Builder.Media had the chance to discuss the latest launch of the new Mosaic app with Mosaic’s President and COO Patrick Moore
Builder.Media: What were some of the highlights thus far in 2018 for Mosaic?
Patrick Moore: The highlight of the year for Mosaic has been the expansion of our financing products into home improvement verticals beyond solar installation. Mosaic is a pioneer and the national market leader in consumer financing for residential solar, which is a great market for innovation because nearly 90% of all installation projects are financed at point-of-sale either through loans and leases. Our solar installer partners have a very high bar for financing product quality and ease of use, which has allowed us – frankly forced us – to develop compelling technology solutions for the in-home sale.
BM: Tell us about this new app Mosaic is launching – how did it come about? Why is it necessary for customers?
PM: Most lenders now claim to have an “app” and they generally have the same basic features. Mosaic designed our app based on real-world feedback from home improvement professionals on the most effective way for to offer financing. We didn’t simply copy what was available in the market as many others have done. With the Mosaic app, contractors can help homeowners choose an affordable monthly payment, apply for credit and sign their documents in minutes. And because contractors are always on the go — the app also helps them to track jobs, manage change orders and request customer confirmations so they can get paid quickly. And the app works on all the devices that contractors use — iPhones, Androids, iPads, tablets, laptops, all of it. Contractors can originate and complete a homeowner’s loan application on any device, including the homeowner’s device, in just a few minutes. The application experience is completely customizable and allows homeowners to understand their financing options, terms and estimated monthly payments, select their product and sign their loan all in a single real-time flow.
While the Mosaic app has many features, we also obsessed over making it easy to use. Contractors told us they didn’t want to be burdened with complicated, repetitive clicking through many hard to read screens to close a sale. They told us to make financing as easy as accepting a credit card payment. Contractors are not bankers. Banks often make lending cumbersome. Our goal is to help contractors grow their business by being able to offer affordable monthly payments to homeowners. Financing is simply a means to that end.
BM: What are some new solar technologies that you are most impressed with? What proposed solar advancements are you keeping an eye out for?
PM: Mosaic is most excited about the convergence between solar and roofing technologies. Both solar and roofing OEMs are offering integrated products in the market today which greatly simplify the decision for homeowners and and the installation for contractors. We are actively partnering with OEMs to provide customized financing to meet the unique needs of these emerging solar+roof products.
We also see advancements in energy storage technologies and the resulting decline in costs of storage as an exciting development which will continue to expand the U.S. market for residential solar and further improve the ROI for homeowners to go solar.
BM: What are some changes that you think still need to be made to our laws regarding sustainable energy?
PM: We need to ensure the public continues to be properly compensated through strong net metering programs when utilities take the excess energy produced by a homeowner’s system and resells it for profit to other customers. Some states still haven’t adopted net metering.
We would support changes to building codes, city ordinances and state laws that mandate that existing homes upgrade to zero or near zero carbon emissions by 2030 (via full electrification and heat pumps).
BM: How does Mosaic help with the affordability and accessibility of solar technology for homes and businesses?
PM: Mosaic only finances home improvements by lending money to the consumer; we’re not currently a lender for businesses. We provide easy to understand, transparent, simple solar loans which are designed to save the homeowner money with a monthly payment lower than their utility bill. Basically, with Mosaic the homeowner for no money down can swap one energy bill for another (the monthly loan payment) and save significantly in the exchange — on a monthly basis, over the life of the system, or both.
For more information on the new Mosaic app click here.