When am I responsible for paying down my loan to its Choice Target Balance?
The Choice Target Balance is a voluntary prepayment. This voluntary 30% prepayment is due by month 18 after the start of your loan. You may make that prepayment (or a series of prepayments) at any time by month 18. Check the exact day and balance needed by logging into your online account or looking at a monthly statement. Customers typically use the federal tax credit, rebates, local incentives or savings to make this prepayment.
Once approved for credit, how long is it valid?
Credit approval is valid for 60 days from when the credit check results came through. Meaning, to move forward with a Mosaic solar loan you must sign your loan agreement within 60 days of getting credit approved.
How do I find out how much I owe on my loan?
You can log into your online customer account at joinmosaic.com/sign-in 24 hours a day to view your loan balance and/or schedule a payment for the date of your choosing. If you would like to obtain a full payoff amount for a date up to 10 days in the future, please email firstname.lastname@example.org.
If I pay off the loan early, do I still owe interest and are there any prepayment penalties?
You can pay off the loan amount at any point and you’ll only pay for interest that has already accrued. Mosaic does not have any prepayment penalties. Take a look at various ways you can prepay your Mosaic loan here.
Is there an escalator on my solar loan?
There is no escalator on Mosaic's solar loans!
Will I still need to pay my utility for power?
This depends on how your solar system is designed compared to your historic energy usage. After going solar, if you use more electricity than your system produces, you will need to pay for the additional electricity from your utility. However, if your system produces more electricity than you use, you may be eligible for credits from the utility.
Do prepayments/extra payments go to the principal or interest?
All payments received are applied in this order:
- Monthly principal and interest bills due (oldest first)
- Fees due (oldest first)
- Unbilled principal
How do homeowners typically make the 30% pay down?
Customers typically use the federal tax credit, rebates, local incentives or savings to make this prepayment.
How does reamortization affect my monthly payment on my solar loan?
At month 18, your solar loan will reamortize depending on how much you have paid down. To keep your Choice Monthly Payment, you will have to pay down exactly 30% by month 18. If you pay down less than 30% of the loan, your loan will reamortize and your monthly payment will go up accordingly. If you pay down more than 30%, your loan will reamortize and your monthly payment will go down. (But don’t worry, your interest rate will stay the same!*)
*This assumes payment is made by ACH each month. Your APR will increase by 0.25% if you pay by check, terminate ACH payments or are not current on your payments.
Will I need to verify my income?
In the credit approval process you’ll be asked for your individual “gross yearly income.” Please be as accurate as possible. If further clarification is required, Mosaic may ask for “proof of income” through a W2 or pay stub.
Can I apply with a co-applicant, such as a spouse or relative?
At this time, Mosaic only accepts single applicants for loan applications. No co-signing.
If I failed credit but want to go solar with Mosaic, what can I do?
You can re-apply for a Mosaic solar loan after 30 days. During this time, it’s helpful to contact the credit bureaus if you suspect any errors on your credit report.
Are installers and other third parties partners of Mosaic?
No, Mosaic and installers are wholly independent entities and the terms "partner" and "partnership" refer to Mosaic's business relationship with installers solely as a financing partner. Mosaic may also provide third party offers solely as a convenience to our customers, and the inclusion of any third party offer does not imply endorsement by Mosaic. Any information about any installer or other third party on the Website must not be interpreted to create an association, joint venture, agency, partnership, franchise, sale representative or employment relationship between the parties or to impose any partnership obligation or liability upon either Mosaic or a third party.