How Enpal Grew to €905M in Revenue in Only 6 Years: Breaking Down Their Marketing Funnel

The energy transition is one of the biggest challenges of our time, but it also creates unprecedented business opportunities. Enpal has seized this moment spectacularly, transforming from a small solar startup to a €905 million revenue powerhouse in just six years.

What makes their story remarkable isn’t just the impressive numbers. It’s how they’ve completely reimagined the solar industry’s business model. By introducing a rental concept that eliminated the steep upfront costs traditionally associated with solar installations, Enpal made green energy accessible to average homeowners across Germany.

But innovative products alone don’t create €905M companies. Behind Enpal’s meteoric rise is a marketing funnel so meticulously crafted that it deserves its own analysis. As founder Mario Kohle has expanded Enpal from solely offering solar panels to becoming an all-around smart home partner with electricity tariffs, heat pumps, and wall boxes, their marketing strategy has evolved into a sophisticated machine.

I’ve spent over 10 hours dissecting Enpal’s marketing approach, from their early search strategies to their current conversion optimization tactics. What I found was a masterclass in digital marketing fundamentals—executed with remarkable precision.

In this in-depth breakdown, I’ll walk you through:

• How Enpal dominates both organic and paid search with carefully tailored content
• Their unconventional landing page tactics that push conversion rates above industry standards
• The psychology behind their multi-step forms and trust-building elements
• The strategic content decisions that position them as authorities in the green energy movement

Whether you’re in the renewable energy space or any industry trying to scale customer acquisition, there are valuable lessons to extract from Enpal’s playbook. Let’s dive in.

Want to get an expert sparring on your growth strategy and see how your startup can become the lasting category leader? Get your free strategy call today.

Full Video Walkthrough of the Enpal Funnel Breakdown

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Enpal’s Growth Journey: From Solar Startup to €905M Energy Leader

In 2017, Enpal entered the German solar market with a revolutionary idea: make sustainable energy accessible to everyone by eliminating the enormous upfront costs of solar installations. While traditional providers were selling solar systems for €20,000-30,000, Enpal introduced a rental model where customers could go solar with zero upfront investment.

The Business Model That Changed Everything

Enpal’s core innovation wasn’t technological—it was financial. Their pitch was brilliantly simple:

• Zero upfront costs for solar installation
• Fixed monthly rental payments
• Protection from rising electricity prices
• After 20 years, customers can purchase the system for just €1

This approach solved the primary barrier to solar adoption: prohibitive initial costs. It allowed Enpal to target a much larger market of environmentally-conscious homeowners who previously couldn’t afford to go solar.

The Founder Behind the Vision

Enpal was founded by Mario Kohle, a serial entrepreneur who previously built Käuferportal, now Aroundhome. This experience in the home services sector gave him valuable insights into customer acquisition and the German homeowner market.

With his understanding of both digital marketing and consumer needs, Kohle positioned Enpal not just as a solar provider but as a comprehensive energy partner that offers:

• Solar panel systems
• Energy storage solutions
• Heat pumps
• Wall boxes (EV charging stations)
• Electricity tariffs

The Funding Timeline That Fueled Their Growth

Enpal’s rapid expansion has been supported by significant capital investments:

• 2020: Raised several million euros from Zalando founders Robert Gentz, David Schneider and Rubin Ritter; Alexander Samwer and Lukasz Gadowski were already invested
• 2020: Secured investment from Princeville Climate Technology with Leonardo DiCaprio as advisor
• 2021: Received €100 million in funding led by HV Capital with participation from SolarCity co-founder Peter Rive
• 2021: Secured €345 million debt funding from BlackRock, Pricoa Private Capital, UniCredit and other institutional investors
• 2021: Obtained €150 million from SoftBank Vision Fund 2, becoming Germany’s first green “unicorn”
• 2022: Secured €70 million financing from Prime Capital
• 2022: Raised €855 million in solar debt funding from BlackRock Alternatives, ING, Pricoa Private Capital, UniCredit and Infranity
• 2023: Closed €215 million Series D financing round led by TPG Rise Climate

