PV Magazine names Cloover Startup of the Month
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Cloover has been named Startup of the Month by PV Magazine, the most influential renewable energy publication for the DACH region! 🎉
This recognition is a testament to the dedication and innovation of our team as we drive sustainable energy solutions. We are honored to be highlighted by a publication that plays such a pivotal role in shaping the future of renewable energy. ☘
A huge thank you to PV Magazine for this recognition. Let's continue pushing the boundaries of what's possible in the renewable energy landscape! 🚀
The article in German follows:
Start-up of the Month: End-customer financing through installers and pre-financing of orders
The startup Cloover allows installers to offer their customers the option of paying for their photovoltaic systems in monthly installments instead of through a direct purchase. This ensures the sales process remains uninterrupted, explains co-founder and CEO Jodok Betschart. The company also assists installers with pre-financing.
Who are you?
Jodok Betschart (Co-founder & CEO): We enable small and medium-sized installers to establish a digital presence, allowing them to close an average of 30 percent more deals, shorten their sales process, and streamline their internal processes. We achieve this through financing options integrated into the contract and pre-financing of our partners' orders.
Who are your customers?
Our customers are regional photovoltaic and heat pump installers who don't want to be driven out of the market by the big players, but instead want to position themselves for the future and embrace digitalization. Thanks to Cloover, they can offer their customers the same services. Currently, we are focusing on installers who complete at least ten installations per month.
What problem, what challenge do your customers have?
Mass-market customers are hesitant to make a one-time investment of around €20,000 to €30,000 in a solar system or heat pump. Instead, they want to remain financially flexible and avoid significant disruptions to their daily lives. The major players have recognized this issue and offer their own financing solutions. Smaller installers, however, lack access to these solutions and typically refer their customers to their local bank when they need financing. The problem here is that this process is very lengthy, averaging three to four weeks, and they lose control over the sales process. Often, banks treat loans for solar systems similarly to consumer loans, failing to consider the increased property value and reduced electricity costs. If the end customer doesn't have excellent credit or their existing credit line, for example, for a mortgage, is already maxed out, the loan application is frequently rejected. As a result, our partner installers lose customers who would otherwise be ready to buy.
We connect homeowners, installers, manufacturers and energy suppliers.
What solution do you offer your customers, and do you have a unique selling proposition?
Our platform allows our partner installers to offer financing to their customers and receive real-time feedback on their eligibility. This is a major advantage, as it allows the installer to retain control over the sales process and apply for financing together with the customer, thus closing significantly more deals than before. Customers also benefit from financial flexibility through the option of making unscheduled repayments at any time and the fact that they only pay once the system is installed. Installers further benefit from the option of pre-financing the system. The key advantage we offer our partners is our collaborative approach: Customers remain under the installer's control, allowing them to build and establish their own brand, and they are not forced into a dependency like with other providers or the services of large players.
How long does it take for the installer and end customer to receive the result?
The process is incredibly simple: It takes about 30 seconds to create a project on Cloover and approximately two minutes to complete the questions used to determine eligibility for financing. Installer and customer receive real-time feedback on whether the financing request was successful and can be approved.
Gibt es bereits Nachweise, dass die Lösung funktioniert, und Referenzen?
Wenn ja, welche? Wir sind international in vier Ländern mit mehr als 250 Partner-Installateuren aktiv. Eine Auswertung, die wir mit unseren aktivsten Installateuren durchgeführt haben, hat ergeben, dass diese durch unsere Plattform im Schnitt 20 Prozent mehr Angebote pro Monat abschließen und ihren Verkaufsprozess von circa fünf Wochen auf etwa zwei Wochen reduzieren konnten. Ein gutes Beispiel ist 4Panels aus Berlin, die im Jahr circa 2500 Installationen machen und mit uns nun ihren Kunden noch einfachere Finanzierungen anbieten können
Wie rechnet sich Euer Angebot für Endkunden im Vergleich zu anderen Finanzierungsoptionen und warum sollte sich der Kunde dafür entscheiden?
Natürlich ist der Direktkauf auf die gesamte Lebensdauer einer Solaranlage die günstigste Möglichkeit. Der Massenmarktkunde scheut jedoch dieses hohe Einmalinvest oder hat nicht die finanziellen Mittel, sich eine Solaranlage zu leisten. In Deutschland hat der durchschnittliche Haushalt nur rund 10.400€ an Ersparnissen. Wir bieten durch eine flexible Laufzeit von bis zu 20 Jahren, gepaart mit einem marktüblichen Zinssatz, die Möglichkeit sich eine monatliche Rate zu konfigurieren, die unter der aktuellen Stromrechnung (restlicher Zukauf aus dem Netz) liegt und mit der der Kunde so ab Tag 1 jeden Monat einige Euros sparen kann. Dabei liegt der Zinssatz zischen sechs und neun Prozent, je nachdem, ob der Kunde noch ein Rundum-sorglos-Paket hinzubucht. So sichert sich der Kunde gegen steigende Strompreise ab, während er gleichzeitig finanziell flexibel bleibt: Denn er muss keinen einzigen Cent an Anfangsinvestition zahlen. Das Gute an Cloover ist, dass der Kunde jederzeit kostenlos refinanzieren kann, sich also nicht für die gesamte Laufzeit an die Ratenzahlung bindet. Dementsprechend leicht ist der Einstieg in die nachhaltige Solarenergie.
To what extent does this solution advance the energy transition?
We see two problems that we are trying to solve. Firstly, 85 percent of all installations in Germany are carried out by medium-sized and small installers, not by large, fully integrated providers. If we can make these 85 percent more efficient, we will have made a significant contribution to the successful energy transition. Secondly, not everyone has the necessary savings to pay for a solar system out of their own pocket. If we want to master the energy transition, we must make renewable energy accessible to everyone. Here, we see the need to provide financing options.
How is it financed?
In our first funding round, QED and 9900, both very well-known VC investors from the US and UK, invested in Cloover. We recently became a proud portfolio company of the American investor Lowercarbon Capital. Its founder, Chris Sacca, invested early in companies like Uber and Twitter and has now made it his mission to support solutions to climate change. Debt financing for the facilities is being provided by a major German bank.