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Solar At Scale - Solar Closer Mastery
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    • 1. Software Set-Up
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        • The Set Up
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    • 2. Solar Product Knowledge
      • How Solar Works
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    • 3. Sales Philosophy
      • What is Sales?
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      • The Myth of Price and Money
      • Convincing vs Persuading
    • 4. Strategy Session
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        • Solar system size limits explained by state | Solar Choice
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      • opensolar
        How to sell on OpenSolar
        • How to create the proposal & process finance
        • Proposal Request
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      • Financing Solar
        • Plenti
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          Humm
      • The Importance of Structure
        • The Intro
        • The Problem
        • The Solution
        • Future Pacing
        • Cost of Inaction
        • The Presentation
        • Gaining Commitment
      • Processing The Sale
      • RECORDINGS
        • LIVE EXAMPLE
    • 5. Handling Objections
      • Logistical vs Fear-based Objections
      • Partner Objection
      • Money Objection
      • "Think About It" Objection
      • Negotiation
    • 6. Completing the Sale
      • Applying for Rebates (VIC)
        • Solar Victoria Rebate
          • Solar Panel (PV) Rebate
          • Solar for Renters Rebate
          • Solar Battery Loans
          • Hot Water Rebate
            • Approved Products
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Solar At Scale - Solar Closer Mastery
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Humm
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Humm

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Humm Finance offers interest-free loans, which classify as “Buy Now, Pay Later” products.

We use Humm when a customer knows they have bad credit or when we think they will not get approved by other finance companies for whatever reason.

This is because Humm will approve most applicants.

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Humm Special Approval.pdf
44.2 kB
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Merchant Portal
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Humm 0% Interest Buy Now, Pay Later
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Pros:

Will approve almost anyone, especially over Special Approval
Easiest approval process with only driver’s licence needed and instant approval
Can take credit card or bank account as payment

Cons:

Highest dealer fee
Only goes up to 5 years so payments are usually higher than Plenti over 6 or 7
Customer reviews are not as good as Plenti

Application Guide - 0% Interest

Humm will ALWAYS need the following docs from the customers:
Details from Driver’s licence
We don’t need to upload an image of the document, but if the customer has a Card Number because of the Optus Breach, we will need to include that in the application for ID purposes.

The Interest-free loan applications fall under Buy Now, Pay Later products which means that at the moment (July 2023) they don’t need any income documents to approve these applications.


Humm Rates - 0% Interest

2 year (24 months) - 9.9% of System Sale Price

3 year (36 months) - 13.2% of System Sale Price

5 year (60 months) - 21.45% of System Sale Price


Finance Rates

How to calculate

How to calculate the dealer fee into your sales when needed. If you use OpenSolar and you select the correct payment option, it will do this for you automatically. However, if doing it by hand follow this structure:
C = Cash price, F = Finance Price, D = Dealer Fee
C / (1 - D) = F
Always round up to the nearest dollar
For example, on a 5 Year Loan with Humm for a $10,000 system:
10,000 / (1 - 0.1485) = F
10,000 / 0.8515 = 11,743.9812
We put this through on Humm as $11,744
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