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Mosaic & Enphase Energy Enter Alliance to Offer First Residential Solar Loan with Operations & Maintenance Service
|By Business Wire
|July 8, 2014 09:10 AM EDT
the nation’s peer-to-peer platform for solar finance, and Enphase
Energy, Inc. (NASDAQ:ENPH), a global leader in solar energy systems,
join forces to launch the first home solar loan packaged with
residential operations and maintenance (O&M) services, offering
unprecedented simplicity and value for homeowners and installers.
Prior to today, many homeowners have preferred solar leases to loans
because of the worry-free maintenance and performance guarantees offered
with most leases. Today, this “service gap” closes as Mosaic and Enphase
work together to offer homeowners solar ownership for no down payment
and immediate savings on energy bills. Mosaic’s new loan product,
packaged with Enphase® O&M services, is expected to fulfill at least
$100 million in loan volume with this new market initiative over the
next 18 months. The companies announced this alliance together at
Intersolar North America, the most-attended solar exhibition in the
The Mosaic Home Solar Loan, leveraging Enphase’s unparalleled
technology, can provide homeowners hassle-free ownership of a solar PV
system. Mosaic offers a fully-automated online portal that allows
homeowners to process all paperwork instantaneously, to have a solar
energy system installed and to benefit from a prepaid service plan for
no money up-front, while lowering their monthly electric bill. Through
the Mosaic Home Solar Loan, homeowners maximize their return on
investment by keeping the investment tax credit and owning their solar
system. Additionally, the Mosaic Home Solar Loan mitigates any potential
issues for the homeowner when selling the house as the loan can be paid
off at any time with no penalty or transferred to the new homeowner.
The Enphase service offering provides the homeowner peace of mind
through Enphase managed monitoring, analytics and proactive maintenance
programs. Enphase will leverage its Enlighten
platform for the loan package, which allows the company to monitor
module-level performance through its microinverters. Currently, Enphase
monitors 160,000+ systems globally and collects over 500 GB of
performance data daily. In addition, Enphase
MyEnlighten brings homeowners an elegant interface to view and share
their solar energy production and performance online and with most
For installers, this joint offering unlocks solar for a new set of
customers seeking the benefits of ownership and the comfort of O&M
services. In conjunction with the installer, Mosaic and Enphase will
leverage their expansive marketing capabilities to reach the homeowners
who are seeking out the bundled offering. Additionally, the Mosaic and
Enphase software-based platforms bring speed and efficiency to the
installer’s sales process, allowing the installer to close more deals
and efficiently manage their working capital. Finally, the service
offering mitigates the installer’s time spent on services and O&M
allowing them to focus on selling and installing systems.
“We are very excited to partner with Mosaic and offer installers and
homeowners a new way to finance and manage residential PV systems,” says
Marty Rogers, vice president, global customer service and support at
Enphase. “Enphase offers a comprehensive solar energy system with
proactive O&M services that will transform the installer’s ability to
capitalize on the growing segment of solar loans by having more time and
resources to contribute to the sales process.”
“Mosaic homeowners can now have complete peace of mind when getting a
Mosaic Home Solar Loan,” says Billy Parish, Founder and Chairman of
Mosaic. “We are thrilled to launch this ground-breaking product with
Enphase as our qualified O&M service provider.”
This alliance is a significant step forward for the residential solar
loan asset class. Lenders and investors have historically viewed solar
loans as riskier than their lease counterparts because there is no
assurance that the system will continue to produce energy after
installation. With the proactive service offering from Enphase Energy,
loans now join leases in their appeal to more conservative investors and
move one step closer to securitization.
About Enphase Energy, Inc.
Enphase Energy delivers microinverter technology for the solar industry
that increases energy production, simplifies design and installation,
improves system uptime and reliability, reduces fire safety risk and
provides a platform for intelligent energy management. The company has
100+ patents for technology and 400+ employees worldwide. Its
semiconductor-based microinverter system converts energy at the
individual solar module level and brings a systems-based, high
technology approach to solar energy generation. Connect with Enphase on Facebook
and follow us on Twitter.
Mosaic was the first company in the nation to crowdsource financing for
solar projects offer solar project investments online and has allowed
thousands of investors to finance millions of dollars of solar projects.
To date, Mosaic has had zero defaults and made 100% on time payments to
investors at ~5-7%. Mosaic has been named a top ten most innovative
energy company by Fast Company in 2013 and 2014 and has received
Department of Energy SunShot grant, the Sierra Club’s Trailblazer Award
and Verizon Wireless’ Powerful Answers Award. For more information,
Solar Mosaic, Inc., CFL Lic. #6054631.
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