Mosaic, an innovative solar startup lending platform, has announced it is partnering with Wave Solar in order to provide lower-cost customer acquisition possibilities for solar installers.
The partnership enables clients of Mosaic a California-based solar loan provider that began life as crowdfunded platform before growing into a white label lease and loan backer working with well-known solar brands such as Vivint Solar to access the lead generation and qualification software developed and owned by Wave Solar.
Mosaic has also made an equity investment into Wave Solar as part of the arrangement. These funds will bolster Wave Solars plans to build and launch a platform designed specifically to reduce the costs of identifying and qualifying eligible homeowners for financing.
For installers, the chance to combine Mosaics home solar loan facility with the marketing and software offered by Wave Solar promises to deliver increased competitiveness and profitability in the customer-acquisition stakes across the U.S.
"Mosaics partnership with Wave Solar will provide our clients access to a powerful and cost-effective flow of customer lead, effectively reducing their cost of customer acquisition by more than 50%," said Mosaic VP of marketing James Robinson.
Wave Solar CEO Colin James Walsh added: By reducing soft costs, we can help to accelerate deal flow and increase profitability for Mosaics installer partners.
Devised via collaboration between Mosaic executive Walsh and Between Ads Wade Hobb, Wave Solar was formed initially as a SunShot Initiative project, beating out Department of Energy (DOE) targets by generating hundreds of signed residential solar contracts at or below $1,500 per installations.
Mosaic is also a SunShot award recipient and, since its inception in 2012, has helped more than 16,000 households go solar.