Their challenge

Southeast England installer CRG Direct was a successful but modest business when it moved into solar panel installations in January 2022, just as the UK household market took off. After an impressive first year in the sector, continued growth was expected. However, UK inflation rates continued to rise, further increasing mortgage interest rates, which caused the direct solar and renewables market to unexpectedly collapse in mid-2023.

Founder and Managing Director, Lance Pearson had to find a new market to cover staff and overheads.  

He saw huge growth potential in the retrofit funded market but realised they would need considerable cash reserves for the required upfront investment to cover the initial high equipment and installation costs and then withstand the energy supplier’s slow repayment terms. Additionally, bidding and winning new contracts while awaiting repayment for previous projects, would stretch the business.

Traditional lenders only offered him basic finance options that were reliant on invoices submitted, which could be 60 plus days from the initial cost of installation for a funded job.

With traditional lenders unhelpful, CRG Direct were on the verge of abandoning their ambitions and accepting they would remain a solar and renewables installer, with occasional subcontractor work. At this point a director suggested contacting TradeBridge. Energy Advance, their new revolving credit facility, was specifically designed to address the business needs of retrofit installers in the funded market.

As the business assessed the product, they realised they could confidently enter the retrofit funded market and expand. Uniquely, credit was valued on their Work-in-Progress, with access to upfront capital, and additional funds available at key project milestones. CRG Direct would be able to buy the equipment they needed for their first SHDF/HUG/ECO4 installation projects, manage day to day business costs and bid for new, larger contracts.

In the first few months of leveraging their Energy Advance facility, it helped the business achieve a 600% increase in installations and expedited them into a position where they are respected as a volume installer. Today, CRG Direct are being invited to bid for significantly larger contracts by major energy suppliers and they continue to deliver and forecast impressive growth.

“By designing Energy Advance specifically for our industry and integrating it in the software platforms, PAS Hub and ECO Surv, TradeBridge have created a solution that works incredibly well for installers.”

Lance Pearson, Managing Director, CRG Direct Ltd

Our solution

With our longstanding experience of funding the energy efficiency sector, we know that installers find their growth constrained by the high cost of entry, upfront equipment costs, long payment terms and limited support from traditional lenders. We’ve designed a revolving credit facility specifically for installers that gives them more credit than other lenders, much earlier in the installation project.

Energy Advance is embedded in PAS Hub and Eco Surv, so we can see the installer’s Work-in-Progress in real time and its associated value is automatically released into their account at every reporting stage, so they don’t wait months for payment. Installers can draw down their funds with limited admin, and at the right time to support business growth, whether it’s to invest in assets, meet unexpected costs or bid for larger contracts.

• Capital up to £5m, at highly competitive rates.
• Embedded in PAS Hub and ECO Surv.
• Flexible credit - only pay for what you use.
• Work with specialists who understand this sector.
• No fixed repayments or early repayment fees.