Rocket Seeks To Expand The Solar Panel Market By Offering Loans

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Rocket Companies Inc. will offer financing for solar panels and installations using its technologies that enable clients to obtain mortgages, find homes and obtain personal loans online.

As experts predict the booming housing and refinancing market could cool off, the Detroit-based mortgage giant has sought to expand its financial operations into other industries such as car sales and now clean energy. It touts its technology platform as a tool to make labor-intensive processes easier for consumers.

“Automation is changing the customer experience,” said Joel Gurman, executive vice president of Rocket Mortgage. “This is another of those examples where it has been around for 40 years, but it hasn’t necessarily caught on the way it could, should or will. We strive not only to use existing technologies, but also to build a market. “

A dedicated sales team of the company will act as solar energy consultants. They will help determine if solar panels are the best choice for clients’ homes and connect homeowners to a digital finance application. The sales team will also facilitate the installation of solar panels.

Rocket will begin testing solar offerings in the fourth quarter. They may become publicly available in early 2022.

There are more than 2 million solar installations in the United States, with panels set to hit a record high in 2020, according to a joint study published earlier this year by the Solar Industry Association and Wood Mackenzie. The report predicts that the country’s solar market could quadruple by 2030, by which time about one in eight American homes will have solar power. In addition, the federal government encourages consumer acceptance through tax incentives.

But in the end, Rocket is still trying to sell mortgages. The company also announced a new rate and term refinancing product that gives homeowners who have a pre-existing solar panel loan, which often has higher rates than mortgages, the ability to combine it with a one interest rate mortgage.

The solar panel offering is a natural progression from the country’s largest mortgage lender, Gourmet said.

“Rocket Mortgage is not only the largest provider of home finance in the country, but also one of the largest marketing brands in the country,” he said. “In terms of our loans, houses and cars, we help people by taking a little bit of a complicated process and really making it easier.”

Workers install solar panels on the roof of a home on January 4, 2020 in Granada Hills, California. Major mortgage lender Rocket Companies has announced that it will begin offering financing for solar panels and installations.



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