819: Why Commercial Solar Hasn’t Taken Off—Until Now | Josh Goldberg, Sunstone Credit

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May 29, 2025

Josh Goldberg, CEO of Sunstone Credit and a seasoned solar industry entrepreneur, dives into the untapped potential of small-to-mid-sized commercial solar. He reveals the reasons why this sector lagged behind residential solar, discussing his mission to provide innovative financing solutions. Goldberg shares insights on the billion-dollar bottleneck he's addressing, how Sunstone built robust underwriting for an 'unbanked' market, and why the timing for commercial solar is now ripe for growth. Expect revelations about market changes and financing intricacies!

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INSIGHT

Commercial Solar's Financing Barrier

The small to mid-sized non-rated commercial solar market hasn't grown like residential or utility despite similar or better economics.
The main inhibitor is the lack of financing suited to this market, making upfront cash costs a barrier for owners.

INSIGHT

Capital Access Enables Market Entry

Access to capital was critical for Sunstone Credit's success, which was hard to secure for this new asset class.
Prior track record and timing (starting mid-2021) helped convince banks to partner and invest.

INSIGHT

Underwriting Commercial Solar Risk

New solar financing was initially risk-priced high due to lack of data; banks needed comparable asset parallels to trust it.
Borrower profiles resemble those of commercial mortgages and large equipment finance, aiding risk assessment.

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What if the biggest opportunity in solar has been hiding in plain sight?

Josh Goldberg is no stranger to solar. He’s a multi-exit founder who helped shape residential solar finance—and now he’s back to tackle the “messy middle” of commercial solar. After stepping away from the industry, Josh returned with a mission: to unlock the underfinanced, overlooked world of small-to-mid-sized commercial solar.

In this episode, Josh shares how Sunstone Credit is solving a billion-dollar bottleneck—by giving installers and non-rated businesses the financing tools they’ve always needed. He opens up about what’s changed in the market (and what hasn’t), the whiteboard moment that sparked his latest venture, and why the time for this market is finally now.

Expect to learn:

🔹 Why the C&I market still hasn’t scaled like residential or utility

🔹 How Sunstone built bank-grade underwriting for an “unbanked” sector

🔹 The real reason pricing in commercial solar hasn’t improved in 15 years

🔹 What it took to convince banks to bet on a “brand new” asset class

If you’ve been wondering when large-scale commercial rooftops will finally go solar (or why it hasnt happened yet…), this one’s for you.

If you want to connect with today's guest, you’ll find links to his contact info in the show notes on the blog at https://mysuncast.com/suncast-episodes/.

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