It wasn’t long ago that Mosaic, the first company to crowdsource investments to finance solar projects, announced their new home solar loan. Mosaic is now expanding its loan program, and providing tools for installers as well as homeowners.
Although we’d heard of a few loans here and there before Mosaic’s, some in the industry seemed lukewarm about how much they’d catch on.
But as usual, Mosaic is on the vanguard of what’s happening in solar. In the few short months since Mosaic’s announcement, solar loans have become a hot topic. And a recent poll conducted by Mosaic found that 62% of homeowners would rather own than lease.
Mosaic’s initial offering aimed to make the solar loan process as simple and quick as possible. That’s still the goal with the company’s new line of home solar loan products and services for residential installers. Mosaic has built a fast and easy-to-use online portal to manage customer experience, a 20 year Hassle-Free Service Guarantee, and new loan products.
“Mosaic is a company committed to giving people what they want.” says 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.”
Installers who are interested in participating in Mosaic’s home solar loan program can go to the Mosaic installer page to apply by supplying some basic information. Mosaic says their sales team will follow up within a day to complete the application process.
Mosaic’s online portal is fully automated, and the company claims it takes as little as 2 minutes to navigate from start to finish. 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 offered by many of their installers.
One of Mosaic’s newest installers is PermaCity, which brings over a decade of experience and 30+ MW of installations. Jonathan Port, CEO at PermaCity, said in a statement, “Our customers like the simplicity of owning their system. Mosaic makes it easy!”
John Mason, Director of Technical Sales at PermaCity, said, "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.”
Homeowners can go to the Put Solar On My Home tab at the top of the Mosaic homepage, sign up in seconds, get a phone call within 24 hours, and go through a simple application on the phone that the company says takes as little as 2 minutes.
Homeowners who get approved for the Mosaic home solar loan will be able to see the company's preferred installer network list -- a list of all the partner installers that Mosaic has vetted.
Mosaic’s home solar loan products vary in term and interest rate, optimizing options to maximize cash flow or maximize lifetime savings. 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% ownership and free energy at end of the term.
Sarah Shanley-Hope, a Mosaic home loan borrower, spoke to her positive experience: “Going solar with Mosaic has been fun and easy for me. As a working mom, I hardly need to do anything. I’ve already had a handful of friends decide to go solar through Mosaic as well.”
Mosaic is currently offering their loan product to homeowners in California and plans to expand into other states this year.
Originally published on PV Solar Report