Rocket Loans Begins Powering Rocket Solar with New Lending Program

Rhea-AI Summary

Rocket Loans has partnered with Rocket Solar to provide financing for solar energy systems, enabling homeowners to save money while promoting environmental sustainability. Clients can now access automated, individualized loan offers in under 30 seconds using Rocket Loans' AI-driven platform. The partnership aligns with a rapidly growing solar industry, which saw a 30% increase in installations in 2021. Rocket Solar operates in 42 metro areas, potentially reaching 25% of the U.S. population. Average savings for clients utilizing solar energy can be around $1,300 in the first year.

Positive

• Partnership enhances Rocket Loans' market presence in the growing solar financing segment.
• Automated loan offers enable quick access to financing, catering to client needs efficiently.
• Potential average savings of $1,300 for clients using solar energy systems.

Negative

• None.

Latest offering by Rocket Loans highlights the power of the company's technology that can be used for a wide range of financial products

DETROIT, Aug. 2, 2022 /PRNewswire/ -- Rocket Loans, a leading tech-driven lending platform and part of Rocket Companies (NYSE: RKT), today announced it has partnered with Rocket Solar to provide financing to the company's clients who want to help the environment and save money by generating their own electricity with the power of the sun. Launched earlier this year, Rocket Solar provides consulting, system design, financing, installation and ongoing service to homeowners across the United States. 

Through the new relationship, clients who elect to have a solar electricity system installed will have the ability to leverage Rocket Loans' AI-powered, customer-centric lending platform to receive an automated and individualized loan offer for a solar loan in less than 30 seconds. 

"We have invested heavily in creating an entire personal finance experience that leverages artificial intelligence and machine learning to deliver loan offers tailored to the individual – automatically verifying client identity and income with speed and certainty," said Todd Lunsford, President of Rocket Loans and former Chief Technology Officer for Rocket Mortgage. "Even more impressive, while making quick and automated decisions, Rocket Loans technology helps us accurately determine our clients' ability to repay the loans, with default rates and loss coverage ratios that are significantly better than any other personal lending platform on the market today."

Founded in 2016, Detroit-based Rocket Loans was created to leverage a single, automated technology platform – using artificial intelligence – to offer clients a simple, fast and intuitive experience that would fit any loan product and be tailored to the specific need. Since that time, the company has grown to meet the lending needs of consumers, has provided automated data intelligence technology to the federal government and is now adding Rocket Solar to its list of clients. 

"It was incredibly important to Rocket Solar that we partner with a lender who shares the same passion for client service we do," said Joel Gurman, President of Rocket Solar.  "The Rocket Loans platform is able to give our solar clients quick lending decisions and is also extremely flexible to meet the needs of our rapidly growing business. This partnership is the latest example of how Rocket creates technologies to make once-complicated transactions simple – something our clients tell us they really appreciate."

Rocket Solar currently operates in 42 metro areas across the country, which account for nearly 25% of the American population. Clients utilizing Rocket Solar could achieve an average savings of $1,300 on their electric bill during the first year leveraging solar energy. They also protect themselves against future cost increases from public utilities by generating their own electricity.

The solar industry is growing rapidly, with a 30 percent annual increase in solar panel installations in 2021. Additionally, in September 2021, the U.S. Department of Energy (DOE) released the Solar Futures Study. In its forecast, the DOE said that, by 2035, solar energy could power 40 percent of the nation's electricity – the equivalent of all homes in the U.S. today. This provides significant opportunity for Rocket Solar and Rocket Loans in the years and decades ahead by solidifying its position as the go-to choice for consumers seeking a simple, reliable and streamlined process.

To learn more about the company, solar installation and financing, visit www.rocketsolar.com. 

About Rocket Loans:

Founded in 2016, Rocket Loans is an AI-enabled lending platform, designed to provide saleable and flexible loan decisioning to clients in any industry.  Part of Rocket Companies (NYSE: RKT), the company's platform delivers near-instant loan decisioning and personalized options for clients, while maintaining industry leading loan performance.  Learn more at RocketLoans.com.

About Rocket Solar

Rocket Solar is a tech-driven, residential solar energy provider and a part of Rocket Companies (NYSE: RKT). The company's website gives a personalized quote showing the estimated energy cost savings and the price of installation in less than 30 seconds. Founded in 2022, the company currently offers solar panels on homes in 42 major markets across 16 states, making up a quarter of the American population. See more information and inquiry about solar panel installation at RocketSolar.com

About Rocket Companies

Founded in 1985, Rocket Companies is a Detroit-based FinTech platform company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock, Rocket Auto, Rocket Loans, Rocket Money (formerly known as Truebill), Rocket Solar, Rocket Mortgage Canada (formerly known as Edison Financial), Lendesk, Core Digital Media, Rocket Central and Rock Connections.

Rocket Companies' mission is to be the best at creating certainty in life's most complex moments so that its clients can live their dreams. The Company helps clients achieve the dream of home ownership and financial freedom through industry-leading client experiences powered by its simple, fast and trusted digital solutions. Rocket Companies ranked #7 on Fortune's list of the "100 Best Companies to Work For" in 2022 and has placed in the top third of the list for 19 consecutive years. For more information, please visit our Corporate Website or Investor Relations Website.

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SOURCE Rocket Companies, Inc.

FAQ

What is the recent partnership between Rocket Loans and Rocket Solar?

Rocket Loans has partnered with Rocket Solar to provide financing options for homeowners looking to install solar energy systems.

How quickly can clients receive loan offers from Rocket Loans?

Clients can receive automated and individualized loan offers in less than 30 seconds.

What savings can clients expect from using solar energy with Rocket Solar?

Clients could achieve an average savings of $1,300 on their electric bill during the first year.

In how many areas does Rocket Solar operate?

Rocket Solar currently operates in 42 metro areas, reaching nearly 25% of the American population.

What growth has the solar industry experienced recently?

The solar industry saw a 30% annual increase in installations in 2021.