PowerSwitch ZERO is exactly what solar installers need to keep up with the increased demand for solar financing in 2021. This first-of-its-kind, no-payment solar financing solution offers multiple payment deferral and loan term options, instant pre-approval decisions for customers from any device and a completely contact-free sales process.
While still below pre-pandemic levels, residential installations were up 14% from Q2 to Q3 2020, according to the Solar Energy Industries Association. And WoodMackenzie Power & Renewables projects 19 GW of new solar capacity installations in 2020, a 43% year-over-year growth from 2019. The solar Investment Tax Credit (ITC) extended at 26% through 2022 should also help even more families switch to solar.
Over 125,000 families have already used the Mosaic financing platform to convert to clean energy. With all of the new offerings, PowerSwitch ZERO now makes it easier than ever for solar installers to help their customers finance their next project.
No-payment solar financing means increased financing flexibility
PowerSwitch ZERO offers key advantages for both homeowners and solar installers alike. Flexible no-payment solar financing helps homeowners defer payments, conserve their cash and potentially lower their monthly payments. Features include:
- 12-month or 18-month zero payment, deferred interest promo period
- Repayment terms of 10, 15, 20 or 25 years, beginning after the promo period**
- Monthly payments on average systems around $100
- Contact-free, 100% online loan process from the homeowners’ smart device
Now is the time to reach out to customers who wanted to switch to solar, but may have put projects on hold last year. And current customers may also be interested in adding a battery system to further increase their home’s resiliency – or installing solar to a second home or rental. PowerSwitch ZERO can be used for financing all of this, as well as energy-efficient upgrades or re-roofing.
Faster and easier sales for installers
PowerSwitch ZERO empowers solar installers and their sales staff to close more deals – in just a few clicks. It’s fully online, making it easier to sell contact-free from any mobile or desktop device. And making it easier for homeowners to sign on the dotted line. Features include:
Streamlined application: Quote, obtain a pre-approval decision and close loans from any decision
Fast approvals: Get final decisions faster, with loans typically approved instantly
Flexible process: Portal 2X offers multiple paths to introduce financing into your sales process, including customer pre-approval decisions with a soft credit check***
Sales pipeline access: Instant access to your sales pipeline, so all you need to sell and manage solar loans can fit in your pocket
Solar financing should be simple. With PowerSwitch ZERO, it’s easy for the homeowner and installer to meet virtually, obtain financing, collaborate on projects and make the switch to solar.
The process is simple: there are no documents to upload or financials required.
* Interest accrues during the 12-month or 18-month promotional period and is waived if the loan is paid in full by the end of that period. Otherwise, if the principal balance is not paid in full by the end of that period, interest will be charged from the start date of the loan.
** 25 YEAR POWERSWITCH ZERO LOAN REPAYMENT EXAMPLE:
— A 25 year, fixed-rate, $30,000 PowerSwitch ZERO loan with a 2.99% APR and an 18-month promotional period, would have 300 monthly payments of $148.50, starting after the end of the promotional period.
— Annual Percentage Rate (APR) in the example includes a 0.25% interest rate reduction for borrowers who sign up for automatic payments. Interest Rate and monthly payments will increase if borrower changes payment method.
*** A hard inquiry will be performed when an approved loan is first disbursed.
All PowerSwitch Zero Loans made by WebBank, Member FDIC, Equal Housing Lender.