Solar Bust: PosiGen Joins SunPower, Sunnova, Mosaic Solar

“Maybe ending dues to the Solar Energy Industries Association is part of the ‘soft costs’ that need to go. After all, other solar executives, including David Bergeron of  SunDanzer Development, never joined SEIA for this reason.”

An adage of political economy is that the market picks winners, leaving losers for government. Residential solar is no exception. The grim news continues with PosiGen, a company “making solar panel leasing accessible and affordable for all homeowners, regardless of their credit score or income level.”

The story is told by Ryan Kennedy in pv magazine USA, Residential Solar Installer PosiGen Ceases “most of its operations” (August 26, 2025).

Residential solar installer Posigen announced it will cease most of its operations through the United States, effective immediately. The company cited “significant financial difficulties” in a WARN Act termination notice to its employees. The shutdown of operations includes the closure and permanent layoffs at its facilities in Plymouth Meeting and Conshohocken, Pennsylvania. The solar installation business serves customers in Massachusetts, Connecticut, Rhode Island, New Jersey, Pennsylvania, Louisiana and Mississippi. It also offers battery energy storage installation and energy efficiency services.

The political boom-to-bust business story is familiar. Continued Kennedy:

The installer said it grew its operations rapidly, which later led to a liquidity strain. Amid market slowdown, it was forced to use its working capital to advance contracted solar projects to completion, which pressured liquidity. The company then made a missed interest payment on its credit facility in favor of preserving capital to pay its channel partners and pay operating expenses. Its lender then exercised its rights to freeze cash and issue a notice of default on Posigen’s credit facility. This caused a sudden and unexpected interruption in the company’s business operations, said the termination letter.

With 500 employees, a company representative stated: 

My heart goes out to hundreds of my colleagues locally, nationally, and abroad who lost their jobs this past weekend. If your company is looking for amazing, principled people who will go above and beyond to fulfill their mission, I urge you to seek out former Posigen employees….

Kennedy documented the general market decline from higher interest rates and a loss of vital state and federal subsidies, resulting in “an industry once defined by double-digit growth in installations is experiencing falling demand.” With a nearly one-third decline in residential solar installations in 2024, and further declines this year, leaders such as SunPower, Sunnova, and Mosaic Solar have already declared bankruptcy, Kennedy noted.

The mass-market solar industry is left grasping at straws. The new strategy of greatly reducing costs begs the question: why was this not done before, and who will be left to try to be successful? “The Solar Energy Industries Association (SEIA) said over 65% of the cost to install residential solar is related to soft costs like paying sales teams, securing permits, grid connection costs, and more,” Kennedy writes. But maybe ending dues to the SEIA is part of the ‘soft costs’ that need to go. After all, other solar executives, including David Bergeron of  SunDanzer Development, never joined SEIA for this reason.

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Other recent solar posts at MasterResource:

Solar Bankruptcies: The New Normal (August 20, 2025)

A Welcome Farewell: Solar Crony Leaves Shell (September 3, 2025)

Sunnova Declares Bankruptcy (June 10, 2025)

The post Solar Bust: PosiGen Joins SunPower, Sunnova, Mosaic Solar appeared first on Master Resource.

Source: https://www.masterresource.org/solar-bankruptcies/solar-bust-continues-posigen/