This is your SolarWakeup for April 7th, 2020

Paycheck Protection. Let’s do a quick rundown today, lots going on. By now most in solar have applied for the paycheck protection program, the $350billion SBA loan that forgives most of the uses you need the money for. The problem is that the money hasn’t started flowing, not even close because banks are accepting applications but aren’t clear on the underwriting or funding process. As all of this happens in real-time, please let me know when you are able to get a loan funded, this will help others get through this. 

Get Your Story Out. Speaking of getting through this. While there are positive data signals coming out of the market (selling remote, better than expected close rates, no touch permitting), the solar industry is struggling and it will get worse before it gets better. And that assumes that the consumer will be in a financial position to buy solar when the time comes. When the process of installing solar gets slower, installers find themselves in need of additional capital, everyone does. So when you combine the need for capital with the risk adjusted credit landscape that you are describing in the tracking survey, there is cause for concern. Your member of Congress needs to hear this from you and how the epidemic is impacting your business. Ideally they hear this from you through media not only from a call which you should make as well. Call your local business reporter or business journal and let them know how this is impacting the local solar economy. I wish there was a click here for outreach but you’ll have to do this one and it needs to be done. Absent a strong national cry for help, the local installers, developers and investors need to be in the news more than we are today. More on this below.

Better Data. We’re having an issue with data and estimates in the industry right now. Wood Mackenzie was out last week with their assessment of the solar market being down 30%+ and now Morgan Stanley says it could be almost 50% in Q2 alone. The data you are telling me, across dozens of companies paints a lighter picture that doesn’t drive the market as far down and a shorter duration than I’m reading about. Take part in this week’s survey to help make our case and highlight the business issues. You can then take this data to your reporter and tell your personal story with a data point behind it.

Getting The Data Out. Join me this morning as I discuss the state of the solar market with Phil Shen from Roth Capital. This is a free virtual town hall to learn about the marketplace and hear first hand information from other solar professionals in the market. 10am easter and 7am pacific. 

Selling Remotely. What success are you finding shifting your sales to virtual only? Is there anything that worked for you or you had to figure out because it wasn’t? I want to hear from you about the process, software that helped and other ways to make this work for the long term.

Oil Stories Rule The Day. Since Friday of last week, Axios’ energy section has 12 oil stories. 12. While it’s a big story, the oil industry is doing a great job keeping reporters filled with information. Imitation is the best form of flattery and we should be doing this too.

First Public Co Speaks Out. Yesterday, Sunrun published early financial information for Q1 and withdrew its guidance given the drastic change in the market. The company does spell out some of the changes to their sales process: drone, video calls and digital permitting amongst others. It also includes some views on what the future consumers may be looking for, helpful information available here. 

Opinion

Best, Yann