Mosaic
Mosaic is a leading provider of solar loans in the US. Mosaic was founded in 2010 by Billy Parish and Dan Rosen, who wanted to create a crowdfunding platform for renewable energy projects. They later pivoted to offering solar loans for homeowners who want to go solar. Mosaic offers competitive rates, flexible terms, and a simple online application process.
Features
o No upfront costs or fees
o No home equity required
o No prepayment penalties
o Access to a network of certified solar installers
o Online portal to manage your account and monitor your energy savings
Pros - Cons
o Pros: Mosaic offers low interest rates, long repayment terms, no hidden fees, and a fast and easy approval process. Mosaic also provides a portal where borrowers can track their loan status, payment history, and energy savings. Mosaic works with a large network of reputable solar installers across the country.
o Cons: Mosaic does not offer any incentives or rebates for going solar, such as tax credits or net metering. Mosaic also does not offer any warranties or guarantees for the solar system or its performance. Mosaic’s loans are secured by a lien on the solar system, which means the borrower cannot sell or transfer the system without paying off the loan first.
Homeowners Ratings
Mosaic’s rating scale of approval is based on the borrower’s credit score, income, debt-to-income ratio, and solar system specifications. Mosaic requires a minimum credit score of 640 and a maximum debt-to-income ratio of 50%. Mosaic also considers the estimated savings and performance of the solar system, as well as the installer’s reputation and experience.
