KBRA’s Solar Loan ABS Index showed improving credit performance in March, with lower annualized net loss rates and delinquency rates. Net losses fell 41 basis points (bps) month-over-month (MoM), landing at 3.93%, its lowest level since November. Meanwhile, the early- (30–59 days) and late-stage (60+ days) delinquency rates also dropped 7 bps and 11 bps MoM, respectively.
The index has deteriorated since last year, with all metrics remaining elevated versus their March 2025 levels. Early- and late-stage delinquencies are up 11 bps and 78 bps year-over-year (YoY), respectively, while net losses have risen 132 bps. We expect this deterioration to remain in the short to medium term due to various headwinds within the sector (see Residential Solar ABS: Performance Divergence Between Loan and Lease Structures)…
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