The Scale Behind the Valuation

What makes Enpal’s €905 million revenue in 2023 even more impressive is that the company achieved this while maintaining profitability:

• 2020: €56 million in revenue
• 2021: €110 million in revenue
• 2022: €415 million in revenue (277% growth)
• 2023: €905 million in revenue
• Positive operating cash flow with adjusted EBITDA of €21 million
• Over 40,000 customers across Germany
• More than 2,000 employees, including over 1,000 in-house installation professionals

This combination of rapid growth and financial discipline has established Enpal as one of Germany’s most promising green energy companies, with a clear path to becoming a full-service provider in the energy transition space.

Up next, let’s break down the core of their marketing strategy—the engine that’s powered this remarkable growth.

The Marketing Funnel That Powers Enpal’s Growth

Scaling to nearly €1 billion in revenue isn’t just about having a revolutionary business model. Behind Enpal’s meteoric rise is a full-funnel marketing strategy that seamlessly blends SEO, paid search, and conversion optimization—turning organic visitors and cold clicks into high-quality leads.

What makes their approach stand out is how they’ve crafted a funnel that works for every stage of the buyer’s journey—from homeowners just beginning to explore solar options to those actively searching for installation quotes.

The Power of Search — Enpal’s Full-Funnel Strategy

At first glance, Enpal’s strategy seems simple:

• Dominate organic search
• Own paid search for high-intent keywords
• Use multi-step forms to capture leads efficiently

But the magic lies in the details. Looking at their search footprint based on the analytics data:

• 219,575 monthly organic visitors (current data)
• 35,452 ranking organic keywords
• 2,000+ paid keywords driving approximately 97,400 visitors with an estimated monthly ad spend of €245,700 (Note: Spend is probably much higher)
• An intricate network of landing pages, blog articles, and conversion points covering every possible solar-related query

The growth trajectory is particularly impressive. Looking at the chart, we can see that Enpal’s organic traffic has grown significantly since 2020, with a substantial spike starting in 2022. At their peak, they reached approximately 280,000 monthly organic visitors before settling at their current level of around 220,000.

Their paid search strategy shows a similar trajectory of strategic growth, with increasingly significant investment starting in 2020 and ramping up through 2022-2023. The paid campaign has been scaled intelligently alongside their organic growth, creating a comprehensive search presence.

The result? A marketing engine that runs 24/7, constantly feeding their sales pipeline—without relying on flashy campaigns or heavy outbound tactics.

The 3 Unconventional Moves That Set Them Apart

While most energy companies follow predictable marketing playbooks, Enpal has implemented several strategies that give them a significant competitive edge:

1. They Prioritize Forms Over Content – Even in Educational Material

Perhaps Enpal’s boldest move is their unconventional placement of lead forms. While most companies reserve forms for specific landing pages, Enpal places them prominently at the top of even informational content:

• Forms above the headline: In their educational articles about topics like “heat pump costs,” their regional selector form appears before you even see the headline—a startling departure from content marketing conventions.
• Sticky conversion elements: As users scroll through educational content, Enpal maintains a persistent table of contents with an embedded review count and call-to-action, keeping conversion opportunities constantly visible.
• Theory vs. practice: While marketing best practices suggest not interrupting educational content with aggressive lead forms, Enpal’s approach demonstrates they’ve prioritized conversion over traditional content consumption patterns.

2. They Use Multi-Step Forms with Visual Psychology

Enpal has reimagined the traditional lead form experience:

• Image-based selectors: For questions like “what type of house do you have?” they use visual options instead of text, making decisions easier and more engaging.
• Artificial verification steps: Their forms include a “checking availability” animation that creates anticipation and gives the impression of real-time verification, even though it’s largely psychological.
• Google Maps integration: They incorporate an address confirmation step using Google Maps, creating both a useful experience and an additional commitment point in the conversion process.

