Mosaic Surpasses $10 Billion in Loans Funded for Residential Solar, Sustainable Homes in US

American fintech giant Mosaic has announced that it has surpassed $10 billion in loans funded through its platform. Mosaic is a leading financing platform for U.S. residential solar and energy-efficient home improvements. 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.

Aurora Solar Expands Partner Ecosystem to Step-Up Access to Solar Financing

Also Read

Moreover, the official statement of Mosaic held, 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 Mosaic CEO added, “The Inflation Reduction Act is rich with consumer incentives and tax breaks that will drive the adoption of clean energy products. 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.

Mosaic Announces $1.5 Bn Loan Purchase Program for Residential Solar Projects

Also Read

In August, 2021, Mosaic entered into an additional multi-year loan purchase program for approximately $1.5 billion with Congressional Bank, a leading global investment firm. This provided Mosaic access to Congressional Bank’s subsidiary, Alliance partners, the asset manager to BancAlliance, a cooperative network of more than 260 community banks across the USA.