Over 2 million homeowners in the U.S. have gone solar, and it’s not just people that care about the environment. Solar has become a popular, mainstream investment because you can save money with solar, significantly reducing your electricity bill. Here’s why:
- Solar Costs Are Falling: Solar is booming all over the world, leading to declines in both hardware costs and the “soft costs” related to the installation process. According to the Lawrence Berkeley National Laboratory, overall average U.S. residential solar costs have fallen about 60 percent since 2008.
- Utility Rates Are Rising: Just as the costs of solar have steadily fallen, the prices charged by utilities keeps going up. In fact, according to the U.S. Energy Information Administration, average U.S. residential electricity prices have gone up 9 out of the last 10 years, which adds up to an increase of over 20 percent overall.
- Better Solar Finance Options: In the same way that auto financing has made it possible for almost every American to drive a car, financing options like solar loans have supercharged residential solar growth by eliminating up-front costs with zero money down financing. This allows homeowners to pay off their solar panels over time – and solar loans can help them save nearly 30% more than lease financing over the lifetime of their investment.
Solar Loans Through Mosaic
That third point about solar financing is Mosaic’s area of expertise. Our simple, streamlined online lending platform has made Mosaic the #1 home solar loan provider in America, helping us to make solar loans the “dominant” financing option for home solar. All told, the average homeowner using a Mosaic home solar loan saves $30,550 over the life of their system, with the savings often starting on their first utility bill after going solar.*
Want to find out more about how to save money with solar, through Mosaic’s financing options? Click here if you’re a homeowner – and click here if you’re a contractor or solar installer interested in offering Mosaic loans to help grow your business with simple, affordable financing for solar, batteries, and home improvements.
*Savings are based on savings of Mosaic borrowers between 11/3/2014 – 9/30/16 using our 20-year choice rate loan product. Savings depend on credit profile, timely monthly payments and making the prepayment target. Savings are calculated by (electricity bill before solar) – (bill after solar + Mosaic loan payment). Savings may vary above or below the average rate based on geography and weather variability particular to your jurisdiction. We assume a solar panel lifespan of 30 years, a decline in panel production of 0.5% per year, inverter replacements at years 10 and 20, and retail electricity rates increasing 2.18% per year (national average utility bill increase of 2.18% is based on EIA data for the last reported 20 years, nationally (1997-2017).