Solar Mosaic launches solar crowdfunding site. All on offer goes in 24 hours.
Bloomberg: “Solar Mosaic which operates an online service that lets individuals fund solar projects, said investors can earn a 4.5 percent return on rooftop power plants, better than 10-year Treasuries that currently yield about 1.9 percent.”” The company introduced its service today. In initial tests, the website has facilitated about $1.1 million in investments from 400 people to finance 12 rooftop solar plants in California, New Jersey and Arizona. ….Solar Mosaic lists projects through its online marketplace. Investors provide capital that’s used to buy and install rooftop solar panels. When the systems are complete and selling electricity, typically to building owners or occupants, the backers are repaid with interest. The company provides capital to developers at about 5.5 percent. It collects a 1 percent fee and pays investors about 4.5 percent. / The company’s first projects are on affordable housing facilities in California and are being offered to investors in New York and California, according to the statement. They can expect to be repaid in full within about nine years. Solar Mosaic has raised $3.4 million from investors including Spring Ventures Ltd. and Serious Change LP. It also has received a $2 million grant from the U.S. Energy Department.”
JL: How exciting is this. Mosaic tells me that $316,600 was invested by 430 investors for average investment amount of $736.28 per investor. Everything on offer taken within 24 hours, and 1000s of accounts opened.