OAKLAND, Calif. and LOUISVILLE, Colo., March 5, 2014 (GLOBE NEWSWIRE) -- RGS Energy (Nasdaq:RGSE), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, and Mosaic, the first company to offer investments online in solar projects, have partnered to launch the Mosaic Home Solar Loan. The new loan program represents a very simple and affordable means for American homeowners to finance ownership of their residential solar systems.
The Mosaic Home Solar Loan is the first of its kind to be integrated seamlessly into the solar sales process and offers a simple online loan application that delivers results in minutes. By combining Mosaic's innovative web software technology with RGS Energy's excellent market reach and customer service, the partners look to improve the solar buying experience and increase the number of homeowners going solar.
The financing program is also the first to offer "Choice Payments," integrating the solar tax credit into the payment process to ensure that monthly payments stay low from day one. Paying little or nothing up front, homeowners will experience all the benefits of home solar ownership, including lower electricity bills, tax credits and — unlike a solar lease or power purchase agreement — free energy after the end of the loan term.
RGS Energy plans to offer the new loan product to California homeowners starting in the first half of 2014. Mosaic will also offer investments in the Home Solar Loans to qualified investors via its online platform at www.joinmosaic.com.
"RGS Energy's national presence and 35 years of experience as a pioneering solar company makes them a fantastic partner to launch the Mosaic Home Solar Loan, a breakthrough solar financing product that generates cost savings for homeowners as well as profits for American investors," said Billy Parish, Mosaic's president and co-founder. "Homeowners gain all the benefits of ownership with the simplicity of a lease, while investors gain access to transparent and tangible investments in the booming home solar market."
Kam Mofid, RGS Energy's CEO, commented: "While we continue to see strong demand for the leasing of solar power systems, there is also increasing interest in direct ownership by the homeowner. So, we are excited to launch the Mosaic Home Solar Loan, which allows people to own their system from day one. This offering helps RGS Energy deliver attractive and affordable solar options, while recognizing that different customers require different solutions to meet their particular needs."
According to the senior vice president of GTM Research, Shayle Kann, who closely covers the solar space: "Residential solar installations grew over 50% in the U.S. in 2013 and continue to boom in 2014. But to date, the majority of those installations have been owned by third parties. The market share of third party ownership has largely leveled off over the past six months, and we expect to see increasing availability and attractiveness of residential solar loan products this year."
About Mosaic
Mosaic is a secure place for everyone to profit from the transition to clean energy. Mosaic was the first company in the nation to offer solar project investments online and has allowed thousands of investors to finance millions of dollars of solar projects, including ones on charter schools, affordable housing, and a U.S. military base. To date, Mosaic has had zero defaults and made 100% on time payments back to investors at 4.4-7.0%. Mosaic has been named a top ten most innovative energy company by Fast Company in 2013 and 2014 and has received Department of Energy SunShot grant, the Sierra Club's Trailblazer Award and Verizon Wireless' Powerful Answers Award. For more information, visit: www.joinmosaic.com. Solar Mosaic, Inc., CFL Lic. #6054631.
About RGS Energy
RGS Energy (Nasdaq:RGSE) is one of the nation's pioneering solar energy companies serving commercial, residential, and utility customers. Beginning with one of the very first photovoltaic panels sold to the public in the U.S. in 1978, the company has installed more than 19,000 solar power systems representing well over 170 megawatts of 100% clean renewable energy. RGS Energy makes it very convenient for customers to save on their energy bill by providing a comprehensive solar solution, from design, financing, permitting and installation to ongoing monitoring, maintenance and support. As one of the nation's largest and most experienced solar power players, the company has 17 offices across the West and the Northeast. For more information, visit RGSEnergy.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at www.twitter.com/rgsenergy. RGS Energy is a trade name and RGS Energy makes filings with the Securities and Exchange Commission under its official name "Real Goods Solar, Inc."
Cautionary Statement Regarding Forward-Looking Statements
This communication includes forward-looking statements relating to matters that are not historical facts. Forward-looking statements may be identified by the use of words such as "expect," "intend," "believe," "will," "should" or comparable terminology or by discussions of strategy. While RGS Energy believes its assumptions and expectations underlying forward-looking statements are reasonable, there can be no assurance that actual results will not be materially different. Risks and uncertainties that could cause materially different results include, among others, RGS Energy's failure to realize any material increase in the number of customers as a result of the availability of Mosaic Home Solar Loan, the failure of RGS Energy's customers to apply or be approved for a Mosaic Home Solar Loan, introduction of new products and services, completion and integration of acquisitions, possibility of negative economic conditions and other risks and uncertainties included in RGS Energy's filings with the Securities and Exchange Commission. RGS Energy assumes no duty to update any forward-looking statements.
Cautionary Statement Regarding Securities
The information contained herein does not constitute an offer to sell securities. Buying or selling securities from Solar Mosaic, Inc. or its affiliates can only be made by offering memorandum and related definitive agreements, which will be provided to qualified investors on a confidential basis at their request for their consideration in connection with such offering. Investment will involve significant risks, including loss of principal, and investment products will have limited liquidity options. None of the information contained in this document is a recommendation for investment in any securities.