Goldman Sachs to buy $300 million home solar loans from Mosaic

Mosaic solar financing

Goldman Sachs Bank and Mosaic, a provider of home solar financing solutions, have announced a purchase commitment in which GS Bank will buy $300 million in home solar loans originated by Mosaic. The commitment increases Mosaic’s available future loan funding commitments from banks and credit unions to $800 million. This is in addition to $650 million of committed borrowing capacity provided by Mosaic’s existing warehouse partners.

Mosaic makes financing solar energy systems accessible and affordable for homeowners by providing the simplest borrower experience in the industry. Mosaic has originated over $1 billion of loans to date. Customers are connected to top solar installers and can qualify instantly for no money down loans with fixed interest rates and multiple term options. For solar installers, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped over tens of thousands people go solar with a network of over 125 installers.

— Solar Builder magazine

Department of Energy boosts Sunshot funding by $82M after already hitting 2020 cost target

solar sunshot funding

I hope it’s not morbid timing that all of these positive solar reports are coming out right before the Section trade case decision. NREL noted more sharp system cost declines in 2017, and now the U.S. Department of Energy says solar’s 2020 utility-scale solar cost target set by the SunShot Initiative has already been reached thanks largely to the rapid cost declines in solar photovoltaic (PV) hardware. The average price of utility-scale solar is now 6 cents per kilowatt-hour (kWh).

Given this success, DOE is looking beyond SunShot’s 2020 goals with an expanded 2030 vision for the Solar Energy Technologies Office. Specifically, while DOE will continue research to drive down costs, new funding programs will focus on a broader scope of Administration priorities, which includes early-stage research to address solar energy’s critical challenges of grid reliability, resilience, and storage.

“With the impressive decline in solar prices, it is time to address additional emerging challenges,” said Daniel Simmons, Acting Assistant Secretary for Energy Efficiency and Renewable Energy. “As we look to the future, DOE will focus new solar R&D on the Secretary’s priorities, which include strengthening the reliability and resilience of the electric grid while integrating solar energy.”

Vote here for the 2017 Solar Builder Project of the Year

DOE announces up to $82 million in early-stage research in two areas:

Concentrating Solar Power (CSP): Up to $62 million will support advances in CSP technologies to enable on-demand solar energy. CSP technologies use mirrors to reflect and concentrate sunlight onto a focused point where it is collected and converted into heat. This thermal energy can be stored and used to produce electricity when the sun is not shining or integrated into other applications, such as producing fresh water or supplying process heat.

• Power Electronics: Up to $20 million is dedicated to early-stage projects to advance power electronics technologies. Such innovations are fundamental to solar PV as the critical link between PV arrays and the electric grid. Advances in power electronics will help grid operators rapidly detect problems and respond, protect against physical and cyber vulnerabilities, and enable consumers to manage electricity use.

Awardees will be required to contribute 20 percent of the funds to their overall project budget, yielding total public and private spending of nearly $100 million. The funds provided are not grants, but cooperative agreements, which involve substantial federal oversight and consist of go/no-go technical milestones that ensure attentive stewardship of projects.

— Solar Builder magazine

Mass.-based mortgage lender adds ‘Own My Solar’ web portal for homeowners

Florida homebuilder solar

New Fed Mortgage Corp., a multi-state residential mortgage lender has partnered with NRGTree to provide a link to “Own My Solar” via their website. This innovative online tool allows homeowners to quickly determine in a few minutes the economic viability of potential savings of owning a solar energy unit that is custom designed to their home.

“I recently learned about this innovative green energy program and I’m excited to share the environmental and financial benefits of going solar,” stated New Fed Mortgage President, Brian D’Amico.

The average Massachusetts household paying $100.00 a month for electricity can save an estimated $35,900 over the next 20 years-almost $1,800 per year. What’s more consumers are willing to pay about $15,000 more for a home with rooftop solar panels.

