Mosaic lowers pricing on its suite of solar mortgage merchandise – pv journal USA

The firm experiences that since 2012 it has offered loans for greater than 200,000 households to assist them make sustainable home enhancements.

February 16, 2022

Mosaic, a financing platform for US residential solar and energy-efficient home enhancements, has diminished pricing throughout its whole suite of solar mortgage merchandise.

One manner they’ve diminished prices is to scale back seller charges for loans which have a seller charge, in keeping with Patrick Moore, President and Chief Operating Officer of Mosaic. The quantity of the discount varies extensively primarily based on the speed and time period of the mortgage chosen. “The company has also reduced interest rates on loans that do not have a dealer fee by about 50 basis points. We have also lowered our minimum FICO requirement and increased maximum loan amounts,” Moore advised pv journal.

As the US offers with rising prices and rates of interest, we requested how Mosaic can decrease its pricing at the moment. Moore defined that whereas prevailing rates of interest do impression the price of borrowing, “but not all loans move in lockstep with changes in the prevailing rates”. Loan merchandise equivalent to mortgages do have a tendency to trace carefully with general rates of interest, however provide and demand matter, too. “Solar lending is a newer, still-maturing loan type with increasing investor appetite,” Moore mentioned. As Mosaic realizes decrease value of funds, the corporate passes that profit by to its installer companions by higher pricing, and they can “pass that through to homeowners”, he mentioned.

Mosaic gives financing for solar, solar-plus-storage programs, and different sustainable home enhancements, typically offering owners with a credit score choice in minutes for no cash down loans with fastened rates of interest and a number of time period choices. The firm experiences that since 2012 it has offered loans for greater than 200,000 households to assist them swap to sustainable home enhancements. Between 2017 and 2021, the corporate issued 11 solar mortgage securitizations, totaling $2.9 billion of supplied securities. The firm additionally prides itself on the low value of funds on bonds.

Just a 12 months in the past Mosaic introduced new financing partnerships that had been anticipated to offer loans to greater than 100,000 owners.

“Combining competitive pricing with MosaicScore, our proprietary solar loan credit score, we believe we are able to offer our partners the best combination of pricing and homeowner approval coverage available anywhere in the market,” mentioned Billy Parish, founder and CEO.

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