Installer partners to benefit from lower finance rates arising from strong demand for Mosaic’s high-quality assets
OAKLAND, Calif., Oct. 20, 2020 /PRNewswire/ — Mosaic, a leading provider of financing solutions for residential solar and energy-efficient home improvement projects in the U.S., announced two new competitively priced solar loan products—a 0.99 percent APR 20-year loan and a 1.99 percent APR 25-year loan. The new products enable Mosaic’s solar partners to offer the lowest rates in the market at a time when consumers are both increasingly cost-conscious and more aware of the benefit of buying rather than leasing their home solar and battery system.
“We can offer homeowners and installers market-leading loan products because the quality of our lending program continues to be rewarded by the capital markets with a lower cost of funding,” said Billy Parish, founder and CEO of Mosaic. “We are excited to pass that lower cost of funds on to our customers.”
“We will provide homeowners with the most affordable monthly payments anywhere,” said Erin Talbot, chief lending officer of Mosaic. “This new pricing, as low as 0.99 percent, brings the cost of the average solar project to less than $100 per month. It’s another step toward our vision of 100 percent clean energy for all, and we encourage those homeowners debating solar or batteries to take advantage of our new PowerSwitch CHOICE loan pricing.”
Renewable energy assets are considered attractive to investors from Wall Street to pension funds. However, Mosaic’s securitizations are attractively priced because of the high quality of the company’s underlying residential solar loan portfolio and proven track record. Mosaic recently completed its eighth asset-backed securitization to date, and the $222 million offering was multiple times oversubscribed and placed with more than 20 unique investors.
This new pricing for homeowners comes just weeks after Mosaic announced the PowerSwitch ZERO loan program, the first-of-its-kind loan available for homeowners to convert to clean energy with no monthly payments for 12 months. All PowerSwitch ZERO loans are made by WebBank, Member FDIC, Equal Housing Lender.
Mosaic makes financing solar, energy storage systems, and other home improvements accessible and affordable for homeowners by providing the simplest borrower experience in the industry. Customers are referred by approved solar installers and home improvement contractors, and can be preapproved instantly for no-money-down loans with fixed interest rates and multiple term options. For our network of hundreds of solar installers and home improvement contractors, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped more than 100,000 households go solar with its financing products. For more information, visit: www.joinmosaic.com