Whew! Between intense elections, incredible sports stories, and saying goodbye to too many musical icons, 2016 was certainly one of the most memorable years of our young century. But for the solar industry, it’s “only” the latest year of breaking records in the midst of an unprecedented, global boom in clean energy. Let’s acknowledge some of the many bright spots we have to be thankful for as the year comes to a close — and the powerful momentum they represent as we look ahead to the new year.
- An estimated 2.5 GW of residential solar generation will be installed this year, setting another new record for our segment of the industry.
- Cumulatively, over 1 million households across the country have now gone solar, representing billions of dollars in lifetime savings.
- The cost of residential solar has dipped under $3 per watt on average, making going solar more affordable than ever.
- The solar industry now employs well over 200,000 people in the U.S. — including one in every 80 new jobs since the Great Recession — the majority of which are in the solar installation sector.
In addition to yet another record-breaking year for our industry, Mosaic had a particularly momentous year, with several major milestones of our own to celebrate.
- Our partner network now includes 250 installers across the country, including 21 of the top 25 installers representing more than 85% of the residential solar market.
- We grew our staff to over 100 employees and moved to a beautiful new green office space in downtown Oakland.
- We dramatically expanded our financing capacity, with $200 million in warehouse financing from DZ Bank and the NY Green Bank in April, $220 million in an equity financing round headed by Warburg Pincus in August, and a $250 million warehouse facility from Deutsche Bank in November that puts us on track to finance $1 billion in home solar installations.
- We broadened our home financing options with our new PowerSwitch product, providing more flexible and accessible loans than ever — along with financing for battery installations and SREC monetization as well as solar panels.
Although we face some new uncertainties with the transition in administrations, the core foundation of our industry is our ability to deliver cost savings to our customers, and that foundation remains as solid as ever. We’re proud to be a part of an industry that creates value and supports jobs for so many households and communities across the country, and we’re incredibly excited to continue this progress in 2017 with financing that is more accessible and covers more clean energy investments than ever! Stay tuned, and have a safe and happy New Year.