Sacra estimates that GoodLeap generated approximately $361M in revenue in 2025, based on disclosed quarterly figures of $83M in Q1 and $88M in Q2.

GoodLeap's revenue has declined slightly from 2024, consistent with broader headwinds in the sustainable home financing sector, including higher interest rates, tighter credit conditions, and policy uncertainty around solar incentives.

The company's revenue model centers on originating and selling loans through an asset-light approach. GoodLeap generates fees from loan origination, servicing, and securitization while pre-selling loans via forward purchase agreements to avoid funding risk.

Home efficiency loan volume is expected to reach $4.6B in 2025, up 44% from $3.2B in 2024. The platform has facilitated over $30B in sustainable financing since 2018 and serves 1.3M+ homeowners through 18,000+ contractor partners.

GoodLeap was last valued at approximately $12B in its October 2021 Series D round, when it raised $800M led by MSD Partners with participation from BDT Capital Partners and Davidson Kempner.

The company previously raised an $800M+ Series C in January 2021 led by New Enterprise Associates and WestCap Group. Earlier investors include Brookfield Asset Management and Riverstone Holdings, which continues to hold a stake and provides regular portfolio updates on the company's performance.

GoodLeap has raised approximately $1.6B in total equity funding across multiple rounds since its founding. Current investor Riverstone marks its position at cost.

GoodLeap is a three-sided platform connecting homeowners, contractors, and capital providers around sustainable home upgrades. The core product is a point-of-sale financing system that lets contractors offer instant loan approvals during sales calls.

For contractors, the GoodLeap Pros mobile app lets salespeople input basic homeowner information and receive multiple financing offers within seconds via soft-credit underwriting. Digital loan contracting supports e-signatures, with funding deposited the next business day once project milestones are verified.

The GoodLeap Home consumer app provides account management where borrowers can check balances, make payments, and monitor their solar system's energy production in real time. The app also includes a marketplace for additional home efficiency products and a referral program that rewards users for new customer referrals.

GoodLeap Payments, launched in June 2025, adds tap-to-pay, ACH, and QuickBooks integration, letting contractors collect down payments and progress draws without additional hardware. The Direct Pay program pays equipment distributors upfront, freeing contractor working capital, and uses the same instant approval infrastructure.

GoodLeap uses an asset-light, fee-driven model built to scale while generating free cash flow. The company originates loans but does not take funding risk, pre-selling originated loans to institutional investors via forward purchase agreements.

Revenue comes from origination fees, servicing fees, and securitization premiums when loans are packaged and sold to asset managers, banks, and other capital providers. The structure concentrates the business on technology and origination and avoids the balance sheet risk of holding loans long term.

The model has expanded from pure solar financing to a broader home improvement focus. Diversification reduces exposure to solar policy changes and seasonal fluctuations and expands the addressable market beyond renewable energy projects.

GoodLeap's cloud-based underwriting engine produces standardized assets with performance profiles suited to institutional buyers. The company has completed 24 securitizations to date and has accessed capital markets during periods of credit market stress.

The sustainable home financing sector has experienced significant consolidation as higher interest rates and credit tightening pressured pure-play fintech lenders. Mosaic, once the second-largest originator with $14B in loans funded, filed for Chapter 11 bankruptcy in June 2025 and sold its servicing operations to Forbright Bank.

Sunlight Financial emerged from its own Chapter 11 restructuring in December 2025 under new ownership from Greenbacker, Sunstone, and Cross River. The company is using fresh equity to cut dealer fees and accelerate approvals to win back installer relationships.

GoodLeap has maintained market leadership through this consolidation period, though several of its solar asset-backed securities classes have ceased interest payments due to higher defaults. The company has pivoted toward home improvement loans and co-originated solar lease securitizations to restore liquidity.

Traditional banks have acquired fintech platforms to secure captive origination channels and leverage cheaper funding costs. Fifth Third Bank's acquisition of Dividend Finance positions the combined entity as an ESG lending arm with aggressive pricing power that threatens independent platforms.

Regions Bank acquired EnerBank, while Synchrony purchased assets from Ally Lending, creating vertically integrated competitors with balance sheet advantages. These bank-owned platforms can price more aggressively and bundle mortgage products, potentially eroding GoodLeap's contractor relationships.

The broader fintech landscape shows strategic pivots toward embedded finance models, where financial services integrate directly into existing platforms rather than operating as standalone products. This trend, exemplified by companies like Pipe's transition to embedded fintech, offers greater scalability and distribution without traditional customer acquisition costs.

GoodLeap's contractor-focused approach mirrors this embedded strategy by integrating financing directly into the sales process. However, the company faces potential competition from SaaS platforms that could embed similar financing capabilities into their existing contractor management tools.

GoodLeap Payments represents a significant expansion beyond loan origination into the broader contractor payments ecosystem. By embedding payment processing, ACH transfers, and accounting integrations, the company can capture interchange fees and SaaS-like recurring revenue on every sustainable upgrade project.

The GoodGrid virtual power plant program aggregates batteries and smart devices to provide grid services, creating an energy services layer that monetizes demand response and capacity payments. This expands the addressable market from solar loans to the entire distributed energy resource stack including storage, HVAC load control, and EV chargers.

Device aggregation capabilities now control batteries and smart thermostats, positioning GoodLeap to capture ongoing revenue streams from grid services rather than just one-time financing fees. The company manages 60MW under its VPP programs with plans to scale to 300MW+ across additional grid operators.

Utility partnerships like the arrangement with Reliant Energy in Texas bundle battery incentives with electricity plans, allowing GoodLeap to reach millions of non-solar homeowners through trusted utility channels. These partnerships provide access to customers who might not otherwise consider sustainable upgrades.

State-backed green banks offer another expansion vector, with programs like the Connecticut Green Bank partnership using GoodLeap's AI-powered VPP to aggregate solar-plus-storage systems. These relationships unlock customers who rely on subsidized programs rather than traditional commercial loans.

The contractor ecosystem expansion beyond solar installers to include 15,000+ HVAC, plumbing, and general remodeling partners widens the funnel from solar-specific projects to the broader $500B sustainable home improvement market including heat pumps, water heaters, and insulation.

Virtual Power Plant rollouts now span California, Texas, and Connecticut, with each new state adding both financing volume from increased battery sales and recurring grid service revenue. The geographic expansion of VPP programs provides a pathway to scale beyond traditional loan origination.

National contractor network expansion enables rapid entry into new markets without establishing local operations. As sustainable building codes and incentive programs expand to additional states, GoodLeap's platform-based approach allows quick geographic scaling through existing contractor relationships.

Policy sensitivity: GoodLeap's solar-focused origins expose the company to federal and state policy changes affecting renewable energy incentives. The phase-out of elements of the 30% Solar Investment Tax Credit starting in 2026 could reduce demand for solar installations and lower loan origination volumes. Management has indicated limited near-term impact.

Credit quality deterioration: Rising interest rates and economic uncertainty coincide with higher default rates across the sustainable home financing sector, with several of GoodLeap's solar asset-backed securities classes ceasing interest payments. Continued credit deterioration could impair the company's ability to securitize loans and maintain its asset-light business model.

Litigation costs: Ongoing legal expenses have pressured profitability, with 2025 EBITDA forecasts revised downward by $35M due to higher legal costs. The combination of litigation expenses and tariff-related cost pressures creates headwinds, even with rising transaction volumes, and could limit the company's ability to reach sustainable profitability.