ENACT Systems, and end-to-end business process automation platform for distributed solar projects, is integrating two new preferred financing partners to its cloud software platform for solar project developers, installers and distributors in the U.S. market.
The two new preferred financing partners, will join five existing fund partners on the ENACT platform. The ENACT software platform integrates fund access for solar project installers and developers, making transactions more efficient, helping to reduce soft costs for all platform users. The platform reduces the time for developers and installers to quote, sell, and close deals as well as manage their installation process.
PACEfunding is a specialty finance company that provides financing to homeowners for upgrades such as solar energy, energy efficiency, and water conservation. PACEfunding’s residential property assessed clean energy (PACE) loans are authorized by the CSCDA Open PACE program. This financing is now fully integrated into ENACT’s PACE platform, developed in collaboration with the U.S. Department of Energy SunShot Initiative.
“PACE financing can be made more efficient, and we are leading the movement to provide the most attractive residential PACE user experience for contractors and homeowners in California. Integrating our offering with the ENACT Platform further improves both our own efficiency and the contractor user experience. Plus, ENACT provides a growing eco-system of solar installers that now can offer financing to homeowners very easily”, said Robert Giles, CEO of PACEfunding, based in Los Gatos, California.
The second financing partner brings a broad range of commercial solar finance offerings to the ENACT platform: attractive commercial PPA pricing for project sizes as low as 100 kilowatts, in all 50 U.S. states as a special program for ENACT Platform users.
“We are focused on partnering with the leading financing providers for both residential and commercial projects, so our platform users have the best financing options already integrated to their proposal and workflow process,” said Deep Chakraborty, CEO of ENACT. The financing partners benefit significantly as well. Leveraging ENACT’s history of platform deal activity, funds can streamline their partner selection and onboarding. They can also shorten their deal underwriting process leveraging ENACT’s automated workflow management. This helps reduce soft costs for solar projects significantly, which is the largest line items in the cost stack for residential and commercial solar projects.
News item from ENACT Systems