Mosaic and Enphase Packaging Solar Loans With Maintenance Deals

Mosaic Inc., the operator of a peer-to-peer online financing platform for solar panels, is working with Enphase Energy Inc. to package its loans with a maintenance agreement.

Homeowners are more likely to buy a solar system than lease one if they’re not worried about maintenance, Billy Parish, founder and president of Oakland, California-based Mosaic, said yesterday. Plus, they get to keep the asset.

“The overwhelming feeling is, ‘It’s my roof, I want to own the system on my roof, and I want to capture as much of the economic benefit as I can,’” Parish said in a telephone interview. Investors also benefit because homeowners have a greater incentive to take care of their own system instead of one that’s leased from another company.

Companies including SolarCity Corp. that primarily lease systems trumpet the convenience of homeowners not paying to maintain them, in addition to spending very little or nothing on installation. Now homeowners buying systems with loans can be similarly covered by Enphase, a Petaluma, California-based solar provider, Parish said.

Mosaic expects to finance about $100 million worth of systems in conjunction with Enphase that will be installed in California. Parish declined to say what percentage of the company’s total portfolio those investments represented.

Homeowners considering panels may seek loans through Mosaic’s website to buy systems with little or no money down. Many get 20-year loans at rates beginning at 5 percent. The company has about 3,500 investors in 46 states.

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