This is a big departure from the usual financing method for solar panels, which is typically facilitated through a bank or credit union. One of the main benefits of teaming up with a peer-to-peer lender is that American Solar & Roofing’s customers can access finance at a faster rate. Mosaic has utilized technology to allow it to shorten the credit application process and which allows it to make loans faster.
Mosaic allows both retail and institutional lenders to lend via its platform. This opens up a wide range of funding options to American Solar & Roofing’s customers. Arizona ranks second to California in terms of residential solar installations. American Solar & Roofing is hoping that the easy access to credit will help them increase sales within the already popular solar market.
Joy Seitz, American Solar & Roofing President & CEO, commented:
“We love the peer-to-peer lending model for solar. Providing an easier way for people to save energy is a true win-win, and why our partnership with Mosaic is a real added value to our customers. Also, it’s a perfect time to offer this before the summer bills start to hit.”
Ken Hutchins, Mosaic’s Director of Sales, added:
“We are excited to be working with American Solar & Roofing, the largest residential installer in Arizona. They are great people that we can trust to deliver high quality service to homeowners.”
In the UK we have seen a few companies partner up with peer-to-peer lenders. For example Zopa have partnered with Flowgroup, an energy technology company. Flowgroup will allow its customers to purchase a new type of low carbon boiler via a Zopa loan. This type of partnership allows platforms to access a specific pool of customers and represents a useful origination tool. It is likely that we will see this trend continue and we may start to also see more examples of peer-to-peer lenders partnering with a wide range of companies.