Mosaic Inc.

Solar Mosaic
Company type	Private
Industry	Financial technology, Clean energy financing
Founded	2010
Founder	Billy Parish, Dan Rosen, Arthur Coulston, Steve Richmond
Headquarters	Oakland, California, United States
Area served	United States
Products	Residential solar project financing, solar loans, sustainable home improvement loans
Parent	Warburg Pincus (as of Series C funding)

Solar Mosaic is a financial technology firm specializing in clean energy, based in Oakland, California. Established in 2010, the company originally utilized crowdfunding to support commercial solar initiatives. Beginning in 2014, Mosaic redirected its efforts toward residential solar project financing by collaborating with external capital partners. This strategy is designed to broaden public participation in the environmental and societal advantages of renewable energy.

Initial initiatives

The company was founded by Billy Parish, Dan Rosen, Arthur Coulston, and Steve Richmond with the goal of enabling crowdfunding for solar development loans. Early on, Mosaic secured approximately $1.1 million from 400 individual investors to fund a dozen rooftop solar installations across California, New Jersey, and Arizona.

In the spring of 2012, Mosaic financed five solar power facilities using an investment model that offered zero interest. More than 400 contributors invested $350,000, which resulted in the generation of 73 kW of solar power for community groups—leading to utility savings exceeding $600,000 and creating over 2,700 hours of local employment.

By September 2012, the company introduced its first project that provided returns to investors. A group of fifty-one investors raised upwards of $40,000 to support a 47 kW installation for the Youth Employment Partnership in Oakland, California. This loan promised a 6.38% annual return over five years, with a $200 investment maturing to $272.

Public introduction

In January 2013, Mosaic unveiled an online platform enabling individuals to invest as little as $25 in designated solar projects offering a 4.5% annual yield. The company lent capital to developers at a 5.5% interest rate while retaining a 1% fee and guaranteeing full repayment to investors within nine years. The initial public offerings sold out within a day, drawing over 400 investors who collectively contributed $313,000 with an average stake of $700.

By April 2013, Mosaic obtained authorization to market up to $100 million in solar investments to California residents and initiated a project at the Ronald McDonald House in San Diego.

On March 6, 2014, Mosaic broadened its portfolio by introducing crowdfunded loans tailored for homeowners installing solar panels.

Developments from 2015 to 2021

From 2014 onward, Mosaic has concentrated on residential solar financing through partnerships with third-party capital providers, driving significant expansion in its lending operations.

A key milestone came in October 2014 when reinsurer PartnerRe invested $100 million to scale Mosaic’s lending platform. That same year, the company launched one of the industry’s earliest fully digital solar loans with a 20-year term.

In 2016, Mosaic debuted a loan product exclusively for batteries and secured $200 million in funding from Germany’s DZ Bank and New York Green Bank. Additionally, it closed a Series C funding round worth $220 million led by private equity firm Warburg Pincus. The following year saw the introduction of a 25-year loan option and diversification into sustainable home improvement financing. By 2019, Mosaic was providing integrated financing solutions covering solar installations alongside roofing, windows, and doors.

In 2020, the company rolled out a sustainable home improvement loan featuring up to eighteen months without interest or payments and flexible repayment schedules extending up to twenty-five years.

Bankruptcy

On June 6, 2025, Mosaic sought protection under Chapter 11 bankruptcy following substantial financial setbacks caused by macroeconomic tensions and escalating interest rates.

Controversies

Beginning in 2019, Mosaic has been accused of exploiting its financial arrangements to deceive homeowners through fraudulent loan practices. These allegations have led to lawsuits demanding over $3 million from California residents alone, with further legal actions initiated by consumers and State Attorneys General across nearly 30 states. On March 8, 2024, the Minnesota Attorney General filed a lawsuit against Mosaic along with three other lenders—GoodLeap, Sunlight Financial, and Dividend Solar Finance—after discovering $35 million in concealed fees associated with close to 5,000 residential solar panel loans. The complaint charges violations of Minnesota statutes related to deceptive trade practices, lending regulations, and usurious interest rates. Comparable issues involving undisclosed fees and prolonged debt obligations have emerged in other states, affecting the rooftop solar financing sector.

2014

Mosaic secured $100 million in funding through a partnership with reinsurer PartnerRe.

2016

The company acquired $200 million in warehouse credit from Germany's DZ Bank alongside New York Green Bank.
Additionally, Mosaic raised $220 million in equity capital from the private equity firm Warburg Pincus.

References