Mosaic, which made a splash in the solar industry in the past few years through its unique crowdsourcing platform for investing in commercial-scale solar projects, is stepping into the residential market with a similar approach. The company introduced its new line of solar home loan products with no up-front costs.
Like Mosaic’s projects at schools, businesses and more throughout the country, the company is using the power of the public to finance the residential solar projects, according to spokesperson Katie Ullmann. She explains that the funding is both from crowdsourcing as well as longer-term institutional capital. Earlier this year the company also announced that it partnered with Connecticut’s green bank, the Clean Energy Finance and Investment Authority (CEFIA) and Sungage Financial to fund $5 million in residential solar projects.
The company launched the home loan products in California but anticipated offering them in other states before the end of the year. Mosaic said the zero-down loans vary in term and interest rate to help customers optimize their options to maximize either cash flow or lifetime savings that they can get from owning their own solar array through a loan.
“All products maintain Mosaic's commitment to no down payments, savings competitive with leading leases, integrating the Federal Investment Tax Credit and fixed monthly payments. This lets customers build equity in their system and achieve 100 percent ownership and free energy at end of the term,” the company said. The products also come with a 20-year service guarantee.
"Mosaic is a company committed to giving people what they want," said Billy Parish, President of Mosaic. "As more and more Americans come to Mosaic to go solar, we're excited to offer them their preferred installers alongside a simple way to own solar for zero dollars down. We look forward to helping installers close more deals.”
For consumers Mosaic has an automated online portal, which the company said can be completed in as little as 2 minutes. It also has tools for Mosaic’s partner installers like PermaCity, which recently became one of the company’s residential installer partners.
The tool allows installers to control and ease their customer's experience. Mosaic's 20 year Hassle-Free Service Guarantee provides an extra level of customer assistance for the solar system's maintenance and performance in addition to the comprehensive warranty and maintenance packages often offered by their installers.
"Mosaic has created an innovative and very competitive solar financing tool. Their residential loan offers the advantages of ownership for payments comparable to those of a lease. And their online portal and loan application system is second to none,” said John Mason, director of Technical Sales at PermaCity.
Mosaic announced the solar home loan program earlier this year with its partner RGS Energy. At that time RGS Energy CEO Kam Mofid, commented: “While we continue to see strong demand for the leasing of solar power systems, there is also increasing interest in direct ownership by the homeowner. So, we are excited to launch the Mosaic Home Solar Loan, which allows people to own their system from day one.”
Installers can join the program via Mosaic’s installer page.Tweet