New Mosaic residential solar loan option requires no payment for first year

Mosaic, a provider of financing solutions for residential solar and energy-efficient home improvement projects in the U.S., announced the launch of a new solar financing offering: PowerSwitch ZERO. The loan keeps cash in homeowners’ pockets with no payments required during the 12-month promotional period preceding a 10-, 15- or 20-year repayment period. It’s an industry game-changer that responds to an immediate need to put solar installers back to work after the economic slowdown associated with COVID-19.

To make sales even easier and to allow installers to practice social distancing, PowerSwitch ZERO uses Portal 2X. This proven sales tool is contact-free and built to facilitate quick and seamless sales transactions. The sales representative can provide a quote, obtain pre-approvals and finalize loan terms from any mobile or desktop device. Additionally, the contractor onboarding process has been simplified, meaning installers new to Mosaic can begin selling PowerSwitch ZERO faster than ever before.

“The solar industry employs nearly a quarter of a million Americans. PowerSwitch ZERO lets solar crews help American families get the clean energy that they want,” said Billy Parish, founder and CEO of Mosaic. “This innovative zero-payment period combined with the simplest and safest way for a customer to apply for financing will accelerate sales, help families manage their cash flow, and advance our vision of clean energy for all.”

The first-of-its-kind PowerSwitch ZERO features:

• 12-month zero-payment promotional period
• Choice of 10-, 15- or 20-year standard installment term following the promotional period
• No pre-payment penalty
• Financing for solar projects, solar with batteries and solar for second homes and rentals, as well as other energy-efficient upgrades or re-roofing

Portal 2X features:

• Contact-free selling from any mobile or desktop device
• Flexible account creation to match your sales process
• Automated text or email to walk customer through a simple process
• Near-instant pre-approvals
• Easy access to your sales pipeline

PowerSwitch ZERO joins two other loan structures offered through Mosaic: the original PowerSwitch CHOICE and the PowerSwitch PLUS, released last year for homeowners who wish to include re-roofing projects and/or other energy efficiency upgrades.

All PowerSwitch ZERO Loans made by WebBank, Member FDIC, Equal Housing Lender. The introduction of PowerSwitch ZERO follows Mosaic’s recent announcement that it completed a $280 million solar loan securitization and was named winner of GlobalCapital’s “Esoteric ABS Deal of the Year” award for outstanding achievement in U.S. structured finance.

News item from Mosaic

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Original Source: https://www.solarpowerworldonline.com/2020/08/mosaic-powerswitch-zero-no-payment-first-year/