As interest rates rose, residential solar companies’ sales have declined, with figures down by 5-10% compared to previous years. For many, it’s possibly the first time you have experienced an industry downturn, as we as an industry have ridden high on low interest rates and widely-available financial products for the better part of the last decade. Yet, some regional installers who are embracing diversification, innovative financing options, and a dedicated approach to customer service, are handling this economic adversity and high-interest rates with greater resilience.
Today’s conversation features leaders from 3 perspectives of the residential solar industry: Scott Nguyen, CEO of Bodhi Solar, a SaaS platform for residential installers, Rachel Finn, Commercial Finance Specialist at the largest residential solar distribution company, Greentech Renewables, and Stan Pipkin, CEO of Lighthouse Solar, a leading TX-based installation company. All three have perspectives on the impacts of the decline in sales and are finding ways to navigate the oscillations in the solar market. From Scott’s adaptive sales strategies to Rachel’s ventures into broader financial landscapes, and Stan’s relentless pursuit of excellent customer engagement, they each share their strategies for tackling this year’s challenges riding the ‘solar coaster’.