Mosaic Solar Loan Agreement: What You Need to Know
Mosaic is a national leader in solar financing solutions that enable homeowners and businesses to go solar without any upfront costs. They are achieving this by providing affordable loans for the installation of solar panels. Mosaic`s solar loan agreement is one of the easiest and most affordable ways to finance your solar installation.
Here is what you need to know about Mosaic`s Solar Loan Agreement:
1. Loan Amount and Terms
Mosaic provides solar loans from $5,000 to $100,000, with loan terms ranging from 5 to 20 years. The interest rate varies depending on the borrower`s creditworthiness and location, but typically ranges from 2.49% to 8.99%. The loan repayment is simple and made through automatic deductions from the borrower`s bank account.
2. Eligibility
Mosaic`s solar loan is available to homeowners and businesses in all 50 states and the District of Columbia. To be eligible, homeowners must have a credit score of at least 660 and own their home. Businesses must have a credit score of at least 680 and have been operating for at least two years.
3. Approval Process
Mosaic`s loan application process is simple and streamlined. Borrowers can apply online and receive pre-approval within minutes. Once the application is submitted, Mosaic will perform a soft credit check to determine the borrower`s creditworthiness. A final decision is made within one to three business days.
4. Benefits
Mosaic`s solar loan agreement has several benefits. Firstly, the loan can be used to finance the entire solar installation, including equipment and labor. This means that you can go solar without having to pay any upfront costs or make any payments until the installation is complete.
Secondly, the loan is secured by the solar panels, which means that if you sell your home or business, the loan can be transferred to the new owner. This feature adds value to your property and makes it more attractive to potential buyers.
Lastly, going solar with Mosaic`s loan agreement can help you save money on your energy bills. Solar panels produce clean energy that can power your home or business, reducing your reliance on expensive utility bills.
Conclusion
Mosaic`s solar loan agreement is an excellent option for homeowners and businesses looking to go solar without any upfront costs. The loan provides financing for the entire solar installation, is available in all 50 states, and has a simple and streamlined application process. Additionally, the loan is secured by the solar panels and can be transferred to the new owner if you sell your property. Going solar with Mosaic`s loan agreement can help you save money on your energy bills and reduce your carbon footprint.
