In a financial lightning strike that jolted the clean energy sector, Solar Mosaic — a pioneer in home solar panel financing — filed for Chapter 11 bankruptcy in Texas, weighed down by over $264 million in debt and a darkening solar market outlook.
The Oakland-based company, once hailed as a green-tech innovator, now seeks to restructure and sell assets, as it battles both tightening economic conditions and the uncertain fate of federal solar tax credits.
From $15 Billion Financed to a Harsh Reckoning
Founded in 2010, Mosaic once lit the path for homeowners eager to go solar, boasting $15 billion in total financing and currently servicing about $8 billion in loans. But in the wake of rising interest rates and political turbulence in Washington, the solar landscape has cooled rapidly.
In a public statement Friday, CEO Patrick Moore painted a stark picture:
“Today’s announcement marks a significant step for Mosaic to address our financial position amid the macroeconomic challenges facing the residential solar industry as well as the recent legislation passed by the House that rolls back residential solar tax credits.”
Moore’s words rang with urgency, echoing across an industry that had long counted on policy support to shine.
