Mosaic, a financing platform for residential solar and energy-efficient home improvements, has surpassed $10 billion in loans funded through its platform.
“Homeowners add solar to save money, which is especially important right now, and is one of the many factors that is driving the continued demand for clean energy across the country,” said Billy Parish, founder and CEO of Mosaic.
According to the “U.S. residential solar finance update H2 2022” released in October 2022 by Wood Mackenzie, residential solar loan volumes will continue to grow through the end of the year. The report explains that increasing retail rates continue to make loans attractive compared to customers’ monthly utility bills despite increased pricing due to higher interest rates.
The passing of the Inflation Reduction Act — which includes a 10-year extension of the solar residential tax credit at 30 percent — is also expected to increase solar adoption in the U.S. for the foreseeable future.