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: firstname.lastname@example.org.