The solar power loan issuer Mosaic, based in Oakland, CA, recently announced two major milestones. It surpassed over $7 billion dollars in loans issued and achieved its largest securitization. Mosaic initially used crowdfunding for commercial solar development projects, but switched to solar loans several years later. Now it is a leading residential solar power loan provider.
Billy Parish, founder and CEO of Mosaic, answered some questions about the milestones for CleanTechnica.
Mosaic has surpassed $7 billion in loans funded — about how many solar power systems is that?
Since 2012, Mosaic has empowered more than 220,000 households to make the switch to solar and sustainable home improvements with our innovative financing products and platform.
We finance everything for the sustainable home. The total amount in loans funded includes solar systems and battery storage, HVAC, energy-efficient windows and doors, and home automation and EV charging.
What is the average loan size?
Our average loan size varies based on the type of project. Solar loans average around $40,000, while sustainable home improvement projects typically range from $10,000-$25,000. That’s why offering financing options is so important — converting that upfront expense into an affordable monthly payment helps homeowners make sustainable upgrades to their homes, including choosing premium products, which are typically more energy efficient.
How does the over $7 billion compare to other solar power lenders?
Mosaic pioneered solar lending and we have the best platform in the market, which is why we netted more than a 50% market share increase in 2021. And we’ve had a strong first quarter and achieved our highest monthly loan volumes to date in the past several months. We are excited about continuing this growth and realizing our vision of 100% clean energy for all.
In March, you achieved the highest monthly loan volume. How many loans was that, and why did that happen in March?
The $7 billion milestone was passed in mid-March and was fueled by Mosaic’s strong industry relationships, point-of-sale technology, credit expertise, and capital partnerships. We are well-positioned for this moment where more and more households are seeking ways to save money on their energy bills as well as making sure they have stable and consistent power due to ongoing grid instability and changing weather patterns.
Are you expecting to maintain this level of volume?
Yes. Clean energy’s importance is only growing as an economic engine, a climate imperative, and a matter of national security. The urgency to deliver affordable financing options for homeowners has never been higher, and Mosaic is uniquely positioned to help lead this charge.
What is your vision for the next 3-5 years?
Mosaic was founded with the vision of 100% clean energy for all. We believe every home can play a role in solving climate change. Abundant solutions already exist such as solar, battery storage, electric heating and cooling, home automation, electric vehicle charging and energy efficient windows, roofing, and insulation. These sustainable home improvements often come with a large upfront expense which deters widespread and rapid adoption. Our Point-of-Sale (“POS”) financing converts that upfront expense into an affordable monthly payment and empowers homeowners to make their homes cleaner, …….