Prior to today, many homeowners have preferred solar leases to loans because of the worry-free maintenance and performance guarantees offered with most leases. Today, this “service gap” closes as Mosaic and Enphase work together to offer homeowners solar ownership for no down payment and immediate savings on energy bills. Mosaic’s new loan product, packaged with Enphase® O&M services, is expected to fulfill at least
The Mosaic Home Solar Loan, leveraging Enphase’s unparalleled technology, can provide homeowners hassle-free ownership of a solar PV system. Mosaic offers a fully-automated online portal that allows homeowners to process all paperwork instantaneously, to have a solar energy system installed and to benefit from a prepaid service plan for no money up-front, while lowering their monthly electric bill. Through the Mosaic Home Solar Loan, homeowners maximize their return on investment by keeping the investment tax credit and owning their solar system. Additionally, the Mosaic Home Solar Loan mitigates any potential issues for the homeowner when selling the house as the loan can be paid off at any time with no penalty or transferred to the new homeowner.
The Enphase service offering provides the homeowner peace of mind through Enphase managed monitoring, analytics and proactive maintenance programs. Enphase will leverage its Enlighten platform for the loan package, which allows the company to monitor module-level performance through its microinverters. Currently, Enphase monitors 160,000+ systems globally and collects over 500 GB of performance data daily. In addition, Enphase MyEnlighten brings homeowners an elegant interface to view and share their solar energy production and performance online and with most mobile devices.
For installers, this joint offering unlocks solar for a new set of customers seeking the benefits of ownership and the comfort of O&M services. In conjunction with the installer, Mosaic and Enphase will leverage their expansive marketing capabilities to reach the homeowners who are seeking out the bundled offering. Additionally, the Mosaic and Enphase software-based platforms bring speed and efficiency to the installer’s sales process, allowing the installer to close more deals and efficiently manage their working capital. Finally, the service offering mitigates the installer’s time spent on services and O&M allowing them to focus on selling and installing systems.
“We are very excited to partner with Mosaic and offer installers and homeowners a new way to finance and manage residential PV systems,” says
“Mosaic homeowners can now have complete peace of mind when getting a Mosaic Home Solar Loan,” says
This alliance is a significant step forward for the residential solar loan asset class. Lenders and investors have historically viewed solar loans as riskier than their lease counterparts because there is no assurance that the system will continue to produce energy after installation. With the proactive service offering from
Mosaic was the first company in the nation to crowdsource financing for solar projects offer solar project investments online and has allowed thousands of investors to finance millions of dollars of solar projects. To date, Mosaic has had zero defaults and made 100% on time payments to investors at ~5-7%. Mosaic has been named a top ten most innovative energy company by
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