Mosaic launches solar loan, O&M service

Mosaic is set to finance US$100 million in solar financing for the U.S. market bundled with O&M services from Enphase. The solar crowdfunder made the announcement on Wednesday, the first day of the Intersolar North America trade show.

The Oakland-based startup’s founder and president, Billy Parish, said that the loan and O&M package will meet a growing desire by prospective solar households to have the worry taken out of owning a solar array, through Enphase’s maintenance service.

"The announcement from us today is a new offering that solves the problem of ownership, in that people just don’t want to have to worry about it. So we’re very excited to partner with Enphase and offer its O&M services, which are bundled in with our loan so that homeowners can own the solar on their roof and not have to worry about it," Parish told pv magazine.

Mosaic’s partnership with Enphase leverages the microinverter manufacturer’s ability to collect detailed data as to an array’s performance, down to the module level.

“Enphase can see through its monitoring data that if anything isn’t going well with a system and a truck can go out and fix it,” said Parish. “Some things Enphase can fix remotely as well.”

The move depends Mosaic’s expansion beyond its initial solar crowdfunding model. Parish said that the loan is proving popular as it has some of the lowest repayments of PV loans and no penalties if a homeowner pays off the loan early.

"We’re interested in doing as much crowdfunding as we can and there is significant demand untapped from the crowd for investing in these types of assets. We’re also getting a lot of institutional interest, so for us being able to pair that gives us more liquidity for the platform," said Parish.

Mosaic hasn’t revealed what the ratio of crowdfunded capital to institutional capital will be in the $100 million partnership with Enphase. Parish said that with Mosaic’s online portal for application that it will make it easier for customers to access its finance. He said that installers have been signing up to become Mosaic installers under the loan scheme.

On the Enphase hook-up, Parish reported that the two companies fit together well. “There are some details [of the partnership] to work out but it didn’t take very long. “ He said that installers are encountering demand for solar loans coupled with O&M services.

Enphase reports that it monitors over 160,000 PV systems globally with 500 GW of performance data being collected daily.

“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,” said Marty Rogers, Enphase’s vice president, global customer service and support