Residential solar lender Mosaic is now offering the lowest APR residential solar loan in the market – 0.99% APR for a 20-year loan and 1.99% APR for a 25-year loan — and customers can be approved for it in seconds via a new easily shared URL. Here to explain how this all adds up to an easier solar sales process is Mosaic’s founder and CEO Billy Parish.
On the history of solar loans: “When we got started, we were offering rates of 5.99% or 6.99%,” Parish tells us. “We spent the last seven years educating investors about what a solar loan is, and what the performance of those assets can be over time.” Another key noted is proving itself out now over a credit cycle and through Covid and economic woes this year.
How does a 1.99 compare to a 2.99? “For our 25 1.99 percent loan, the average loan payment is just $96, which is the first time since I’ve been doing this to get a monthly payment under $100 to go solar. Compare that to 2.99 20 year product, that’s a $126 a month payment. That $30 can be the difference between them choosing to go solar and not.”
More insights include:
- If this can be combined with PowerSwitch Zero,
- How exactly Mosaic is able to offer these new terms,
- How this shakes out in terms of approval rates
- How the new SwiftLink process could really speed up solar sales and remove a key point of friction (and reduce lead generation costs).
— Solar Builder magazine