3. They Target Keywords Most Competitors Wouldn’t Consider

Instead of fighting only for high-competition commercial terms, Enpal has built a comprehensive keyword strategy that spans the entire customer journey:

• Regulatory and technical content: They create detailed content around topics like “Heizungsgesetz” (heating law) and “Energieeffizienzklasse” (energy efficiency class) that most competitors ignore but that demonstrate expertise to homeowners navigating complex regulations.
• Educational long-tail terms: Rather than just targeting “solar panels,” they’ve built content around specific questions like “Einspeisevergütung berechnen” (how to calculate feed-in tariff) and “Speicher für Photovoltaik” (storage for photovoltaics).
• Problem-focused keywords: They optimize for pain points rather than just product searches, addressing queries about rising electricity prices, energy independence, and complex subsidies.

This comprehensive approach to search has enabled them to build topical authority across the renewable energy landscape, which Google rewards with higher rankings for commercial terms. While competitors focus narrowly on bottom-funnel keywords, Enpal owns the entire customer journey through search.

Breaking Down Their Paid Search Strategy

Enpal doesn’t just throw money at Google Ads and hope for the best—their paid search is a precision machine. With over 2,100 paid keywords driving approximately 97,400 visitors monthly at an estimated cost of €245,700, they’ve crafted a strategy that captures demand at every stage of the funnel.

Let’s examine their actual keyword targeting using the comprehensive list you’ve provided.

A Smart Mix of Headliner & Long-Tail Keywords

Looking at Enpal’s actual paid keyword data reveals a sophisticated targeting strategy that spans the entire customer journey.

Core Product Keywords:

• “wärmepumpe” (heat pump)
• “photovoltaik” (photovoltaics)
• “solaranlage” (solar system)
• “photovoltaikanlage” (photovoltaic system)
• “pv anlage” (PV system)
• “solarpanel” (solar panel)

These high-volume, competitive terms ensure Enpal is visible for the most common searches in their industry.

Cost-Related Search Terms:

• “wärmepumpe kosten” (heat pump costs)
• “kosten wärmepumpe” (costs heat pump)
• “solaranlage kosten” (solar system costs)
• “was kostet eine wärmepumpe” (what does a heat pump cost)
• “photovoltaikanlage kosten” (photovoltaic system costs)

These search queries indicate a buyer closer to decision-making, seeking pricing information.

Subsidy and Incentive Keywords:

• “kfw förderung” (KfW subsidy)
• “photovoltaik förderung” (photovoltaics subsidy)
• “förderung wärmepumpe” (subsidy heat pump)
• “kfw förderung 442” (specific KfW subsidy program)
• “förderung photovoltaik 2024” (photovoltaic subsidies 2024)

By targeting subsidy-related searches, Enpal captures consumers motivated by financial incentives.

Specific Solution Combinations:

• “solaranlage mit speicher” (solar system with storage)
• “pv anlage mit speicher” (PV system with storage)
• “solaranlage mit speicher und wallbox” (solar system with storage and wallbox)

These long-tail keywords show their focus on integrated solutions—a key selling point.

Educational and Informational Queries:

• “wie funktioniert eine wärmepumpe” (how does a heat pump work)
• “was kostet strom 1 kwh” (what does 1 kWh of electricity cost)
• “lohnt sich photovoltaik für einfamilienhaus” (is photovoltaics worth it for a single-family home)

These top-funnel searches allow Enpal to engage customers early in their research phase.

Brand and Competitor Terms:

• “enpal”
• “enpal erfahrungen” (Enpal experiences)
• “zolar”
• “thermondo”
• “enpä” (misspelling of Enpal)
• “enpal bewertung” (Enpal reviews)

Smart defensive and competitive bidding ensures they maintain visibility against alternatives.

