Mosaic Surpasses $10 Billion in Loans Funded for Residential Solar and Sustainable Home Improvements
Demand for Clean Energy Remains Strong Across the Country
Mosaic, a leading financing platform for U.S. residential solar and energy-efficient home improvements, today announced it has surpassed $10 billion in loans funded through its platform. This double-digit milestone comes just seven weeks after announcing $9 billion in loans funded, showing accelerated growth for the clean energy fintech company.
"We are excited to continue to help more families make the transition to clean energy," said Billy Parish, founder and CEO of Mosaic. "Homeowners add solar to save money, which is especially important right now, and is one of the many factors that is driving the continued demand for clean energy across the country."
According to the "U.S. residential solar finance update H2 2022" released in October 2022 by Wood Mackenzie, residential solar loan volumes will continue to grow through the end of the year. The report explains that increasing retail rates continue to make loans attractive compared to customers' monthly utility bills despite increased pricing due to higher interest rates. The passing of the Inflation Reduction Act — which includes a 10-year extension of the solar residential tax credit at 30% — is also expected to increase solar adoption in the U.S. for the foreseeable future.
"The Inflation Reduction Act is rich with consumer incentives and tax breaks that will drive the adoption of clean energy products," added Parish. "Families can save tens of thousands of dollars over the lifetime of a solar system."
Experts agree that interest in the industry is crescendoing right now. So much so that the American job market has also taken note of this momentum, with three in four U.S. adults saying they would consider a job in clean energy and solar being reported as the top industry of interest. For more information on what the job market is saying, visit https://joinmosaic.com/2022/11/01/clean-energy-jobs-survey/.
Mosaic makes financing solar, solar plus energy storage systems, and other sustainable home improvements accessible and affordable for homeowners by providing a fast and easy way to apply for financing options. Customers learn about Mosaic through approved solar installers and home improvement contractors, as well as other ecosystem partners, and can get a credit decision in minutes for no money down loans with fixed interest rates and multiple term options. Financing applied for and processed through the Mosaic platform is originated by Solar Mosaic LLC or one of its lending/financing partners. For our network of thousands of solar installers and home improvement contractors, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped more than 300,000 households switch to sustainable home improvements with its financing products.