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Financing Solar

Plenti

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Plenti offers fixed-interest loans as well as interest-free loans with a Merchant Fee.

Their application process is quick and easy, we can get approvals from them within a few hours of submitting all the required documentation for our clients.

They also have their GreenConnect marketplace, where consumers can participate in partnership programs with select electricity retailers and get certain incentives like discounts or good electricity deals.

Relevant Resources

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`Merchant Portal`⁠
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Zero-Interest Journey.pdf

2.7 MB

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`Plenti Green Loan (with interest)`⁠

Pros:

Easy approval process

Australia's #1-rated consumer lender.

#1 Solar Finance Provider in Australia

Cons:

A bit stricter with approval requirements

Requires payslips or bank statements

Generic repayments calculator:

https://moneysmart.gov.au/loans/personal-loan-calculator⁠

⁠

Set Interest to 9.49% and fees to $15; the payments will usually be accurate or overestimated.

Application Guide

Plenti will ALWAYS need the following docs from the customers:

Front & Back of Driver’s licence

Depending on the customer’s income source, these are the additional documents they need:

Employee (PAYG)

2 x Most recent payslips

Self-Employed

Most recent Tax Notice of Assessment

Most recent Tax Return

Government Pension

Recent Pension Statement

Self Funded Retiree

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`Plenti 0% Interest Buy Now, Pay Later`⁠
⁠

Pros:

Easiest Application Process

Only driver’s licence required for approval

Will approve cash-in-hand and low-income households due to no docs required

Cons:

Highest total price due to Merchant Fees being added to price instead of interest

Application Guide

Plenti will ALWAYS need the following docs from the customers:

Front & Back of Driver’s licence

They might sometimes need a Rates Notice or some other form of address verification if they can’t verify that the customer’s address is the same as the installation address using the driver’s licence.

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.

Plenti Rates - 0% Interest

1 year (12 months) - 5% of System Sale Price

2 year (24 months) - 8% of System Sale Price

3 year (36 months) - 12% of System Sale Price

4 year (48 months) - 15% of System Sale Price

5 year (60 months) - 17% of System Sale Price

6 year (72 months) - 19.5% of System Sale Price

7 year (84 months) - 25% of System Sale Price

10 year (120 months) - 33% 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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