Psychology Behind Their Ad Copy Strategy

Their actual German ad copies reveal several effective psychological approaches:

Urgency and Timeliness

• “Bis zu 70% Förderung 2024” (Up to 70% subsidies 2024) – Creating time-based incentives
• “Wärmepumpe ab 7.800€” – Specific pricing creates concrete value perception

Specific Value Propositions

• “Ersparnis in 1 Min. berechnen” (Calculate savings in 1 min) – Promises immediate gratification
• “Komplettpaket inkl. Montage” (Complete package incl. installation) – Eliminates complexity concern
• “0€ Anzahlung” (€0 down payment) – Removes financial barrier

Authority Positioning

• “PV vom deutschen Marktführer” (PV from the German market leader) – Creates trust through leadership position
• “100% Rundum-Sorglos-Paket” (100% carefree package) – Addresses anxiety about installation and maintenance

Landing Pages Optimized for Conversion

Enpal uses three distinct types of landing pages to convert paid traffic, each serving a specific purpose in their funnel:

1. Classic Conversion-Optimized Landing Pages

These purpose-built pages are designed exclusively for conversion, with:

• No navigation menu to prevent users from wandering off
• Large hero visuals showing the products in real-world context
• Prominent forms above the fold that immediately capture interest
• Clear trust signals including precise installation numbers and third-party certifications
• Streamlined messaging focused on key value propositions

2. Blog Posts With Strategic Conversion Elements

For educational content, Enpal uses a strategic approach to conversion elements:

• Educational content with integrated CTAs: Their blog posts balance informational value with conversion opportunities
• Key facts box with CTAs: Each article includes a summary section that naturally integrates links to their “solar check” or other conversion tools
• Sticky table of contents: As users scroll, a persistent navigation element includes embedded review counts and CTAs
• Question-based content structure: Content is organized around specific user questions, with each section building toward the solution Enpal offers
• Contextually relevant forms: Rather than always placing forms above the fold, they position conversion elements where they’re most relevant to the content

3. Advertorial-Style Pages

For top-of-funnel paid traffic, Enpal uses advertorial-style pages that blend editorial content with subtle selling:

• Educational tone: These pages focus primarily on informing and educating rather than hard selling
• Journalistic style: Content is presented in a more objective format, often discussing industry trends and solutions
• Subtle brand integration: Enpal is positioned as the solution within broader context rather than being the exclusive focus
• Softer conversion paths: CTAs are less prominent and more benefit-focused (“Learn how much you could save” rather than “Get a quote”)
• Extended content depth: These pages provide significantly more information than traditional landing pages, building credibility through expertise

This multi-layered approach to paid search allows Enpal to efficiently allocate their substantial ad budget, appearing for searches across the decision journey—from early research to active shopping—with messaging tailored to each stage.

Two Landing Page Examples (incl. Full Screenshots)

Let’s examine the two primary conversion landing pages in detail:

The Solar Landing Page

This page exemplifies Enpal’s conversion-focused approach:

• Trust counter at the top: “2,436,533 solar requests” with precise numbers creating authenticity
• Test winner badge from ARAA: Prominently displayed in the hero section to transfer authority
• Value-focused headline: “Complete price inclusive of installation” addressing price transparency concerns
• Multi-step form above the fold: Regional selector immediately visible to start the conversion process
• Three-step process visualization: “Free consultation → Individual planning → Installation in only 6 weeks”
• Visually engaging slider: Showcasing key benefits like “zero upfront fees,” “6-week installation,” “20-year fixed price guarantee”
• Authentic testimonials: Real customers from specific locations with natural-looking photos

The Heat Pump Landing Page

Their heat pump page shows a more streamlined approach but maintains key conversion elements:

• Same trust counter: Showing installations completed (though smaller numbers than solar)
• Brand partnership emphasis: Featuring BOSCH heat pumps to leverage brand trust
• Price transparency: Clear pricing with subsidies highlighted
• Same multi-step form: But positioned more prominently as the central focus
• Simplified benefits section: More concise compared to the solar page, but hitting key pain points
• Strong testimonial integration: Similar authentic customer story format

Their Organic Search Playbook

Enpal isn’t just winning in paid search—they’ve built one of the most effective organic search strategies in the European renewable energy space. With over 35,000 ranking keywords generating approximately 219,575 monthly organic visitors, Enpal has created an SEO machine that covers the entire energy landscape.

