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Case Study Published 12/14/2018 2 min read

Case Study: Good Faith Energy

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Melissa Ann Schmid melissa@energybin.com

Residential Solar Installer leverages EnergyBin to reduce solar equipment costs

Good Faith Energy joined EnergyBin in December 2016. At which time, the company incurred high solar equipment costs from its local distributors. Good Faith Energy knew that it wouldn’t be able to grow and achieve sustainability in the long-run unless it worked on lowering equipment costs. EnergyBin helped Good Faith Energy dig down into its supply chain and pricing to develop more competitive packages on solar equipment in order to offer the best value to customers.

Over the past two years, Good Faith Energy has achieved:

  • 25% annual business growth
  • 15% cost reduction on solar equipment

Unfair Pricing Pushes the Limits

 

Before joining EnergyBin, Good Faith Energy was subject to high solar equipment costs from local distributors. As a residential solar installer, the company had no bargaining power. In order to fill customer orders on time, the company had no choice but to purchase product at the distributors’ advertised prices.

“I had a feeling that we weren’t getting fair pricing,” remarks Mohammed Abdalla, President and Founder of Good Faith Energy, “And I knew if we couldn’t offer competitive prices to our customers, we wouldn’t be able to grow as a company and achieve long-term sustainability.”

As Good Faith Energy began to strategically plan for its goal of becoming a regional leader on affordable price and quality, it realized a market analysis was necessary to gauge pricing, supply and demand. The company needed to build a case to gain negotiating power with its distributors.

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Gaining Knowledge to Enhance Customer Experience

 

Upon joining EnergyBin, Good Faith Energy had access to a wealth of product information and pricing. The company conducted a comprehensive analysis on everything from its supply chain processes and costs to alternative sourcing scenarios.

“I was able to use the analysis to hold my distributors accountable to fair and transparent pricing. EnergyBin became my go-to tool for market intelligence used in negotiating lower prices.”

In addition to using EnergyBin to glean market intelligence, Good Faith Energy sources product on the platform to put together packages for frugal customers. From the company’s experience, customers don’t always want the latest and greatest technology; many prefer quality technology at lower pricing.

EnergyBin also helps Good Faith Energy locate replacement parts for maintenance needs, which keeps customers happy and loyal. Good Faith Energy has been able to network with other EnergyBin members to locate specific parts needed from time to time.

 

Business Growth Takes Off with Cost Savings

 

Two years after joining EnergyBin, Good Faith Energy has succeeded in reducing solar equipment costs by a minimum of 15% and has experienced annual business growth of 25% year after year.

“EnergyBin helps to reduce the cost of solar and level the supply-chain playing field. I would encourage every solar company to dig down into your supply chains to assess whether you are getting fair and transparent pricing.”

As Good Faith Energy looks to the future, it aims to become a leader in providing energy efficient homes that are automated by smart energy storage units and powered by solar arrays. EnergyBin is the market intelligence tool that Good Faith Energy needs to guarantee fair and transparent pricing to its customers for years to come.

 

Good Faith Energy is a top-rated solar provider based in North Texas offering smarter, safer, and more reliable solar energy. Good Faith Energy educates customers to empower them to make a good faith decision on the best energy solution for their family conditions. In addition to solar PV, Good Faith Energy specializes in complementary technologies such as energy storage, home automation, and electric vehicle charging stations.

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