California is well on
its way to meet its 2030 renewable energy target of 50%: the state Energy
Commission estimates that renewable energy facilities contributed 30% of retail
electricity in 2017.
Much of this success
is due to a combination of shifts in attitude, policy – and pioneering
companies such as Oakland-based Mosaic. Formed in 2011, it is a “B2B2C” model
that provides software and financing solutions for homeowners through solar
contractors with the aim of making it easier for people to go solar while
providing a financial incentive for doing so. No upfront cost, loans structured
over 10 to 25 years and substantial energy cost savings make going solar especially
compelling compared to energy companies’ existing leasing solutions.
To date, Mosaic has
funded more than $1 billion of solar panels in 37 states. To help it grow
further, the company completed its first asset-backed security (ABS)
transaction in February 2017, securitising $140 million of its residential loan
portfolio, with a second transaction having closed in October.
As countries
increasingly turn to renewables, it is forward-thinking companies like Mosaic
that will play a pivotal role in the global energy transition.