Mosaic is a solar project financing company that aims to be the ‘Kickstarter for solar’. Last week it launched a new online platform that lets individuals invest as little as $25 in solar initiatives.
Within 24 hours the first project had attracted 400 investors who pitched in $313,325 to fully fund a number of rooftop solar projects. Investments ranged from $25 to $3,000. The average investment amount was nearly $700.
The big difference between Mosaic and Kickstarter is that it promises to pay investors a return, with an interest rate that varies from one project to another.
The rate on the current project, which sold out in less than 24 hours is 4.5%.
Transforming the Financing of Solar Projects
Traditionally, banks and large institutions have invested in and profited from the solar industry. But crowdfunding is helping to transform the way clean energy initiatives are funded.
Members of the public are attracted by the chance to help finance a more eco-friendly planet, and a financial return that is more favorable than most savings accounts.
“We see a massive transition coming from fossil fuels to clean energy, and we think people should be able to profit from that transition,” said Billy Parish, Mosaic’s President. “Mosaic is creating the architecture for mass participation in the clean energy economy.”
So far, Mosaic has raised $1.1 million from more than 700 individuals for 12 rooftop solar power plants in Arizona, California and New Jersey.
Cleaner and Brighter Future
In the video below Mosaic’s President explains how Mosaic is crowdfunding clean energy.
To find out more about how this crowdfunding site works click here.