The Mosaic Home Solar Loan is the first of its kind to be integrated seamlessly into the solar sales process and offers a simple online loan application that delivers results in minutes. By combining Mosaic’s innovative web software technology with RGS Energy’s excellent market reach and customer service, the partners look to improve the solar buying experience and increase the number of homeowners going solar.
The financing program is also the first to offer “Choice Payments,” integrating the solar tax credit into the payment process to ensure that monthly payments stay low from day one. Paying little or nothing up front, homeowners will experience all the benefits of home solar ownership, including lower electricity bills, tax credits and — unlike a solar lease or power purchase agreement — free energy after the end of the loan term.
RGS Energy plans to offer the new loan product to California homeowners starting in the first half of 2014. Mosaic will also offer investments in the Home Solar Loans to qualified investors via its online platform at www.joinmosaic.com.[Tweet “New Loan Program to Offer Attractive Solution for Solar System Ownership”]
“RGS Energy’s national presence and 35 years of experience as a pioneering solar company makes them a fantastic partner to launch the Mosaic Home Solar Loan, a breakthrough solar financing product that generates cost savings for homeowners as well as profits for American investors,” said Billy Parish, Mosaic’s president and co-founder. “Homeowners gain all the benefits of ownership with the simplicity of a lease, while investors gain access to transparent and tangible investments in the booming home solar market.”
Kam Mofid, RGS Energy’s CEO, 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. This offering helps RGS Energy deliver attractive and affordable solar options, while recognizing that different customers require different solutions to meet their particular needs.”
According to the senior vice president of GTM Research, Shayle Kann, who closely covers the solar space: “Residential solar installations grew over 50% in the U.S. in 2013 and continue to boom in 2014. But to date, the majority of those installations have been owned by third parties. The market share of third party ownership has largely leveled off over the past six months, and we expect to see increasing availability and attractiveness of residential solar loan products this year.”
Mosaic is a secure place for everyone to profit from the transition to clean energy. Mosaic was the first company in the nation to offer solar project investments online and has allowed thousands of investors to finance millions of dollars of solar projects, including ones on charter schools, affordable housing, and a US military base. To date, Mosaic has had zero defaults and made 100% on time payments back to investors at 4.4-7.0%. Mosaic has been named a top ten most innovative energy company by Fast Company in 2013 and 2014 and has received Department of Energy SunShot grant, the Sierra Club’s Trailblazer Award and Verizon Wireless’ Powerful Answers Award. For more information, visit: www.joinmosaic.com. Solar Mosaic, Inc., CFL Lic. #6054631.