The solar energy market continues to continuous growth over the years. Since 2012, the sector has already avoided the emission of 58,6 million tons of CO2 according to the ABSOLAR (Brazilian Photovoltaic Solar Energy Association).
A GD (Distributed Generation), for example, is one of consumers' search for more sustainable solutions that accumulates more than 32.7 GW of installed power in all Brazilian states and the Federal District.
The country has more than 2,8 million photovoltaic systems installed on roofs, facades and small plots of land, 78% of which are in homes alone.
Financing: main barriers, strategies to increase approvals and trends
According to an estimate based on the year 2023, 40% of solar sales were financed, a trend that is growing due to the need for financial protection to purchase this equipment.
With the consolidation of this scenario, the Assuring and 77Sol have entered into a partnership to offer financial protection insurance, Credit life insurance, with the aim of protecting the credit of consumers who choose to finance the purchase of a solar energy generation system.
Assurant is an insurance and solutions company that protects people's connected lives, and 77Sol is Brazil's 100% free solar energy product and service ecosystem that covers everything from equipment supply and financing for solar projects to engineering and integrator solutions.
Financing: much more than a payment condition
Bruno Tognozzi, Superintendent of New Business, Mobile and Digital Sales at Assurant, explains that loan insurance is important for the financial planning of individual customers who will need credit to purchase solar energy equipment.
“Lending insurance protects the consumer and the creditor because it guarantees the full or partial settlement of a debt in three situations: involuntary unemployment, permanent disability or in the event of the insured’s death. In addition, it protects family from a possible transfer of the debt to their heirs,” explains Tognozzi.
“This alliance with 77Sol reaffirms Assurant’s ability to develop solutions to meet the demands of new markets. The solar energy sector has grown in recent years and to expand Brazilians’ access to these technologies, we will increasingly develop protection solutions,” says the superintendent.
To Luca Milani, CEO and founder of 77Sol, the percentage for this year should be even higher. “When we look at our numbers, most of the contracted solar projects are already done via financing and we believe that this is a movement in the market as a whole. Following this trend, the lender arrives to bring significant growth in the choice and approval of financing in the coming months, thanks to the additional security provided to banks”.
The executive explains that the expectation is that the new solution will strengthen sales conversion, by allowing a safer and more competitive experience, in line with market demands.
Furthermore, the new insurance option has a positive impact on the brand's credit score with banks. According to Milani, the additional guarantee tends to further improve financing conditions, with more favorable rates and a greater chance of approval for customers.
“This benefits all parties involved in the negotiation, who now have better conditions for the credit line,” he concludes.
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