Mosaic has launched expanded solar loan products and services for residential installers that will enable them to offer homeowners the ability to have photovoltaic power systems with no upfront costs.
In March, Mosaic partnered with California-based RGS Energy to offer its first loan program for the latter's residential system customers. The new loan products build on that partnership.
Billy Parish, Mosaic's president, says his company has received demand from installers wanting to incorporate the home solar loan into their financing options as a product that will benefit their customers. The home solar loan products vary in term and interest rates, with options to maximize cash flow or maximize lifetime savings.
‘Mosaic has an online portal that is integrated into the solar sales process with installers, so homeowners can get their panels and a zero dollars down loan on one phone call,’ Parish says.
Mosaic will manage the loans through its existing online platform. Investors will finance the home solar loans. Homeowner borrowers will make monthly payments to Mosaic, which the company will distribute back to investors.
The Mosaic home solar loan is intended to compete with leasing programs offered by national installers. Parish cites financial analysts of the solar sector who predict loans will play a larger role than leases long term.
‘The major benefit is that homeowners can build equity in their system and get to 100 percent ownership by the end of their loan term,’ he says.
Mosaic is currently offering its loan product only to homeowners in California but has plans to expand into other states this year. It is seeking installer partners to sign up.
