Rocket Cos., a large holding company in Detroit, today announced it is launching into the solar energy industry to make homes more energy efficient.
There’s plenty of upside for growth as solar technology improves. Consider more than 2 million solar installations have been completed in the U.S., with panel installation reaching a record high in 2020, according to a joint study released earlier this year by the Solar Energy Industries Association and Wood Mackenzie.
The study also reports that the solar market in the country is expected to quadruple by 2030, with roughly one in eight American homes having solar energy by that year.
“Rocket Cos. is uniquely positioned to build trust and education in solar energy, simplifying the entire process through our platform. We have the technology and expertise to provide the best experience possible for homeowners who want to go green,” says Jay Farner, vice chairman and CEO of Rocket Cos. “This is a perfect synergy between our businesses as we develop a digital solution to ensure Americans can receive solar panels with the same certainty they have come to expect when working with our Rocket platforms.”
The company’s Rocket Cloud Force will serve as solar advisors and have extensive training in the industry. The team members will help clients determine if solar panels are the best choice for their home.
They will then connect homeowners to a simple, digital financing application. Once financing is handled, the Rocket Cloud Force will facilitate the installation of a new solar solution.
These new solar offerings will start in the testing phase in fourth quarter and are expected to be available to the public in early 2022.
As Rocket Cos. moves into the green energy sector, Rocket Mortgage, America’s largest mortgage lender, is now releasing a new rate-and-term refinance giving homeowners the ability to consolidate any solar panel loan with their mortgage for one low interest rate.
The program has an advantage over traditional cash-out refinances since rate-and-term mortgages provide significantly more flexible guidelines than a cash-out, including a loan-to-value (LTV) ratio as high as 97 percent.
The new loan option from Rocket Mortgage is available to anyone who has an outstanding solar loan. Beyond the lower interest rate, the new mortgage program also gives homeowners the ability to leverage the full value of their existing federal solar Investment Tax Credit (ITC) and any other local tax credits for which they may qualify.
Rocket Cos., founded in 1985, consists of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk, and Edison Financial. The overall company has approximately 26,000 team members across the U.S. and Canada.