Rocket Loans, part of leading mortgage leader Rocket Companies Inc (NYSE: RKT), announced it would be expanding into the solar industry, opening up a new arm of the business that would be Rocket Solar.
What Happened: On Tuesday, Rocket Loans issued a press release stating it will provide financing to Rocket Solar's clients who want to help the environment and save money by generating their own electricity via rooftop solar panels.
Rocket Loans said its clients will have access to leverage the company’s AI-powered lending platform that would deliver an individualized loan offer for solar in less than 30 seconds.
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“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.
Why It Matters: Rocket’s expansion into solar came on the heels of a boom in the residential solar industry. The U.S. Department of Energy (DOE) released the Solar Futures Study in September 2021 that said by 2035, solar energy could power 40% of the nation's electricity.
Rocket Companies intends to leverage that data by creating an in-house, affordable and simple way for residents to access 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,” said Joel Gurman, president of Rocket Solar.
“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."
RKT Price action: Shares of Rocket Companies are flat intraday Tuesday, trading at $9.91.
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