Does anyone finance their panels?

[niveknow]

for my loan:

I'm about $38k all in (exc tax inc). I put $10k initial payment so I don't finance the PWs. Leaving $28k which is the Mosaic loan. Expectation is still to pay the tax credit to the $28k loan amount before the 18th month. The interesting part is that the entire crew started installing.. and I had to call Tesla and ask how I pay them the $10k. I said I will get an invoice after they're done. At this point, I'm hoping for the Paypal link for the points. =)

 

[willow_hiller]

for my loan:

I'm about $38k all in (exc tax inc). I put $10k initial payment so I don't finance the PWs. Leaving $28k which is the Mosaic loan. Expectation is still to pay the tax credit to the $28k loan amount before the 18th month. The interesting part is that the entire crew started installing.. and I had to call Tesla and ask how I pay them the $10k. I said I will get an invoice after they're done. At this point, I'm hoping for the Paypal link for the points. =)

I got a PayPal link today, about a week after my installation was completed and Tesla was ready to apply for PTO.

 

[Electrph]

I got a PayPal link today, about a week after my installation was completed and Tesla was ready to apply for PTO.

May i ask will you pay with credit card? And if so was it still no added “convenience” fee ?

 

[willow_hiller]

May i ask will you pay with credit card? And if so was it still no added “convenience” fee ?

It worked like any regular PayPal transaction, no fees. Unfortunately I don't own a credit card with any sort of perks, so I paid it straight from my bank account.

 

[Electrph]

It worked like any regular PayPal transaction, no fees. Unfortunately I don't own a credit card with any sort of perks, so I paid it straight from my bank account.

Ok thx .. somehow had it in my head the merchant (tesla) could not allow cc payments for certain transactions and/or tack on an extra fee to offset fee they are charged .. maybe i’m thinking of diff payment platform

 

[niveknow]

Ok thx .. somehow had it in my head the merchant (tesla) could not allow cc payments for certain transactions and/or tack on an extra fee to offset fee they are charged .. maybe i’m thinking of diff payment platform

I know what you mean. I tried to buy a car with an AmEx. .they said sure.. but it's X% more. Obviously making up for the AmEx charges. I've read that no fees at least from Tesla since it's Paypal with a set dollar amount. Not sure what I'm looking for since 1% doesn't mean anything nor does 10k point buy anything. I guess it's more for the mystery of what that might turn into.

I'm on day 2 of the install.. with apparently at least 2 more days to go on a Large system. They told me it was largely the demand and the resource they have or don't have. And it was hot as heck in Houston today so the crew really couldn't work. They hid out in the shade with a few large fans that I provided. Day 1 was the GW2. Today was 1/2 of panels plus inverter. Day 3 likely will be the 2 PWs, remaining panels and tying it all together. Exciting times. Too bad I can't do anything with it until inspection and PTO. At this point, I'm just looking at net metering options and switching service providers.

 

[willow_hiller]

For anyone else with a current Mosaic account, it looks like if you login to your original borrower portal on Financing options for solar energy systems, batteries, and home improvements, simplified., they're asking users to create accounts on a new Log On portal.

The new portal actually looks nice and displays a bunch of information that wasn't on the old portal, including the "Total payoff amount" which appears to be the current account balance plus 5 days of interest (presumably to cover 5 days of processing). Obscured the exact amounts, but screenshots below. Already owe $12.22 in interest

 

[niveknow]

I got my paypal link yesterday as well and was able to pay with my card mapped to Paypal. Didn't see any additional fees.. at least not on the invoice nor on my Paypal transaction details.

 

[Electrph]

For anyone else with a current Mosaic account, it looks like if you login to your original borrower portal on Financing options for solar energy systems, batteries, and home improvements, simplified., they're asking users to create accounts on a new Log On portal.

The new portal actually looks nice and displays a bunch of information that wasn't on the old portal, including the "Total payoff amount" which appears to be the current account balance plus 5 days of interest (presumably to cover 5 days of processing). Obscured the exact amounts, but screenshots below. Already owe $12.22 in interest

View attachment 587049
View attachment 587051

So asking what may be a “duh” question ... is undisbursed principle the amount they expect back from you when you get Fed rebate ?

 

[willow_hiller]

So asking what may be a “duh” question ... is undisbursed principle the amount they expect back from you when you get Fed rebate ?

It's literally the amount of the loan they haven't disbursed to Tesla yet. They gave them about 80% when installation was completed, and I believe they don't disburse the remaining 20% until PTO.

 

[Electrph]

It's literally the amount of the loan they haven't disbursed to Tesla yet. They gave them about 80% when installation was completed, and I believe they don't disburse the remaining 20% until PTO.

Ah gotcha ya, And see there is my duh moment right there
Thanks for posting that helps a lot for those of us still contemplating finance vs cash

 

[jjrandorin]

I got my paypal link yesterday as well and was able to pay with my card mapped to Paypal. Didn't see any additional fees.. at least not on the invoice nor on my Paypal transaction details.

I paid via paypal in january, and checked multiple times because I was concerned about mystery tacked on fees, but there were not any. I checked, and checked (and checked again).

 

[willow_hiller]

I know there are a lot of negative reviews of Mosaic complaining about fumbled automatic payments and penalties and such... I'm happy to report that this does not seem to be true.

Automatic debit for my first scheduled payment went through just fine. Although about 60% of the first payment went to interest

 

[willow_hiller]

Hmm, Mosaic probably does need to improve their processes a bit.

I paid off the remainder of my loan (got a single payment confirmed email, but no notification of the loan being paid off), and now when I try and login to the borrower's portal I'm greeted with an unceremonious "Invalid Account Number." I guess that's one way to say your loan is done.

 

[willow_hiller]

And in case anyone was interested, the total cost of using a Mosaic loan as a bridge loan for 5 months was $165.79.

 

[holeydonut]

Lol I thought you were financing the bridge between the date of payment and when you got your income tax return back. Did your employer set the record on getting your W2 issued and the IRS processed you as the first return?

But anyway, nice job sticking it to Mosaic... their end game is to trap people into high rates, but you played them.

 

[willow_hiller]

Did your employer set the record on getting your W2 issued and the IRS processed you as the first return?

My wife and I both got our W2s last week, but we also got the Maryland state grant check, so I figured why wait for the Federal refund and let Mosaic collect more interest.