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<\/a>To reintroduce our solar pros:<\/p>\n\n\n\n
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- Kenny Parry<\/a>, Founder and CEO of Parry Capital<\/strong><\/strong><\/li>\n\n\n\n
- Jader Leao<\/a>, General Manager of Vivint Solar<\/strong><\/strong><\/li>\n\n\n\n
- \u201cSolar\u201d Joe Mousakheel<\/a>, Owner of The Solar Academy<\/strong><\/strong><\/li>\n\n\n\n
- Ashleigh Tatarcyk<\/a>, Owner of Urban Sol Energy <\/strong><\/strong><\/li>\n<\/ul>\n\n\n\n
Without further ado, let\u2019s jump in and see how these pros deal with this very common objection.<\/p>\n\n\n\n
“Financing rates are too high right now.”<\/h2>\n\n\n\n
\n\n\n\nStep 1: Zoom out <\/h3>\n\n\n\n
When a prospect says that financing rates are too high, it\u2019s very likely that they\u2019re not just talking about solar energy. They\u2019ve probably had first-hand experience with spiking interest rates in other areas, whether for auto loans and credit cards, or even home mortgage financing rates \u2014 which are at their highest in decades<\/a>. <\/p>\n\n\n\n
There\u2019s simply no denying the financial pressures many people feel today, so if your lead wants to talk about financing rates, then talk about financing rates. Ask them what rates they’re referring to specifically and how they believe things may change in the future. <\/p>\n\n\n\n
By opening the conversation to life\u2019s other expenses beyond energy alone, you can build a rapport that will move prospects to the next step in your lead funnel. At the very worst, putting solar financing rates in perspective can spark your potential customers to pursue a full assessment later \u2014 when interest rates go down. <\/p>\n\n\n\n
Step 2: Relate personal experiences <\/h3>\n\n\n\n
Nearly every panelist also expressed that they would relate personal experiences about how high interest rates have affected them. A little bit of empathy can go a long way, so a personal anecdote can help skeptical leads confirm that you do indeed understand the impact of high interest rates, yet still believe solar can save them money. <\/p>\n\n\n\n
Ashleigh Tatarcyk, Owner of Urban Sol Energy, <\/strong>would say something like: \u201cI’ve been seeing interest rates impacting everyone across the board. It actually has impacted me. I just bought a new Subaru and my rates were pretty high, but I felt like the need for a new car outweighed the need to keep paying for my old car\u2026 It made more sense for me to switch.\u201d <\/p>\n\n\n\n
In this example, Tatarcyk argues that the benefits of purchasing a new car will be a better long-term solution when weighed against the costs of repairing an old vehicle. This pretty keen metaphor for purchasing solar to replace utility electricity spending brings us conveniently to our next step\u2026 <\/p>\n\n\n\n
Step 3: Compare solar to electricity prices <\/h3>\n\n\n\n
Even with high interest rates, solar is likely still a better financial option for most homeowners than the alternative: exclusively buying utility electricity. Considering the long history of utility rate increases and recently surging electricity prices<\/a> in the United States, it\u2019s important to emphasize that alternatives to solar are not immune to high or unpredictable costs.<\/p>\n\n\n\n
As Joe Mousakheel, Owner of The Solar Academy, <\/strong>put it: \u201cIt\u2019s either go solar or stay with the utility\u2026. Utility rates are going higher and higher and higher every year\u2026 Do you think they will ever go down?\u201d <\/p>\n\n\n\n
When drawing comparisons to utility prices, a fixed-interest-rate loan can also present a huge advantage for solar. While your leads may have no control over utility price changes or costs, a fixed-rate loan can help map out predictable energy expenses and even potentially reduce total investment costs by allowing them to schedule payments early. <\/p>\n\n\n\n
It\u2019s also important to emphasize the advantages of solar ownership in that when you pay a solar loan, you own both your system and the energy that it produces. Whereas when you pay a utility bill, that’s money you will never see again.<\/p>\n\n\n\n
