In Oakland, CA the Asian Resource Center has attempted to go solar for over 10 years. Now, with the help of Solar Mosaic, they are the beaming hosts for the first community-funded solar project in Oakland.
All of the organizations in the ARC address a number of social issues in the areas of affordable health care, sustainable housing, youth programs, environmental justice, and more. With the support of Solar Mosaic, they can add solar power to their repertoire. This particular project is projected to save the ARC more than $100,000.00 with its implementation.
So, what exactly is Solar Mosaic?
Solar Mosaic is a team of entrepreneurs, coders, finance experts and changemakers who want to create a world that is powered by abundant clean energy sources and owned by people like me and you. It is basically solar- crowdfunding where the community pools finances to build solar projects for community service projects.
Solar Crowfunding – With Payback
The big difference between say a Kickstarter crowdfunding project and Solar Mosaic is that the lenders eventually get their money back. How? Because solar pays back- through rebates and cheap electricity, backers get their investment back.
Per the NY Times,
Through Solar Mosaic, you can move your money from a savings account or CD that offers essentially no return into tangible solar assets that produce electricity from the sun.
Due to securities laws, People’s Grocery and our four other beta projects all operate under a zero-interest model, meaning that if you invest $1,000, you will get $1,000 back in annual installments as the solar pays back. We’re currently working with the Securities and Exchange to scale up this model and be able to offer folks a return on their investments by summer of 2012.
Currently, analysts estimate that more than $59 billion will be invested into solar in the United States alone over a three year period. Solar Mosaic is an online platform where people can come together to create meaningful solar energy projects. Solar Mosaic helps to create local jobs, reduce pollution, and capitalize on the clean energy economy. It is an online way of bringing together the power of human capital to create solar energy.
Solar Mosaic is off to a great start. Currently, the platform has managed to raise more than $350,000 from over 400 investors to create five working rooftop solar power plants. Over 400 people invested more than $350,000 to finance these projects through the Solar Mosaic zero-interest investment model. Together, these 5 projects created 73 kW of clean solar energy. This means a savings for community organizations of over $600,000 on their utility bills. Plus, the projects produced over 2,700 job hours for local workers.
With its shining start, Solar Mosaic is working to enhance local economies by providing solar investment projects that provide clean energy and positive solutions. Help them radiate more solar goodness by participating in one of the projects on the platform.
Pattie Kettle from The Content Writing People is a high quality/professional/high volume writer for all things web! She enjoys PR and Marketing work – and is a cleanweb advocate for the masses. She lives in Denver, CO. You can find her on Twitter @PattieContent