PosiGen bankruptcy spotlights US rooftop solar’s financing and policy fragility

• Rooftop provider PosiGen filed for bankruptcy, citing funding stress, credit shifts and lender disputes—underscoring the sector’s sensitivity to incentives and capital costs.

PosiGen’s Chapter 11 filing lands at a moment when US residential solar is digesting higher rates, changing incentives, and stricter underwriting. The company cited a squeeze on tax equity and securitization, alongside lender disputes—issues that can cascade quickly in lease/PPA models where cheap capital and steady customer performance underpin economics.

The cautionary tale is broader than one firm. Net-metering changes in key states have sharpened payback math; rate volatility and interconnection timelines add friction; and customer acquisition costs remain stubborn. Lenders are responding with tighter asset verification, lower advance rates, and more conservative performance assumptions—raising the bar for originators.

Pathways forward focus on unit economics and resilience. Batteries raise lifetime value (self-consumption, backup, demand charge management) and can qualify systems for new revenue streams. Virtual power plant participation—coordinated fleet services during grid events—adds cash flow and cements utility relationships. On soft costs, better targeting, digital permitting, and standardized designs can shave hundreds of dollars per kW.

For homeowners and regulators, consumer protections and transparency will be key to restoring confidence: clear savings projections, simple contracts, and robust service guarantees. For capital providers, clean data and disciplined servicing will separate durable platforms from fragile ones.

Rooftop solar isn’t broken; its financing stack is being repriced. The players that survive this cycle will be those that treat cheap money as a bonus, not a business model.