Comes in the face of market uncertainty over federal support of clean energy
Bloomberg News
Solar Mosaic LLC, a provider of home solar loans backed by Jared Kushner’s investment firm, is planning to file for bankruptcy in the face of market uncertainty over federal support of clean energy, according to people familiar with the matter.
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The Oakland, California-based company recently stopped issuing loans after a new round of financing fell through due to the U.S. House advancing President Donald Trump’s massive tax and spending bill, said the people, who asked not to be identified discussing a private matter. The tax bill would end generous tax incentives for residential solar systems and is now being debated in the Senate.
Solar Mosaic didn’t return a request for comment.
The end of federal subsidies for residential solar would devastate an industry that’s already been struggling with bankruptcies, sluggish sales and high borrowing rates, executives and analysts have said. Last year, residential solar installations dropped 31 per cent from the year before, according to research firm Wood Mackenzie. SunPower Corp., a pioneer in solar, filed for bankruptcy last year and home solar financial provider Sunnova Energy International Inc. is teetering on the edge of insolvency.
The company launched more than a decade ago as a crowdfunding initiative that allowed ordinary investors to put money toward financing rooftop solar systems. The company expanded to offer loans for energy-efficiency home improvements, battery storage and electric car charging. Mosaic raised more than $5 billion in capital in 2021 and 2022, according to the latest figures from BloombergNEF. Kushner’s Affinity Partners invested in Solar Mosaic in 2022.
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