Crowdfunding of Homeowner Solar Installations Surpasses $1 million in Connecticut

Connecticut Green Bank, nation’s first Green Bank, successfully utilizes crowdfunding platform to finance innovative solar loans for homeowners

ROCKY HILL, Conn. – August 13, 2015 – The Connecticut Green Bank today announced that more than$1 million in loans has been sold to date to Mosaic, a solar finance crowdfunding platform,for residential solar installations funded throughout the state.

The Connecticut Green Bank is the nation’s first Green Bank to utilize a crowdfunding platform to help finance a residential solar loan product, which provides homeowners with the opportunity to own solar photovoltaic (PV) systems to lower energy costs. It also represents the first time that a pool of residential solar loans has been crowdfunded and offered to individual investors.

The crowdfunded loans have financed the installation of nearly 100 PV systems, deploying more than 735 kilowatts (kW) of clean energy to homeowners throughout the state.

In February 2014, the Connecticut Green Bank, Mosaic, and Sungage Financial, a specialty solar finance company that provides homeowners with easy, online access to low-cost loans to help them go solar, agreed to a $5 million deal to offer Connecticut homeowners crowdfunded loans for solar installations.

“The success of this initiative demonstrates both what a Green Bank is designed to do and that there is a new market for residential solar financing through crowdfunding,” said Bryan Garcia, Connecticut Green Bank President and CEO. “With our partners Mosaic and Sungage Financial, we have created an innovative new model for attracting private capital investment in residential solar projects, which is sure to help clean energy thrive in Connecticut and beyond. Additionally, the sale of the loans to Mosaic and its users will allow us to redeploy ratepayer capital that was invested in the loans to fund even more clean energy projects across the state.”

The loan product, originally designed by Sungage Financial in partnership with the Connecticut Green Bank, is the first of its kind and uses projected energy savings as a valuation tool for appropriately sizing the loans.Offered through participating solar installers serving the Connecticut market, the loan offer incorporates key protections for the homeowner such as guarantees on system performance.

The Connecticut Green Bank provided an initial $5 million commitment to fund origination of the consumer loans. Mosaic then bought these loans and offered the crowd the opportunity to invest, in return for a yield of approximately 5.5% over a 15-year term.Mosaic’s investors have fully funded the entire portfolio offered to date, with individual Mosaic users investing as little as $25 in this new asset class while benefiting from a very low-risk investment due to the pooling of the underlying solar loans.

“This offering proves that the clean energy economy is accessible and affordable to consumers, as well as to the small investor looking to promote clean energy while earning a good return,” said Garcia.

About the Connecticut Green Bank

The Connecticut Green Bank was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This new quasi-public agency superseded the former Connecticut Clean Energy Fund. The Green Bank’s mission is to lead the green bank movement by accelerating private investment in clean energy deployment for Connecticut to achieve economic prosperity, create jobs, promote energy security and address climate change. As the nation’s first full-scale green bank, the organization leverages public and private funds to drive investment and scale-up clean energy deployment in Connecticut. For more information about Connecticut’s Green Bank, please visit

About Mosaic

Mosaic is the first online marketplace to offer investments in solar projects. Mosaic, named the 5th most innovative energy startup by Fast Company, launched in January 2013 and has financed over $6M of solar projects with thousands of investors across the nation. To date, the company has had zero defaults and 100% on-time payments at 4.5-7% annually. For more information about Mosaic, please visit

 About Sungage Financial

Sungage Financial offers the first solar loan product for the residential marketplace. Headquartered in Boston, Massachusetts, Sungage Financial partners with leading solar installers and institutional investors to provide a proprietary online platform that enables homeowners to efficiently apply, qualify, and contract for solar financing. Sungage Financial, which is committed to helping homeowners save more from their homes’ solar panels, launched its first lending program in Connecticut in March 2013 through a partnership with the nation’s first green bank, the Clean Energy Finance and Investment Authority. For more information, please visit