NRGTree is a Mass.-based technology company that connects property owners with lending institutions and solar installers. Their Own My Solar platform provides homeowners a convenient online and anonymous experience to understand if buying solar makes sense for them. Unlike leasing solar, purchasing solar enables the homeowner to keep all the federal and state incentives, substantially reduce their residential energy costs and significantly increase their home value.

New Fed Mortgage, locally based in Massachusetts has specialized in residential retail mortgage lending since 2001. Licensed in seven states on the East Coast, the company offers a wide array of financing options including Conventional, Jumbo, FHA, VA, USDA, Portfolio products along with state housing programs. Available products range from 1st time home buyer programs with little or zero money down, to “pick your term” traditional fixed rate products, adjustment rate programs, rehab loans and 203K renovation loans.

— Solar Builder magazine

C&I solar boost: SEIA drafts model contract for PPAs

C&I Solar

The Solar Energy Industries Association (SEIA) released a new model contract to pave the way for more development of solar in the commercial and industrial (C&I) sector. The model power purchase agreement (PPA) for commercial customers was developed by SEIA’s C&I Working Group and vetted by some of the top law firms, development entities and financiers in the U.S.

The new PPA is an improved and streamlined version of its predecessor, which was originally developed by the National Renewable Energy Laboratory. Users will find the new C&I PPA Version 2.0 shorter in length, easier to navigate, and simpler to finance.

“By easing the negotiation and contracting processes, the revised model PPA document allows for quicker financing of solar projects and better access to low-cost capital,” said Mike Mendelsohn, SEIA’s senior director of project finance and capital markets. “We are deeply grateful to the wide variety of contributors to the document and want to especially thank the teams at Tesla, Ballard Spahr, Nixon Peabody, and Blank Rome for providing their expertise and leadership in this effort.”

These model contracts are a critical component of SEIA’s comprehensive consumer protection and industry facilitation efforts.

Head here for a list of downloadable model leases and PPAs.

Financing beyond FICO: Using asset-backed loans, PACE to get solar deals done

— Solar Builder magazine

Details on how Sunwealth’s Solar Impact Fund looks to scale commercial solar

Sunwealth

Sunwealth is an innovative clean energy investment firm looking to bring commercial solar to scale with its Solar Impact Fund. The fund offers investors two compelling ways to invest – via tax equity or a bond offering – in the vastly untapped commercial solar asset class.

Sunwealth seeks to create wider-reaching social and environmental impact – without sacrificing finan-cial return – by combining commercial solar projects for credit-worthy businesses, municipalities, and non-profit organizations into a single investment vehicle.

The first tranche in the fund is comprised of six projects providing renewable solar energy to fire departments, schools, and businesses in New York and New England, including Sika Sarnafil’s U.S. headquarters in Canton, Mass., and the Montessori School of Northampton, Mass. All six projects were recently placed in service, and to date the Solar Impact Fund has exceeded performance expectations.

The second tranche, with a bond offering of $1.5M and tax equity offering of $1M, will include nine additional projects to build on the Solar Impact Fund’s initial success.

“Commercial solar is built on proven technology, high technical potential, and is a driving force in the decentralization, de-carbonization, and democratization of our energy grid,” said Jonathan Abe, Chief Executive Officer at Sunwealth. “The Solar Impact Fund provides investors with a simple, transparent, and predictable investment. They know which projects they are funding and can track the measurable impact they are delivering.”

The Fund’s first two tranches will produce more than 1,691 metric tons of carbon offsets per annum, over $2,115,000 in energy savings for power purchasers, and generate more than 50 job years for so-phisticated positions among locally-based solar firms.

Sunwealth invests alongside its investors by owning and operating each project within the Solar Impact Fund. The firm’s technology-driven insight paired with a proprietary underwriting process identifies high-performing projects that can generate meaningful financial returns. The standardized and pooled-project approach dramatically reduces transaction costs and gives investors access to a diverse set of projects that combat climate change and strengthen communities through job creation and access to clean energy.

 

— Solar Builder magazine