Let’s examine their impressive organic presence in detail:

Strategic Keyword Domination Across Categories

Looking at Enpal’s top-performing keywords reveals their sophisticated targeting approach.

Brand and Navigation Keywords

• “enpal” (Position 1, 74,000 monthly searches)
• “enpal erfahrungen” (Position 1, 18,100 monthly searches)
• “enpal solar” (Position 1, 8,100 monthly searches)

While brand traffic is expected, the volume shows their strong market presence and effective brand-building.

High-Value Commercial Terms

• “solaranlage” (Position 2, 49,500 monthly searches)
• “photovoltaikanlagen” (Position 4, 18,100 monthly searches)
• “wärmepumpe kosten” (Position 7, 22,200 monthly searches)

Despite intense competition, they rank on page one for major industry terms.

Educational and Informational Keywords

• “heizungsgesetz” (Position 1, 40,500 monthly searches)
• “einspeisevergütung” (Position 1, 6,600 monthly searches)
• “stromverbrauch 2 personen” (Position 1, 12,100 monthly searches)

Their strongest performance is often for informational content that addresses specific consumer questions.

Specific Product Combinations

• “solaranlage mit speicher” (Position 8, 14,800 monthly searches)
• “speicher pv anlage” (Position 1, 3,600 monthly searches)
• “solar mit speicher” (Position 1, 2,900 monthly searches)

Targeting these solution-oriented terms aligns with their integrated product strategy.

Content Clusters That Build Topical Authority

Examining Enpal’s URL structure reveals their systematic approach to content organization:

Solar and Photovoltaic Cluster

• Primary hub: www.enpal.de/photovoltaik
• Sub-topics include:
  • /photovoltaik/solaranlage-kosten
  • /photovoltaik/einspeiseverguetung
  • /photovoltaik/solaranlage-mieten
  • /photovoltaik/solaranlage-mit-speicher
  • /photovoltaik/wirkungsgrad-solarzelle

Heat Pump Cluster

• Primary hub: www.enpal.de/waermepumpe
• Sub-topics include:
  • /waermepumpe/kosten
  • /waermepumpe/heizungsgesetz
  • /waermepumpe/erdwaermepumpe-kosten
  • /waermepumpe/brauchwasser-waermepumpe
  • /waermepumpe/luftwaermepumpe

Energy and Electricity Cluster

• Primary hub: www.enpal.de/strom
• Sub-topics include:
  • /strom/stromverbrauch-2-personen-haushalt
  • /strom/energieeffizienzklasse-e
  • /strom/heizen-mit-strom
  • /strom/kwh

Storage Solutions Cluster

• Primary hub: www.enpal.de/stromspeicher
• Sub-topics include:
  • /stromspeicher/5-kwh
  • /stromspeicher/10-kwh
  • /stromspeicher/solarbatterie
  • /stromspeicher/lithium-eisenphosphat-speicher

This structured, topic-cluster approach has allowed Enpal to develop deep topical authority, with Google recognizing them as an expert source across the renewable energy landscape.

Unconventional Content Design and Form Placement

Perhaps the most striking aspect of Enpal’s organic strategy is their bold approach to content design and conversion elements:

Forms Above Educational Content

Unlike most companies that maintain a strict separation between informational content and lead generation, Enpal takes the unconventional approach of placing their lead forms prominently at the top of even educational articles. For example, in their heat pump cost page (/waermepumpe/kosten), users encounter the region selector form before they even reach the headline—prioritizing conversion over traditional content consumption patterns.

