Mosaic funds $1 billion in home solar, energy efficiency loans in just four months
Mosaic, a leading financing platform for U.S. residential solar and energy-efficient home improvements, has surpassed $6 billion in loans funded through the company’s platform. What makes this announcement extra notable is it comes just four months after the company surpassed $5 billion in loans, and nine months since $4 billion in loans was announced.
“As the impacts of climate change continue to grow, it’s inspiring to witness more and more people joining the transition to clean energy and lowering the carbon footprint of their homes,” said Billy Parish, Founder and CEO, Mosaic. “The opportunity and challenge ahead of us is enormous: we need to upgrade the entire global housing stock to both address climate change and to adapt to the changes that are already with us.”
When we chatted with Parish on The Pitch last year, he explained how the solar lending landscape has evolved to get to a point where such volume is now possible.
“The most important thing is that rates have come down dramatically which makes solar more affordable for everyone,” Parish said. “Mosaic was the pioneer in solar lending the first company to create a 20-year solar loan product the first to create a fully digital paperless application process, but when we got started we were offering rates of 5.99 or 6.99 percent. We’ve spent the last seven years educating investors about what a solar loan is and what the performance of those assets can be over time and have proven through our credit performance that it’s an amazing asset class for investors, which has reduced our cost of capital over time. We are now taking that lower cost of capital and passing it on in the form of lower rates and lower dealer fees.”
Mosaic also welcomed a new member to its Board of Directors. Rayman (Ray) Mathoda is a seasoned CEO with close to 20 years of experience in the areas of fintech, proptech and banking. With substantial board experience spanning the public, private and non-profit sectors, Mathoda successfully led and transformed five different companies in the last 10 years.
Most recently, Mathoda served as CEO of Xome, a $1 billion portfolio of real estate data and technology businesses she is credited with transforming culturally and strategically while improving annual earnings by $80 million in less than two years.
“As Mosaic continues to experience rapid growth, we are excited to have Ray join our Board of Directors,” said Parish. “With a track record for driving strategic, operational and financial success, we believe she will play a key role in our company’s continued growth.”
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