Solar Industry Update

Residential solar has seen many changes this past year, especially new opportunities ranging from teams that are re-entering the space as startups and investors buying portfolios, to existing solar finance companies looking to benefit from our enhanced lease and PPA servicing solutions.  Nonetheless, our clients have enjoyed consistent growth and strong portfolio performance.  Serviced solar loans have grown at a more rapid rate than leases and PPA’s.  In a few select states, community solar growth continues to be steady.  Our current clients have adapted to the changing environment and have positioned themselves well for the upcoming year. 

The feedback we have received from clients and new prospects is that our lease and PPA servicing platform is more advanced than other servicing options in the space.  Our strengths that stand out are power production tracking, invoicing and reporting capability. Through interactions with our residential solar investors, it is clear there is a much stronger appetite for residential solar loans – to a point where investors have been asking GPSG to help them identify loan opportunities to pursue.  This strong demand stems from the availability of a conventional loan product, less emphasis on O&M risk and comparable historical portfolio performance. 

Recognizing the current paradigm shift to loans, we have enhanced our loan servicing solutions by creating a specific loan invoice and updating our reporting to include more loan specific data fields. The invoice resembles more of a utility look with payment financing features.  This is a perfect example of how we have delivered on our clients’ requests and coupled that with an identifiable industry need that will allow continued separation from our competitors.  One of our principals is to create opportunities for growth and take charge of our future!

Equipment Finance Update

The 2018 outlook is strong growth for outsourced servicing models in the equipment finance industry:

• Banks:
  • Immediate higher yielding asset opportunities realized via lease products and portfolios
  • Larger banks using an outsourced model to control operating costs
  • A start-up lease division strategy with experienced leasing personnel using an outsourced turnkey servicing model
• Independent Finance Companies:
  • Outsourcing allows better focus on portfolio growth initiatives
  • Aligning with a servicing partner like GPSG who has a strong reputation, track record and balance sheet allows for more attractive financing facilities
  • Outsourced turnkey servicing allows for a more controlled and fixed price model
• Captive Finance Companies:
  • Captives are recognizing the value of outsourcing to free up time to focus on core initiatives and competencies centered around their product
  • The “Single Servicer, Multi Funder” business model is proving valuable for captive lessors controlling their customer base and funders’ reliance on established outsource providers to manage cash

 As a dedicated servicing partner for our clients, we fully understand the equipment finance landscape and can identify areas of enhancement, efficiency, and improvement.  Coupled with GPSG’s commitment to building long lasting relationships with our clients by delivering unparalleled service, we are the outsource provider of choice in the equipment finance industry.  

Operations Update

In our weekly meetings, we discuss our organizational culture, which is an assembly of shared beliefs and behaviors that characterize our organization.  Understanding the principles behind a culture helps focus the team’s efforts and fosters deeper engagement.

After working through exercises designed to explore our culture, we defined what we call our Culture of Quality.  Our dedication to quality is maintained by engaging each team member to keep three principles top of mind. This builds and supports continuous process improvement and higher quality servicing.

• We ask “why” things are done the way they are to ensure our clients never suffer from our complacency
• Understanding our clients’ business allows us to deliver the highest service to their customers
• Everyone has their radar up and takes action to ensure issues are brought to attention before they become a problem 

Employee Spotlight

Steve Goedken

Steve Goedken is the Finance and Operations Analyst for the Portfolio Services team responsible for collecting data, reporting, and analyzing performance.  Steve began his career at GreatAmerica as an intern while attending Iowa State University, and returned after a year working at IBM upon his graduation. Now in his fourth year at GreatAmerica, Steve advocates for enhancing The GreatAmerica Experience through the use of performance metrics.  “It is crucial our team and processes are as efficient as possible. Every minute saved allows us to manage costs and focus on the customer,” says Steve.

In his free time Steve enjoys playing music, golf, and serving as board member to the Big Brothers Big Sisters organization. 

WOW! Award

The WOW! Award is given to employees who have been recognized by a client or customer. Here are recent examples:

Elizabeth Akers
"Thank you! You are a lifesaver." said a residential solar client after a customer a requested a UCC filing be terminated when the closing date on their home was pushed back.  Knowing another UCC would need to be filed, Elizabeth worked to terminate the original and contacted the customer once completed.  

Sarah Thul

Sarah received praise from a client after working closely with them to fulfill their reporting needs. Said the client, “Sarah always quickly replies and provides detailed responses/suggested solutions. As a young company, it’s really important to have trusted resources like you and the team. Thanks again!"

Events We're Attending