Mosaic Receives Second Award from The U.S. Department of Energy SunShot Initiative to Grow its Home Solar Loan Program
Mosaic will use funding to continue lowering customer acquisition costs for the solar industry
OAKLAND, Calif., Oct. 22, 2014 -- Mosaic, America's peer-to-peer solar finance company, today announced that it will receive its second cooperative award from the U.S. Department of Energy SunShot Initiative. The Energy Department's $650,000 award will support Mosaic's fast growing business in solar lending and adds to its $2M award in 2012.
The SunShot Initiative is driving solar industry innovation. "We are big on solar," said Ernest Moniz, at Solar Power International in Las Vegas, where this round of awards was announced. The Energy Department is investing more than $14M in 20 small businesses to rapidly commercialize innovative solutions that further drive down costs for solar systems.
Mosaic plans to use its SunShot award to fund continual product improvements and innovation for its home solar loan program. Mosaic is helping installers across the nation close deals through its incredibly fast web portal and offering a loan known to have among the lowest monthly payments of any loan on the market. Mosaic continues to source capital for these loans through crowdsourcing from a diverse array of investors and has a mission to enable millions of Americans to profit from clean energy by 2020.
"The SunShot Initiative is a model for the public sector's power to support private sector innovation," said Billy Parish, Co-Founder and President of Mosaic. "We're thrilled to receive a second round of funding from SunShot's Incubator program and to be joined by the solar industry's brightest innovators."
About the SunShot Initiative
The U.S. Department of Energy SunShot Initiative is a collaborative national effort that aggressively drives innovation to make solar energy fully cost-competitive with traditional energy sources before the end of the decade. Through SunShot, the Energy Department supports efforts by private companies, universities, and national laboratories to drive down the cost of solar electricity to $0.06 per kilowatt-hour. Learn more at energy.gov/sunshot.
Mosaic is America's first peer-to-peer solar finance company and is enabling thousands of American people to profit from clean energy. Mosaic has been honored by Fast Company as a top ten most innovative company in energy for two consecutive years, by the Department of Energy as a SunShot Grant recipient, The Sierra Club as the Trailblazer Company of the Year, and Verizon Wireless as the environmental winner for their Powerful Answers Awards. For more information, visit: http://www.joinmosaic.com/go-solar .