Rocket Solar
Is This Your Business?1.3
1.3
Author: Kaitlyn Short
Since 1985, Rocket Companies has worked to help millions of people in their pursuit to own their own home. Since founding Rocket Mortgage, the company has expanded to provide other services in the financing industry including mortgage loans, personal loan, real estate services, and auto loans. The technology, software, and service of Rocket Companies have allowed more people to receive the money and approval they need to compete.
Then in 2022, Rocket Companies launched a new initiative: Rocket Solar. The Rocket Solar platform functions similarly to other Rocket Company entities with a dedicated Rocket Solar Advisor that will be of service throughout every step of the project.
To actually provide solar as a service, Rocket Solar teamed up with solar giant, Palmetto. Together, Rocket Solar and Palmetto help clients navigate the solar process. The goal of this partnership is to make solar more accessible and affordable for those looking to uilitize clean energy sources.
Top Ranked Companies
The Good
- Straightforward Solar Financing
- Service Area
Straightforward Solar Financing
If there is one thing Rocket Companies knows how to do and does well, it is help people quickly get the financing they need. The same goes for the Rocket Solar side of the business.
Rather than go through credit unions or solar installation financing partners, Rocket Solar has streamlined the solar financing business by making the entire process from start to finish fast and effective. A dedicated team of advisors is ready to assist clients through the financing process, including utilizing tax incentives and net metering programs where available.
Service Area
Due to its reach and solar partnership, Rocket Solar is able to reach prospective solar clients in a way that a vast majority of the industry cannot compete with. To date, Rocket Solar provides solar services in the following states:
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Interested solar clients would be hard pressed to find a company with a similar type of reach as Rocket Solar.
The Bad
- Completely Outsourced Service
- Undisclosed Manufacturer Information
- Unknown Warranty Details
- Young Company
Completely Outsourced Service
The entire solar product itself is outsourced with Rocket Solar. Simply put, Rocket Solar offers solar financing and then passes off clients to its trusted partner, Palmetto. Most companies within this industry are actual solar installers/providers. Rocket Solar is just a financing source for those interested in solar.
Once a client utse Rocket Solar for financing, Palmetto will take over and provide the end-to-end service as it relates to the actual measurement, design, and installation portion of the project. Clients should be aware that when doing solar business with Rocket Solar, it will also involve Palmetto.
Undisclosed Manufacturer Information
It is unclear whether or not Rocket Solar clients have access to the same benefits and features that traditional Palmetto clients have access to. For instance, Palmetto has its own relationships when it comes to manufacturers and solar technology companies. These partnerships allow Palmetto to install tier-1 solar equipment on behalf of its clients. That being said, it is unclear whether or not Rocket Solar clients will have this same direct access to these equipment partnerships.
Unknown Warranty Details
Just like the equipment portion of the solar product, it is unknown whether or not Rocket Solar clients will receive the same warranties that Palmetto clients receive when they hire the company for solar installation services. It does not appear that Rocket Solar itself offers any sort of warranties on the equipment, production, or workmanship portions of the solar service, so clients would need to get that protection from somewhere.
Most solar companies offer these warranties through their manufacturer partnerships or self-back the craftsmanship. None of this information is known when it comes to the Rocket Solar platform.
Young Company
Rocket Solar just barely got into the solar financing industry. In fact, the company just started its actual financing service, the only aspect of the solar project it does directly provide, at the start of 2022. The company has yet to build any sort of reputation or trust among solar clients as it is brand new.
Most solar providers have been providing this service for at least a few years, meaning prospective clients can look to the experience of the hundreds or thousands of solar customers that have gone before them. Rocket Solar clients simply do not have this luxury considering how new the platform is.
The Bottom Line
Rocket Solar falls under the umbrella of Rocket Companies. With Rocket Solar, clients can expect straightforwar solar financing solutions at affordable rates that allow for greater returns on the investment. Additionally, Rocket Solar has a further reach than most, servicing states all across the country in conjunction with its solar partner, Palmetto.
Before diving head first into a financial partnership with Rocket Solar, clients should be aware of a number of limitations. First, Rocket Solar itself does not offer a solar product. The company does not manufacture, design, install, or bring to operation any solar systems. All of that work is outsourced to Palmetto.
It is unclear whether Rocket Solar clients have access to the same features and technology Palmetto offers to its own clients; it is unknown what equipment brands are used and what warranties are available, if any. Lastly, the Rocket Solar platform was just launched in 2022 and does not yet have a track record proving it to be a viable and trusted service.
Clients looking to quickly get approved and receive solar financing may benefit from what Rocket Solar offers. Outside of financing needs, prospective solar clients should look into other platforms prior to getting into business with Rocket Solar.
