OAKLAND, Calif., April 18, 2019 /PRNewswire/ -- Six years after Mosaic revolutionized the residential solar sector by offering innovative financing options, the company announced today the launch of PowerSwitch 6, the next generation of home solar loans. Backed by one of the premier global private equity firms and enjoying strong partnerships with top-tier financial institutions, Mosaic also announced that it has helped nearly 100,000 households go solar with its financing since the company's inception.
PowerSwitch 6 bundles together several new features designed to improve solar installers' cash flow, streamline processing, expand their markets, and lower their customer acquisition costs:
- Household income: Homeowners may use verifiable total household income when it is needed to qualify for the loan.
- Daily funding: Mosaic now has faster funding, cutting the time between the customer qualifying for the loan and the installer receiving the funding to 1-2 business days after submitting milestone evidence.
- Early disbursements: Qualified contractors can now receive final loan disbursement at the time of installation, improving cash flow.
- Simple milestones: Easy milestone evidence for qualified installers simplifies how to validate that disbursements should take place, regardless of which jurisdiction the customer is in.
- Soft credit checks: Contractors can prequalify homeowners early in the process, checking their ability to qualify for financing without negatively impacting their credit score, improving sales teams' time management.
The PowerSwitch 6 suite offers two loan structures—PowerSwitch CHOICE and PowerSwitch PLUS—which complement Mosaic's home improvement loan. The existing industry-leading loan offering, renamed PowerSwitch CHOICE, is ideal for customers looking to add solar or solar and batteries to their home and take advantage of the 30 percent Federal tax credit to pay down their loan during the first 18 months. The new loan structure, PowerSwitch PLUS, provides a loan amortization schedule designed for customers who don't expect to receive a tax credit or who want to re-roof or make other energy efficiency improvements on their home at the same time as adding solar or solar and batteries, with payments reassessed at 18 months to reward any principal repayments.
WoodMac (formerly GTM Research) has reported that solar loans have become the dominant financing solution for residential solar customers, outperforming leases and other third-party-owned solar sales. This comes as no surprise to Billy Parish, co-founder and CEO of Mosaic.
"Mosaic is focused on accelerating the transition to 100% clean energy for all by providing the best way to finance clean energy," said Parish. "Six years later after entering the home solar financing market, we've secured strong capital backing and helped nearly 100,000 American households go solar using our financing platform. The PowerSwitch 6 suite will help us bring affordable solar to homeowners across the country for years to come."
Kevin Klink, co-founder and COO of Powerhome Solar, a fast-growing national residential and commercial solar provider, welcomes the launch of PowerSwitch 6.
"In addition to having an attractive loan product, Mosaic has been easy to work with and provided exceptional customer service," said Klink. "The Mosaic team is always asking for our feedback on their products, and the new features and enhancements in the PowerSwitch 6 loans confirm that they've been listening."
Mosaic has begun rolling out the PowerSwitch 6 platform to its installation partners and will continue to innovate with additional features over the course of the next few quarters.
For more information on PowerSwitch 6 or how to become a Mosaic installation partner, contact your Mosaic sales rep or send an email to [email protected].
Mosaic makes financing solar and solar plus energy storage systems and other home improvements accessible and affordable for homeowners by providing the simplest borrower experience in the industry. Customers are referred by approved solar installers and home improvement contractors and can qualify instantly for no money down loans with fixed interest rates and multiple term options. For our network of hundreds of solar installers and home improvement contractors, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped nearly 100,000 households go solar with its financing products. For more information, visit www.joinmosaic.com.