Mosaic, a provider of loans and financing for residential solar and home improvement projects in the U.S., just expanded its lending capacity with an approval from BNP Paribas for a $50 million increase in its warehouse lending facility. This takes Mosaic’s lending capacity from $150 million to $200 million — along with an extension of the term by two years.
Solar loans became more popular than third-party-owned solar in early 2018, according to Wood Mackenzie. Loans are now the financial tool of choice for residential solar.
Loan provider Mosaic was once the largest financier of residential solar in the U.S. owing to its relationship with then-leading installer Tesla. As the loan market has expanded, competitors such as Loanpal, Sunlight Financial, and Dividend Finance have joined the fray. Loanpal entered the market two years ago but is now the top residential solar financier in the country, according to WoodMac.
Financing through the Mosaic platform has supported solar installations for more than 100,000 homes. In addition, the company’s platform has topped $3 billion in loans funded since inception through its solar and home improvement business units.
Despite the challenges in the solar, energy storage and home improvement markets, large institutional investors continue to see opportunity in residential solar, distributed generation and energy security.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.