Monthly Overview
U.S. securitized solar loan pools reported mixed credit performance in April. Annualized net losses in KBRA’s Solar Loan ABS Index increased 9 basis points (bps) month-over-month (MoM), landing at 2.67%. This modest increase in net losses followed a more than 50-bp decline in the same metric last month. Meanwhile, early-stage (30–59 days) and late-stage (60–120 days) delinquency rates declined by 5 bps and 10 bps MoM, respectively. Notably, both delinquency measures have reached their lowest levels since at least September 2024 (see Figure 1 and Figure 2).
Conversely, on a year-over-year (YoY) basis, the index metrics have deteriorated compared to 2024. Net losses are up 55 bps YoY, while early- and late-stage delinquencies have increased 9 bps and 10 bps, respectively. Earlier this month, we published a report that provides a deep analysis of these recent credit trends in the solar loan ABS market (see