How Swoop is helping Ark Renewable Energy keep Canada’s lights on

Ark makes switching to solar easy for Canadians, but the company’s rapid growth sparked a need for funding

Making your own energy is a no-brainer for many Canadians: after a period of volatile electricity prices and power outages, households with solar panels are able to reduce their costs, have a reliable supply and play their part in a sustainable future. For the last three years, the Canadian government has supported households by offering loans at zero percent interest to cover the cost of buying and installing solar panels.   

It’s a popular incentive that keeps the phones ringing, says Jamie Hoenisch, Engineering and Sales at Ark Renewable Energy. He says: 

“There’s a lot of demand and interest in residential renewables. At Ark, we design and install customized solar systems in a seamless and hassle-free process. This is our second year in business but we have a full order book and there’s a clear opportunity to grow fast in the near future.”

What’s the problem? That zero percent federal loan to the customer is paid in two stages: 15 percent up front and the balance after completion of the work. This leaves a shortfall in covering the full cost of buying and fitting the solar panels. To remain competitive, the challenge of meeting the up-front cost of carrying out each project falls on Ark. 

Jamie says that as a young company, their growth hinges on being able to find the money needed to make these projects happen:

“When your sales cycle is 3-4 months and you have to put up capital before you get paid it’s a challenge. When we found Swoop, we immediately knew we’d come to the right place, it was awesome how great the service was. I sent an email and quickly got a call scheduled with Bhryan. You can tell from speaking to him that he’s a man on the move, and that was reflected in how fast everything fell into place. How would I describe my Swoop experience? Quick and effective.” 

Jamie adds that the funding has been an important milestone in the company’s early stages and is already helping Ark avoid the growing pains that affect businesses going through similar periods of growth:

“Every growing business has to face the need to fund expansion. With Swoop, we’ve been able to pull more levers to manage our cash flow effectively. By the end of this year we’ll have significant cash in the bank to fuel further expansion next year.”