ATTENTION US HOMEOWNERS
We have been hearing about and watching interest rates go up in many markets, and now, it's about to hit home for the solar industry. We received notice from Sunlight earlier this week that they are raising rates by 1% on a variety of the less popular products. We of course hope this is it, but there is anticipation that more will be coming.
We fully expect Goodleap to be raising rates 1-2% on their products over the coming weeks. And Mosaic will follow if they haven't already. Sunrun and Sunnova have already raised rates.
The bottom line is that there has been a 200 basis point increase to the treasury bonds that inform how financing is priced for the rest of consumer lending in the last 6 months. The only reason we didn't already see all solar financing rates rise, is because most of the loans are secured and in those agreements, there is protection for each batch of secured loans from rising rates.
However, once that batch runs out, the new batch is priced at the current market rates. All the big solar financiers' time has run out, and they're currently in a standoff to see who's going to raise rates first. We expect it will be imminent.
If you're looking to get the best rates... NOW IS THE TIME!