Rocket companies skyrocket as a mortgage lender announces expansion in solar power

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Quicken Loans’ Rocket Mortgage signage is displayed on a laptop in an orderly photograph taken in the Brooklyn borough of New York, USA on Thursday, August 6, 2020.

Gabby Jones | Bloomberg | Getty Images

Stock Rocket companies jumped 8% on Monday after a mortgage lender announced an unusual expansion in the solar industry.

The Detroit-based company said the new offering will be tested starting in the fourth quarter and plans to make the service available to the public in early 2022.

The company, which is the largest mortgage lender in the United States through its Rocket Mortgage division, will take a technological approach that it says will simply be the process of installing a solar system on a roof.

“We have the technology and expertise to provide the best possible experience for homeowners looking to be green,” Jay Farner, vice chairman and CEO of Rocket Companies, said in a statement. “This is a perfect synergy between our businesses as we develop a digital solution so Americans can receive solar panels with the confidence they’ve come to expect with our rocket platforms.”

The announcement comes amid the solar boom in the residential sector. A record number of customers have turned to solar power over the past few years, but in the US, less than 5% of eligible homes currently have roof panels. A recent study by the Solar Industry Association and consulting firm Wood Mackenzie predicts that the solar market will quadruple by 2030.

The Rocket Companies said a dedicated team, known as the Rocket Cloud Force, will advise potential clients, connect them to the company’s digital finance app, and then facilitate the installation of solar panels.

During the day, stocks retreated from session highs and rose 5% on Wall Street by 15:15.

“As the Rocket Companies’ first step towards green energy, Rocket Mortgage … is immediately releasing a new refinancing rate and maturity, giving homeowners the ability to combine any solar panel loan with their mortgage at one low interest rate,” the company said. in the statement.

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