When a prospect raises financing rate concerns to Kenny Parry with Virtual Solar Pros<\/strong>, he explains: \u201cWhen paying monthly bills to XYZ utility, nothing is going towards principal, you really don’t own it.\u201d <\/p>\n\n\n\n
He then presents the homeowner with a choice: \u201cThink of yourself ten years from now. If you look back to today, what should you have done?\u201d <\/p>\n\n\n\n
\u201cShould you spend all that money on utility bills, throwing it out the window and have nothing \u2014 except your highest bill ever after ten years. Or would you have this money paying off your system all this time. You have a choice what you do with your money: You can keep throwing it away or start paying yourself.\u201d <\/p>\n\n\n\n
Step 4: Do the math <\/h3>\n\n\n\n
Finally, after putting things in perspective, actually sitting down and doing the math may be the most effective way to demonstrate the potential savings solar can deliver. While it certainly helps to have accurate, easy to use solar sales software<\/a> ready at your fingertips, doing some simple math can also help quickly illustrate how high financing rates won\u2019t necessarily prevent solar savings. <\/p>\n\n\n\n
For example, let\u2019s say that you estimate your lead\u2019s system will cost $25,000, including the financial incentives for installing solar<\/a> and the total interest to be paid on the loan. If you can demonstrate that the system will eliminate at least $25,000 in utility energy spending over its lifetime, you can then argue that the system will pay for itself, despite high interest rates. <\/p>\n\n\n\n
Even if you are able to generate an accurate forecast of potential solar savings, your prospect may not trust your math straight away. If a person is concerned about financing rates, always remember that going solar is a big decision, and they are just being cautious. <\/p>\n\n\n\n
The tools you need<\/h3>\n\n\n\n
Listen, financing is complex. The easier you can make it, the more options you can provide the homeowner, the more likely they are to say, \u201cYes\u201d. In the newly reimagined Sales Mode<\/a>, presenting homeowners with financing options that work for them, and helping them understand the costs and savings of going solar, has never been easier.<\/p>\n\n\n\n
![\"\"](\"https:\/\/aurorasolar.com\/wp-content\/uploads\/2023\/10\/Sales-Mode-Webinar-CTA-Blog.png\")
<\/a>Click above to watch our Sales Mode webinar on demand.<\/figcaption><\/figure>\n\n\n\n In closing\u2026<\/h2>\n\n\n\n
Selling solar in times of high interest rates<\/a> is not impossible, you just need to put things in perspective and demonstrate how indecision now could prevent financial savings later. Even with a higher-interest loan, homeowners can still save a significant amount of money on energy expenses, and your job is to demonstrate that as clearly as possible.<\/p>\n\n\n\n
This is the second of our four-part Sales Objections Throwdown series. Check back each week for another objection, and how to turn it into an opportunity.<\/p>\n\n\n\n
Here are the rest of the objections (we\u2019ll link them here as they\u2019re posted):<\/p>\n\n\n\n
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- \u201cSolar just doesn\u2019t work for us\u201d<\/a><\/li>\n\n\n\n
- \u201cFinancing rates are too high\u201d \u2014 this blog<\/li>\n\n\n\n
- \u201cI\u2019ve heard that solar won\u2019t save me money in California with NEM 3\u201d<\/a><\/li>\n\n\n\n
- “We need another quote”<\/a><\/li>\n\n\n\n
- Frequently heard solar objections, solved!<\/a><\/li>\n<\/ul>\n\n\n\n
Want to learn more about the updates to Sales Mode? <\/a>Check out our Sales Mode webinar on demand!<\/a><\/strong><\/p>\n\n\n\n
Have more questions? Schedule a quick chat with one of our experts<\/strong><\/a>.<\/p>\n\n\n\n
<\/a>Click above to watch our Sales Mode webinar on demand.<\/figcaption><\/figure>\n\n\n\n
- Jader Leao<\/a>, General Manager of Vivint Solar<\/strong><\/strong><\/li>\n\n\n\n