Mosaic Urges Senate Passage of Climate Legislation

On Wednesday, July 27, Senators Schumer (D-NY) and Manchin (D-WV) announced a climate package as a part of the Inflation Reduction Act of 2022. The bill summary and language can be viewed here

We are excited about the unprecedented investments being made to reduce emissions and accelerate clean energy adoption. Mosaic’s point of sale financing platform is used by more than 3,000 contractors across the country, and we have financed sustainable home improvements for over 250,000 households. In June, we reached over $8 billion in funded volume and are continuing to see increased demand from homeowners to add solar and make their homes more sustainable.

As a leading financing company for solar and sustainable home improvement, we believe that the extension of the ITC for 10 years at 30% will further drive market adoption. This legislation will provide certainty for the solar industry to continue the record growth of the past several months. The legislation also includes $9 billion in consumer home energy rebate programs, focused on low income consumers, to electrify home appliances and for energy efficient retrofits. 

In addition to the ITC, there are 10 years of consumer tax credits to make homes energy efficient and run on clean energy, making heat pumps, rooftop solar, electric HVAC and water heaters more affordable, as well as a $4,000 consumer tax credit for lower/middle income individuals to buy used clean vehicles, and up to $7,500 tax credit to buy new clean vehicles.

The bill also includes funding for solar manufacturing, as well as the President’s commitments to clean energy and electrification through the Defense Production Act and investments across the board for clean energy adoption will put us on a path to meet President Biden’s climate goals. 

While yesterday’s announcement is a significant milestone, the work is not complete since the Senate and House must still pass the agreed-upon language. It is critical that those in the clean energy workforce, our customers and advocates for climate action take time to call their members of Congress and urge final passage. 

The next few weeks will decide the American response to climate change and has the potential to expand the clean energy economy. Right now, our voices can make a difference to pass this critical legislation.  

You can find your representatives here. Please call them and let them know how important it is for Congress to pass the climate provisions in the Inflation Reduction Act of 2022.

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