LightReach obtains a UCC-1 fixture filing/lien on the equipment/property, not on the home. In the event of the sale of the home, this would be visible to all parties. |