Residential solar and home improvement financing platform Mosaic has filed for Chapter 11 bankruptcy protection in the Southern District of Texas. Its estimated assets and liabilities are between $1 billion and $10 billion.
Mosaic offers homeowners financing options for solar, storage and other sustainable home improvement projects. The company has a network of contractor partners and approved product offerings.
Mosaic says it intends to complete a restructuring and recapitalization supported by its existing lenders and Forbright Bank. It has already taken actions to “strategically and operationally reorganize the business.”
Mosaic blames “macroeconomic challenges” facing the entire residential solar industry, like high interest rates and unsupportive legislation at the federal level, which have impacted its access to capital.
Throughout the bankruptcy process, Mosaic says it expects to remain fully operational and will maintain its loan servicing operation. Customers will continue to pay their loans as planned. Forbright Bank will support Mosaic’s servicing operations in the meantime.
“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,” said Patrick Moore, Mosaic CEO. “Throughout this process, we remain focused on maintaining stability for our customers, business partners and employees.”
Mosaic’s June 6 bankruptcy filing comes at the same time as Sunnova’s filing, another company working in the solar leasing space.
I have been trying to communicate with someone from Mosaic for a week. They have no answering service, which gives you an option to leave a number. They only give you an email address to write. I’ve written this address four different times. I’m changing banks and simply trying to get a new bank account established with my loan. I have had no communication for mosaic for almost a year. I have no idea what is going on with this company. I guess I have to obtain attorney services in order to find out anything on my loan.
And they made a secret decision with the lenders not to be able to transfer the loans when u sell your home had to be paid off so u ser handed because that’s not what they sell you on. Watch out for Solarmite and others company’s in NJ
Dealing with mosaic is a nightmare, im trying to get my roof replaced. The solar panels need to be removed to do it. The original company i got solar from no longer exists. The financing company won’t provide any support by only providing paperwork that just need to say a 3rd party is allowed to remove the panel and emplace them back. Which I need a 3rd party because the original company that installed them no longer exist. One person at mosaic say that paperwork doesn’t exist, then another does, then says wait 48 hours for the email, never comes. Did the same process 4 times till I finally ask for a manager. Then sends an email that says nothing about the 3rd party but only says I have to still pay the loan. Nothing to what I was asking for. Call them back and they never answer.
Some of the same leaders that lead to the bankruptcy of Renovate America financing!!!! Patrick and Tamiko and a handful more.
Yeah seriously Patrick is the worst. As soon as we got in bed with Kushner, Billy stepped down as ceo, i knew we were cooked. Patrick is a shiester and laid off all our employees over 5 years with complete knowledge of the business in 2023.