At a time when homeowners could most use a break, residential solar financing powerhouse Mosaic is launching two new solar loan products—a 0.99 percent APR 20-year loan and a 1.99 percent APR 25-year loan. These are the lowest rates in the market and Mosaic’s solar partners can offer them.
“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. Here’s more on that program: