Solar loans are officially trending above solar leases in the residential space, and Mosaic has been one of the leaders in making this happen. The latest figures from the company show that it has surpassed $3 billion in loans funded through the company’s platform since inception, a culmination of efforts from its solar and home improvement business units.
This comes on the heels of another major accomplishment for the solar pioneer: with financing through the Mosaic platform, solar has been added to more than 100,000 homes, the equivalent of every home in a city the size of St. Louis being powered by solar.
“These milestones are proof that our mission to provide modern financing solutions for solar and energy-efficient home improvements is meeting a real need in the marketplace,” said Billy Parish, co-founder and CEO of Mosaic. “We expect our momentum to continue as more families look to make their homes more comfortable, more sustainable and more resilient with home solar and batteries, energy efficiency improvements and other upgrades.”
Mosaic has accelerated the adoption of rooftop solar by making financing options available for more than 780 MW of solar energy. In 2018, Mosaic supported the reduction of 350,000 metric tons of CO2 – equivalent to planting 5.8 million tree saplings, according to an Energy Impact Partners report.
Recent leadership announcements
Mosaic also announced that Erin Talbot, formerly vice president and general manager of solar, has been promoted to chief lending officer overseeing both the solar and home improvement business units. Erin joined the Mosaic team a year ago and oversaw the launch of new financing products and significant growth through 2019. Her promotion follows September’s announcement that Nagaraju Bandaru joined Mosaic’s executive team as chief technology officer.
“Our leadership team brings some of the strongest backgrounds in consumer lending and technology development to execute our growth strategies through bringing more flexible, competitive and streamlined products to market,” Parish said.
Surpassing $3 billion in funded loans and announcing two new senior leaders came at the end of an impressive year for Mosaic. The market has embraced the company’s new PowerSwitch 6 products launched earlier this year, which bundle together several features designed to improve solar installers’ cash flow, streamline their processing, expand their markets and lower their customer acquisition costs.
Mosaic’s home improvement lending platform has also boosted the company’s growth with a growing network of partner contractors in HVAC, roofing, remodeling and more, as well as its customer- and contractor-friendly point-of-sale app. The app allows home improvement contractors to provide homeowners with a simple financing process that offers clear payment terms and instant customer prequalification through any device.
— Solar Builder magazine