Strategic Content Structure

Their content follows a highly effective design pattern:

• Key facts boxes: Each article begins with a concise summary that includes the most critical information alongside contextual CTAs
• Sticky navigation with conversion elements: As users scroll, a persistent table of contents remains visible, always accompanied by review counts and subtle CTAs
• Question-based organization: Content is structured around specific questions that align precisely with search queries
• Visual elements: Custom graphics, tables, and bulleted lists enhance readability and engagement
• Contextual calls-to-action: Rather than generic “contact us” buttons, CTAs are tailored to the specific topic being discussed

This design approach significantly outperforms traditional blog layouts by making content more scannable while ensuring conversion opportunities remain constantly visible without feeling intrusive.

SERP Feature Optimization

Enpal has successfully captured valuable SERP features that increase their visibility:

• Featured Snippets: They own featured snippets for terms like “energieeffizienzklasse e” (Position 1), “spannung formel” (Position 1), and dozens of other valuable informational queries.
• People Also Ask: Many of their pages appear in PAA boxes for high-value terms like “heizungsgesetz 2024” and “einspeisevergütung 2024.”
• Knowledge Panels: Their brand presence is reinforced with knowledge panels for brand-related searches.

Beyond Static Content: Tools and Interactive Elements

Enpal supplements their written content with interactive tools that engage users and collect valuable data:

• Savings Calculators: Tools that help users estimate potential savings from solar installation
• Energy Consumption Calculators: Interactive calculators that analyze household energy usage
• Solar Potential Analysis: Location-based tools that estimate solar production on a specific roof

These tools not only improve engagement metrics (which benefits SEO) but also serve as natural lead generation mechanisms that provide immediate value while collecting qualification information.

Key Takeaways from Enpal’s Organic Strategy

What makes Enpal’s approach to organic search particularly effective:

• Comprehensive topic coverage: They target the entire customer journey, from educational searches to product-specific queries
• Content clusters: They’ve built deep topical authority through interconnected content hubs
• Bold form placement: They prioritize conversion by positioning forms prominently, even in educational content
• User-centric design: Their content structure makes complex information accessible while maintaining conversion focus
• Feature optimization: They’ve captured valuable SERP features like featured snippets and PAA boxes

By building this robust organic presence, Enpal has created a sustainable customer acquisition channel that complements their paid search efforts—delivering consistent leads without the ongoing cost of paid clicks.

What Really Made Enpal a €905M Success Story

After spending hours analyzing Enpal’s rise to nearly €1 billion in revenue, I’m struck by something that doesn’t show up in most marketing breakdowns: the simplicity behind their approach.

Here’s what any business can learn from them:

1. They Fixed the Money Problem First

Let’s be honest – most people want solar panels, they just can’t stomach paying €30,000 upfront. Enpal’s genius wasn’t in flashy marketing; it was in saying “hey, what if you could pay monthly instead?” They removed the biggest barrier before worrying about clever ads or content strategies.

2. They Showed Up Everywhere Their Customers Were Looking

When someone first gets interested in solar energy, they don’t search “buy solar panels now.” They ask questions like “how much can I save with solar?” or “what subsidies are available in my area?” Enpal built content for all these moments, not just the buying stage.

3. They Weren’t Afraid to Break the Rules

Most marketers would never put a lead form above educational content – it breaks every UX “best practice” in the book. But Enpal tested it, saw it worked, and stuck with it. Sometimes the “wrong” approach is actually right for your business.

4. They Made Forms Feel Less Like Forms

We’ve all abandoned a purchase because the checkout process was too annoying. Enpal turned their forms into something almost engaging – using images instead of text options, adding Google Maps integration, and creating little moments of anticipation with their “checking availability” animations.

The most refreshing part of Enpal’s story? There’s no magical growth hack or insider secret. They just understood what was stopping people from going solar and fixed it, then built a marketing system that showed up at every step of the customer’s journey.

Sometimes the most powerful approach is also the most straightforward: solve a real problem, then make it ridiculously easy for people to say yes.

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