OAKLAND, Calif., Feb. 4, 2021 /PRNewswire/ -- Mosaic, the leading financing platform for U.S. residential solar and energy-efficient home improvement projects, today announced it has surpassed $4 billion in loans funded through the company's platform. Mosaic continues to accelerate its position in solar and energy with enhancements to its industry-first PowerSwitch ZERO product and key additions to its leadership team.
The company has now added new features to its PowerSwitch ZERO solar financing offering — no payments for 18 months and a 25-year loan term.** The product also has the choice of a 12-month, zero-payment promotional period, and 10-, 15- or 20-year installment terms with no prepayment penalty.
"No payments for 18 months and a lower monthly payment will make it even easier for homeowners to convert to clean energy," said Billy Parish, founder and CEO of Mosaic. "Mosaic was the first to create 20-year and 25-year solar loans, the first to create battery-only and solar roofing loan products. We were the first to offer a no-payment solar loan option, and this is the next generation of our ongoing innovation. We will continue to anticipate market needs and design new solutions for our partners that enable them to be agile and remain competitive."
"Last year was an unusual time, but solar loans have proven to be a strong asset through this credit cycle, COVID and the economic challenges the market faced in 2020," said Patrick Moore, president and COO of Mosaic. "We closed asset-backed securitizations of $222 million and $280 million in 2020, both of which were multiple times oversubscribed. We now have multiple years of historical data, and the financial markets recognize Mosaic's consistent performance and disciplined approach to delivering long-term value. This has strengthened our relationship with capital markets and reduced our cost of capital, which allows Mosaic to pass along lower rates to homeowners."
In addition to a strong 2020, Mosaic also added to its leadership team last month. Tamiko Kikuchi joins as Vice President of Product, and John King is the new Vice President and Head of Strategy and Corporate Development.
Kikuchi has more than 10 years of experience driving business and revenue growth through product strategy, process improvement and team leadership. Previously, she served as vice president of product and implementation at Renovate America, where she oversaw the company's entire software product portfolio and company-wide product management organization.
King held leadership roles in the areas of finance and investment banking for more than 15 years before joining the solar industry. Most recently, he co-led capital markets as Senior Vice President at LoanPal. Prior to that, he oversaw capital markets and Treasury at Sunnova.
"We're excited to start a new year with the industry's most flexible finance offerings, new products for our partners and their customers and key additions to our leadership team," said Parish. "We expect more families to invest in energy-efficient upgrades for their homes in 2021, and Mosaic will continue to lead the market in making that possible."
About Mosaic Mosaic makes financing solar, 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 more than 125,000 households go solar with its financing products. For more information, visit: www.joinmosaic.com.
All PowerSwitch Zero Loans and Home Improvement Loans through the Mosaic platform are made by WebBank, Member FDIC, Equal Housing Lender.
* No payments for 12 or 18 months – interest will be charged from the start of loan if the principal balance is not paid in full within the deferred interest period.
** 25 YEAR POWERSWITCH ZERO LOAN REPAYMENT EXAMPLE: — A 25 year, fixed-rate, $30,000 PowerSwitch ZERO loan with a 2.99% APR and an 18-month promotional period, would have 300 monthly payments of $148.50, starting after the end of the promotional period. — Annual Percentage Rate (APR) in the example includes a 0.25% interest rate reduction for borrowers who sign up for automatic payments. Interest Rate and monthly payments will increase if borrower changes payment method.